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All Journal Journal of Economics and Social Sciences ECONOMIST: Jurnal Ekonomi dan Bisnis Kajian Ekonomi dan Akuntansi Terapan
Astuti Madewi
Universitas Bina Sarana Informatika
Agriculture, Biological Sciences & Forestry Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Materials Science & Nanotechnology Social Sciences Other

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Analysis of Profitability and Solvency in Kimia Farma, Tbk Company in 2023-2025 Astuti Madewi; Achmad Ridwan; Athiy Dina Rosihana; Wawan Saputra; Megania Kharisma
Journal of Economics and Social Sciences (JESS) Vol. 5 No. 1 (2026): Journal of Economics and Social Sciences (JESS)
Publisher : CV. Civiliza Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59525/jess.1804

Abstract

This study aims to analyze the profitability and solvency of PT Kimia Farma Tbk, a state-owned pharmaceutical company listed on the Indonesia Stock Exchange, for the period 2023-2025. The research employs a mixed-method approach combining qualitative and quantitative analysis, utilizing financial ratio analysis derived from the company's audited annual financial statements. Profitability is measured using Gross Profit Margin (GPM) and Net Profit Margin (NPM), while solvency is assessed through Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER). The findings reveal that Gross Profit Margin showed an improving trend, increasing from 31% in 2023 to 30% in 2024 and 33% in 2025, indicating successful cost management and operational efficiency improvements. However, Net Profit Margin remained negative throughout the period, although it showed gradual improvement from -18% in 2023 to -11% in 2024 and -8% in 2025, reflecting narrowing losses due to effective restructuring efforts. In terms of solvency, both Debt to Asset Ratio and Debt to Equity Ratio exhibited consistently increasing trends, rising from 64% to 81% and from 175% to 418% respectively, indicating growing reliance on debt financing and higher financial risk. The study concludes that while Kimia Farma has demonstrated improvement in operational efficiency and profitability margins, the company still faces considerable challenges in managing its debt levels and achieving sustainable net profitability. These findings provide valuable insights for management and stakeholders in making future strategic decisions and highlight the importance of continued financial restructuring and risk management efforts.
ANALISIS PREDIKSI KEBANGKRUTAN MENGGUNAKAN MODEL ALTMAN Z-SCORE PT. INDOFARMA TBK TAHUN 2020-2022 Astuti Madewi
ECONOMIST: Jurnal Ekonomi dan Bisnis Vol. 1 No. 3 (2024): July 2024
Publisher : CV Sentra Nusa Connection

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63545/economist.v1i3.26

Abstract

Dalam sebuah bisnis tidak dapat dipungkiri bahwa setiap bisnis pasti mengalami naik turunnya keuangan, dimana hal ini akan berdampak pada operasional perusahaan, untuk itu perlu adanya analisa untuk memprediksi kondisi perusahaan. Apakah masih dalam kondisi baik atau sedang dalam tahap menuju kebangkrutan? Penelitian ini dilatarbelakangi oleh ketidakmampuan Perusahaan dalam membayar gaji karyawan akibat kesalahan dalam mengelola keuangan Perusahaan. Metode yang digunakan dalam penelitian ini adalah analisis kebangkrutan model Altman Z-Score. Hasil penelitian menunjukkan bahwa Perseroan sudah berada pada fase menuju kebangkrutan dan harus memberikan perhatian khusus kepada manajemen Perseroan dan pemerintah karena hal ini telah menyebabkan kerugian negara ratusan miliar rupiah.
Pengaruh Sales Growth dan Struktur Modal terhadap Profitabilitas Perusahaan Food and Beverage di BEI 2020-2023 Theresia Priselis Advenia L. K.; Astuti Madewi
Kajian Ekonomi dan Akuntansi Terapan Vol. 3 No. 3 (2026): September: Kajian Ekonomi dan Akuntansi Terapan (KEAT)
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/keat.v3i3.2613

Abstract

The post-pandemic deterioration in profitability observed within food and beverage enterprises underscores the urgency to assess key drivers of financial performance, notably revenue expansion and funding strategies. The primary objective of this research is to examine the impact exerted by sales growth and capital structure, measured through the debt to equity ratio, on profitability as proxied by return on assets. Adopting a quantitative methodology, this study gathers secondary data derived from the official financial statements of 21 food and beverage corporations officially registered on the Indonesia Stock Exchange covering the 2020 to 2023 timeframe, resulting in a total of 84 observational units chosen via purposive sampling. Analytical procedures involve multiple linear regression processed through the SPSS application. Partial testing outcomes reveal that sales growth fails to exert a substantial impact on profitability, primarily because swelling operational expenses diminish profit margins. On the other hand, capital structure demonstrates a substantial negative consequence on financial returns, signifying that elevated external liabilities drive up interest burdens and reduce net income. Furthermore, both independent variables collectively show a significant simultaneous influence on profitability, accounting for an adjusted R square of 40.5%. These empirical insights suggest that corporate management should concentrate on enhancing operational cost containment and refining capital composition to secure ongoing financial stability.
Co-Authors Achmad Ridwan Athiy Dina Rosihana Megania Kharisma Theresia Priselis Advenia L. K. Wawan Saputra