Indonesian Tire Manufacturer Sjamsul Nursalim Sees Demand Deflate

This story is part of Forbes’ coverage of Indonesia’s Richest 2020. See the full list here.

Covid-19 dragged down Sjamsul Nursalim’s wealth by 24% to $755 million. Shares of his tire maker Gajah Tunggal and lifestyle retailer Mitra Adiperkasa plummeted in March and have struggled to return to pre-pandemic levels.

Both firms say they were hurt by falling demand. Gajah Tunggal posted a 20% drop in third-quarter revenue to 9.6 trillion rupiah ($680 million) from a year earlier. Mitra Adiperkasa said net sales fell over a third in the nine months to September.

By Shintya Felicitas