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All Journal Jurnal Ekonomi Manajemen Dan Bisnis (JEMB)
Melinda Dwi Harwanto
Surabaya State University
Economics, Econometrics & Finance

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Profitability Analysis Based on Costs, Profits, and Customer Profitability at PT Charoen Pokphand Indonesia Tbk Melinda Dwi Harwanto; Claren Prawidya Daniswara; Davina Febrianti Seputro; Risky Budianto
Jurnal Ekonomi Manajemen Dan Bisnis (JEMB) Vol. 4 No. 2 (2026): November
Publisher : Publikasi Inspirasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62017/jemb.v4i2.9335

Abstract

Profitability is a key indicator used to assess a company's performance in generating profit from its business activities. This study analyzes the profitability of PT Charoen Pokphand Indonesia Tbk (CPIN) for the 2021–2025 period from three perspectives: cost, profit, and customer (segment) profitability. Data were obtained from CPIN's annual reports for 2021–2025 and analyzed using the Cost-to-Sales Ratio, Operating Expense Ratio, Return on Assets (ROA), Return on Equity (ROE), Return on Investment (ROI), Operating Profit Margin (OPM), Net Profit Margin (NPM), and product-segment profitability as a proxy for customer profitability. The results show that CPIN's profitability was under pressure during 2021–2023, as the Cost-to-Sales Ratio rose from 84.26% to 86.56%, before recovering strongly in 2024–2025 as the ratio declined to 82.43%. ROA, ROE, and ROI followed the same pattern, rising sharply in 2025 to 12.31%, 16.53%, and 17.74%, respectively. At the segment level, animal feed was the most consistent profit contributor, while broiler chicken shifted from a loss-making segment in 2021–2023 to the second-largest profit contributor in 2024–2025. The study concludes that the management of cost of goods sold is the dominant factor shaping CPIN's profitability, requiring the company to strengthen its raw-material procurement strategy to sustain future profitability growth.
Co-Authors Claren Prawidya Daniswara Davina Febrianti Seputro Risky Budianto