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Time Series and Cross-Sectional Analysis of Tobacco Companies for the 2021–2024 Period Case Study: PT Indonesian Tobacco Tbk, PT Gudang Garam Tbk, and PT HM Sampoerna Tbk Putra W, Rafif; Febrianti, Lufvi Selvia; Ainur R, Muhammad Iqbal; Hidayati, Cholis
Journal of Business Economics and Agribusiness Vol. 3 No. 2 (2026): February
Publisher : Indonesian Journal Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47134/jbea.v3i2.1024

Abstract

This study aims to analyze and compare the financial performance of PT HM Sampoerna Tbk, PT Gudang Garam Tbk, and PT Indonesian Tobacco Tbk during the 2021–2024 period using time series and cross-sectional approaches. The research employs a quantitative descriptive method based on secondary data obtained from audited annual financial statements published by the Indonesia Stock Exchange. Financial performance is measured using liquidity, activity, solvency, and profitability ratios. Time series analysis is applied to observe performance trends over four years, while cross-sectional analysis is used to compare company performance in the 2024 fiscal year. The results show that PT HM Sampoerna Tbk demonstrates the most balanced and stable financial performance, characterized by efficient asset utilization, strong solvency, and consistent profitability. PT Gudang Garam Tbk exhibits very strong liquidity and a conservative capital structure, but relatively lower operational efficiency and profitability. Meanwhile, PT Indonesian Tobacco Tbk shows higher profit potential accompanied by declining liquidity, increasing leverage, and greater financial risk. In conclusion, differences in company scale, operational efficiency, and financial strategy significantly influence financial sustainability in the Indonesian tobacco industry.
Co-Authors Adam Nurdin Naufaldy Adelia Febriana Adiati Trihastuti Aditya, Farhan Ahmad Qois Ainur R, Muhammad Iqbal Alif, Fajar Ardian Nur Alinda Dwi Jofanka Amelia, Ariya Amiranto, JB Amru Karim Alhabsyi Ananta Kumala Sari Ananta, Mufita Dea Anastasya Mechta Mediana Anastasya, Shinta Anggun Veby Safitri Anis Fitriah Anisa Ari Suci Ardhi Islamudin Argaleka Ayu Candraningsih Ari Rohmana Arma Yuli Fitriasari Arswarani Leonika Aulia, Arti Mirza Baderi, Rahmawati Nur Badzlina Chaerani Putri Bambang Wiwoho Cahyani, Wandira Regita Putri Chandra Fitriyani C.M Charisma Bayu Ramadhani Cindy Septiana Rahayu Desfi Dwi Sulistyana Devira Larasati Diba, Fitri Farah Dita Fitriani Dorifahtu Afirstantian Maharani Dyah Putri Agustin Elmiano A. E. Erong Erinda Aprilia Puspitasari Erlina Dinda Safitri Erwin Dyah Astawinetu Esther Tioma Nauly Pardede Fannya Mutiara Sari Fara Brygita Ramadhani Farah Estianingtyas Fatika Rahma Fina Febrianti, Lufvi Selvia Febrianto, Gustaf Naufan Filzah Primardiningtyas Hana Damayanti Tarihotan Hazzar Al Oktha Rahmatika Henitha Nadia Kristy Herny Ria Mandag Imeltiana Imeltiana Indhira Ridho Abdillah Indri Widya Wulandari Ira Kusuma Wardhani Irma Nur Fadlia Isnani Dzuhrina Ivananur Alvira Wahono Jelita Prakasita Handi D Joys Oktavia Krisogonus A. Seleman Kustiwi, Irda Agustin Laila Putri Hidayati Lia Anitha Puspharini, Lia Anitha Linda Novia Sari Lupitasri, Nur Indah Magitasiwi, Zufi Yustika Maria Yuliana Postel Marta Uli Septiana Manalu Maulidah Narastri Mei Liana Rofilia Sari Meilitarizky Nanda Melinda Magdarina Mirana Lavenia Missel, Rheinata Audreyna Mochammad Fajar Saputra Mustika Auliya Salma Naafika Rachma Rozani Nabila Febriyana Nadia Dwi Pratiwi Naggongi, Vera Rambu Nala Hikmatul Machmudah Nanda Karisma Putri Nandhita Kirana Atikasari Narastri, Maulidah Narulita, Friska Dhea Ni Luh Ayu Atmi Kamaratih Niendya Zelly Agustina Nilam Noer Faizah Nilam Santika Nisa Fitri Aulia Nisaa, Rizka Khoirotun Nofandi Selmury Novalina Deviyanti Novia Oktaviani Nur Faiza Mas’udiyah Nurusyifa Amelia Octavia Dwi Sagita Sari Pratiwi, Rany Nur Priansyah, Teguh adi Puri Handayani Sura Prewati Putra W, Rafif Putri Nadiya Puspitasari Putri Nugraheni Qhuluqi Alya Rafa Syahrul Amrulloh Rafi Adyatma Ramadhani, Noviana Ratnasari, Bagas Firmansyah Refi Tri Anika Retno Ayu Widyastuti Reza Mutiara Nur Fitriandinni Richa Nor Syafitri Ridho, M Wachid Rikhza Masfa’ani Rizky Abdhul Kharim Rohman Syah, Muhammad Nur Rosaliyanti, Ade Putri Roy Hanafi Rr Adzkia Larasati Meyrizky Rulis Setyowati Sabrina Nova Ashara Safa Wildanul Arfi Safitri, Uhti Noer Choliza Sari, Ajeng Rossantika Shofiatus Sa’diyah Sihaloho, Yolanda Maghdalena Sinta Nuria Siti Lailatus Siti Maisyaroh Sofyan, Achmad Soraya, Bunga Sullicyanna Luna Bianca Sunia Apriyono Titus Gustiagung Grace Widya Arta Tyas, Hesti Ning Ulfi Pristiana Ulfi Pristiana Ulfi Pristiana Veren Putri Shamaya Vivi Ade Rivani Vivi Armadhani Wahyu, Windiana Widiawati, Pipit Widya Novita Sari Wulandari, Amalia Devi Yulyar Kartika Wijayanti Yunita Budi A M