PT Mayora Indah Tbk (MYOR) is trying to explore and expand its market to Nigeria, West Africa, through Mayora Nigeria Ltd.
Mayora Nigeria is an affiliated company in which the majority of shares are owned by Mayora Indah’s Chief Commissioner, Jogi Hendra Atmadja, through Inbisco Singapore Ltd.
The Corporate Secretary of PT Mayora Indah Tbk, Yuni Gunawan, stated that this collaboration with their affiliate is essential given the increasingly uncertain global market conditions.
“Having trading arms willing and able to support the marketing of the company’s products is crucial to maintain export performance,” she said in a disclosure to the Indonesia Stock Exchange (BEI) on Wednesday, October 11, 2023.
Mayora Indah’s exports to Nigeria have been relatively limited. In the financial report for the third quarter of 2023, the export value to Nigeria was recorded at US$ 45,452, which is 0.002% of the 2023 target.
As of the end of June 2023, Mayora Indah achieved a revenue of IDR 14.81 trillion. Specifically, domestic sales amounted to IDR 8.51 trillion, while export values stood at IDR 6.311 trillion.
