PT Platinum Wahab Indonesia Tbk (TGUK), the owner of the trendy beverage brand Teguk, has revealed that the company employs only four permanent staff members. The majority of its workforce consists of contract and outsourced employees. This information was disclosed in the Indonesia Stock Exchange (BEI) report on February 10, 2024.

According to the report, Teguk confirmed that only four employees hold permanent positions. These include the Supply Chain Manager, IT Manager, F&B Manager, and Assistant Manager of Business Development. Meanwhile, the number of outsourced employees was recorded at 67 as of September 30, 2024, and increased to 483 by December 31, 2024. However, the company did not specify the current number of contract workers.

In addition to workforce composition, Teguk also confirmed a significant reduction in its store count. During its Initial Public Offering (IPO) on July 10, 2023, the company operated 145 outlets. However, in the latest public expose, this number had dropped to just 35. The primary reason for closing 110 outlets was unfavorable market conditions, particularly affecting the lower-middle-class segment, which is Teguk’s main target audience.

Teguk's management stated that consumer purchasing power had declined significantly from the first to the third quarter of 2024. Additionally, the company observed that customers perceived online purchases as becoming more expensive, further impacting sales.

These market conditions have also affected Teguk’s financial performance. As of September 30, 2024, the company recorded a revenue of IDR 69 billion, marking a decline of IDR 30 billion or approximately 30% compared to the previous period. The primary factors behind this decline include weakening consumer purchasing power and shifting customer behavior, with buyers becoming more selective in their spending.

Moving forward, Teguk faces major challenges in sustaining its business amid economic pressures and changing consumer behavior. The company's approach to workforce management and business strategies will be crucial in navigating an evolving market landscape.

SOURCE: DETIK | PHOTO: TEGUK

This article was created with AI assistance.