Article Per Year (5 Year)
p-Index From 2021 - 2026
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All Journal COUNT: Journal of Accounting, Business and Management
Ratih Sekar Ratnasari
Teknik Industri, FTI, UPN Veteran Yogyakarta
Economics, Econometrics & Finance

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FINANCIAL PERFORMANCE, ENERGY INTENSITY, AND OPERATIONAL EFFICIENCY: A DESCRIPTIVE CASE STUDY PT. AMMAN MINERAL INTERNASIONAL TBK Sri Suryaningsum; Brainy Sabrina Gultom; Ratih Sekar Ratnasari; Bambang Mahendra Andhika
Count : Journal of Accounting, Business and Management Vol. 3 No. 3 (2026): COUNT: Journal of Accounting, Business and Management
Publisher : CV. Fahr Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61677/count.v3i3.659

Abstract

This study analyzes changes in energy intensity, operational efficiency, and financial performance at PT Amman Mineral Internasional during the 2020–2024 period and describes their relationship with selected financial performance indicators. The study employs a descriptive quantitative approach using a single case study design. Secondary data were obtained from the company’s annual reports and sustainability reports, complemented by relevant publications from the Ministry of Energy and Mineral Resources, the U.S Energy information administration, and other industry related sources. Energy intensity is measured as energy consumption per ton of copper concentrate produced, while energy output efficiency is assessed using the ratio of output to energy consumption.  The results indicate that energy intensity decreased from 1.25 GJ/ton in 2020 to 1.10 GJ/ton in 2024, representing a cumulative decline of approximately 12.0%. Conversely, the output-to-energy ratio increased from 0.80 ton/GJ to 0.91 ton/GJ, or approximately 13.75%. These changes indicate an improvement in energy productivity during the observation period. Over the same period, the company also experienced changes in net profit, profit margin, and operating costs. However, the descriptive findings do not establish a causal relationship between changes in energy efficiency and financial performance. The results provide empirical evidence of changes in energy productivity and financial performance during the study period and highlight the relevance of energy intensity as an operational efficiency indicator in the mining industry.
CARBON EMISSION ANALYSIS OF PT TOBA BARA SEJAHTERA (TBS) ENERGI UTAMA TBK BASED ON SUSTAINABILITY REPORT Sri Suryaningsum; Pandu Aryoseto; Ratih Sekar Ratnasari; Bambang Mahendra Andhika
Count : Journal of Accounting, Business and Management Vol. 4 No. 1 (2026): COUNT: Journal of Accounting, Business and Management
Publisher : CV. Fahr Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61677/count.v4i1.672

Abstract

This study analyzes carbon emissions of PT Toba Bara Sejahtera (TBS) Energi Utama Tbk during 2020-2022 as a case study of an energy company transitioning from fossil fuels to renewable energy. Using a descriptive qualitative approach with secondary data from sustainability reports, the research reveals a surge in GHG emissions from 230,135 tCO₂eq (2020) to 1,373,012.34 tCO₂eq (2022), a nearly six-fold increase driven by full operation of two 200 MW coal-fired power plants. Emission intensity rose from 1,125.8 to 1,920.8 tCO₂eq per million USD revenue. TBS's reporting practices align with GHG Protocol standards for Scope 1 and 2, but require improved methodological transparency and comprehensive Scope 3 disclosure. The study uncovers an energy transition paradox where long-term decarbonization commitments face short-term emission increases from existing fossil assets. The 2024 divestment of coal power plants is projected to reduce emissions by 85%, marking a transformative phase toward the 2030 carbon neutrality target. This research contributes to Indonesia's sustainability reporting literature and provides decarbonization strategy recommendations for transitioning energy companies.
THE INFLUENCE OF PROFITABILITY IN DETERMINING STOCK PRICES AND FIRM VALUE IN THE CONSTRUCTION MATERIALS SUB-SECTOR: A STUDY ON PT SEMEN INDONESIA (SMGR) FOR THE FIRST SEMESTER OF 2025 & 2026 Sri Suryaningsum; Jelita Mayka Maharani; Ratih Sekar Ratnasari; Bambang Mahendra Andhika
Count : Journal of Accounting, Business and Management Vol. 4 No. 1 (2026): COUNT: Journal of Accounting, Business and Management
Publisher : CV. Fahr Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61677/count.v4i1.691

Abstract

This study aims to analyze the effect of profitability indicators—Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM)—on stock prices and their implications for the firm value of PT Semen Indonesia (Persero) Tbk (SMGR) in the first half of 2025 and 2026. Firm value is proxied by Price to Book Value (PBV), while stock prices are analyzed using monthly and quarterly average data. The study employs a qualitative descriptive-comparative literature study and documentary analysis. Secondary data were obtained from SMGR’s financial reports, Indonesia Stock Exchange publications, stock market data, and relevant scientific literature. The results show that in 2025 profitability declined from Q1 to Q2, yet the average stock price increased from Rp2,596 to Rp2,703 and PBV remained relatively stable at 0.36x. In contrast, in 2026 profitability improved in Q2, but the stock price weakened and PBV fell to 0.26x due to systemic market pressures, including the sharp decline in the Jakarta Composite Index and geopolitical tensions. These findings indicate that the short-term relationship between profitability and stock price is non-linear; market sentiment, industry prospects, investor expectations, and macroeconomic conditions also shape firm value. Thus, profitability affects stock prices and firm value, but it is not the sole determinant of market perception.
Co-Authors Bambang Mahendra Andhika Bambang Mahendra Andhika Brainy Sabrina Gultom Jelita Mayka Maharani Pandu Aryoseto Sri Suryaningsum Sri Suryaningsum Sri Suryaningsum