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Journal : Jurnal Mantik

Can GoTo survive? Assessing financial performance and bankruptcy risks post-divesting Tokopedia Ramadhan, Rico Putra; Wahyuningsih, Sulistya Dewi
Jurnal Mantik Vol. 9 No. 2 (2025): August: Manajemen, Teknologi Informatika dan Komunikasi (Mantik)
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/mantik.v8i6.6422

Abstract

This study examines the initial impact of Tokopedia's divestment following the acquisition of TikTok on PT GoTo's financial performance and bankruptcy risk. As Tokopedia is the second-largest revenue contributor to GoTo, this strategy has the potential to affect the company's financial condition. With a focus on financial performance and the risk of corporate bankruptcy, the research combines quantitative methods with case studies. The indicators used in this study include financial performance (ROA, ROE, NPM, QR, DAR, DER, TATO) and bankruptcy risk analyzed using the Grover model. Data was obtained from GoTo's annual financial statements for the period from 2022 to 2024. The results showed that GoTo's divestment of Tokopedia had a positive initial impact in terms of profitability and cost efficiency. This is evidenced by all the proposed indicators showing better results after GoTo divested Tokopedia. The Grover model also shows the transition of GoTo from the distress zone to the safe zone. These results are driven by the consolidation of the core business (Gojek & GoPay) as well as the support of government regulations and the improvement of post-COVID-19 on-demand conditions. The implications of this study provide insight for stakeholders regarding GoTo's financial resilience after the Tokopedia divestment and provide an early indication of financial risk mitigation for the future.
Financial ratio analysis to asess the financial performance of PT.Indonesia Kendaraan Terminal Tbk Swito, Agatha Aprilya; Wahyuningsih, Sulistya Dewi
Jurnal Mantik Vol. 9 No. 2 (2025): August: Manajemen, Teknologi Informatika dan Komunikasi (Mantik)
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/mantik.v8i6.6520

Abstract

This research seeks to measure the financial ratio trends of PT. Indonesia Kendaraan Terminal Tbk from 2015 to 2023. The analysis employs a horizontal approach, which involves comparing the company's financial statements across different years and evaluating them through various financial ratios, such as liquidity, solvency, profitability, and activity ratios. The type of research used is quantitative descriptive research. The data used is secondary data sourced from the official website of the Indonesia Stock Exchange, www.idx.co.id, and primary data from the company's official website, www.indonesiacarterminal.co.id. The data collection methods used are documentation and literature study. Based on the research findings, the liquidity ratio indicates that the company is capable of meeting short-term obligations using current asset or available cash and cash equivalents. The solvency and profitability ratios saw a downturn during the COVID-19 pandemic but have since progressively improved, approaching their pre-pandemic levels. However, in general, both ratios still tend to indicate a declining performance. The activity ratio remains in a relatively good condition, despite the figures appearing relatively small.