BEER Expanding Business to Singapore in 2023, CEO Says

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Receh.in -
PT Jobubu Jarum Minahasa Tbk (BEER), a producer of Cap Tikus beer, will be expanding its business to Singapore in 2023. 

BEER's CEO, Audy Lieke, said that Singapore was chosen as the first country to explore due to its easier business permitting process. 

"Initially, we will be looking at Singapore and some other countries, possibly in Europe. We will begin the process in 2023," said Audy during a press conference on Friday (1/6/2023). 

Singapore is seen as a gateway for the company to market its products in both Asia and Europe. For Audy, exporting remains a challenge for the company in the future due to strict regulations on alcoholic beverages. 

In terms of product specifications, Audy stated that they are still observing demand in all categories of alcoholic beverages including A, B, and C in order to identify which types are suitable for marketing abroad. 

"We have what other countries don't. So that our national identity is known abroad," he added. As known, BEER recorded gross sales of IDR 54.9 billion in Q3 2022, an increase of 69.47% YoY compared to the same period in 2021. 

Alcoholic beverage tax becomes the largest selling burden for BEER, reaching IDR 17.81 billion until September 2022. As a result, the company absorbed net sales of IDR 37.08 billion, an increase of 68.44% YoY. 

BEER's period profit until September 30, 2022 reached IDR 11.05 billion, an increase of 59.92% YoY compared to the same period in 2021, which was IDR 6.91 billion.

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