Jakarta. Matahari Department Store won the "Best Wealth Creator" award for coming out in the top place in the "Indonesia: The Best Public Companies 2017" retail industry category.
The award was presented by SWA Magazine and consultancy firm Stern Stewart & Co. on Tuesday (11/07) at the Shangri-La Hotel in Central Jakarta.
According to a statement received by the Jakarta Globe, Matahari scored the top rank for the retail category in the list and placed in the top 10 overall. With 58 years of experience, Matahari is Indonesia's largest department store retailer of fashion apparel, beauty, and home products with 155 physical stores in 71 cities across the country.
The award assessed the performance of the best public companies in Indonesia and Southeast Asia based on Wealth Added Index (WAI), a calculation method developed by Stern Stewart. WAI is a metric used to measure the wealth created by a company for its shareholders.
WAI is obtained by taking the adjusted total shareholder value minus the cost of equity, which is then multiplied by market value or market capitalization.
The calculation found an increase in the number of local companies that were able to generate wealth for shareholders.
The Jakarta Globe and Matahari Department Store are affiliated with the Lippo Group.