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All Journal Journal of Economics and Business UBS Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Raden Aswin Rahadi
Institut Teknologi Bandung, Indonesia
Agriculture, Biological Sciences & Forestry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Business Potential of Post-Harvest Processing of Robusta Coffee in Jangkat Village, Merangin District Dhio Wira Alanda; Raden Aswin Rahadi
Journal of Economics and Business UBS Vol. 12 No. 2 (2023): Regular Issue
Publisher : UniSadhuGuna Business School

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52644/joeb.v12i2.157

Abstract

Jangkat coffee or Merangin Robusta coffee is a variety of Robusta coffee that is one of the leading commodities from the highlands of Merangin district, Jambi province. Jangkat robusta coffee has high potential because it already has its own geographical indication area and has a very good taste score if proper post-harvest processing is carried out. There is huge potential to develop business by investing in post-harvest production of Robusta coffee greenbeans due to the large availability of raw materials there and also very few other companies engaged in the post-harvest coffee production processing industry in the area. Companies that want to invest in this area are expected to create value and profit by adhering to coffee certification and traceability standards and selling to business-to-business customers and this can be done by providing education to coffee farmers.
Financial Performance Analysis and Z-Score Assessment Of Telecommunication Industry: PT Indonesia, PT XL Axiata, PT Indosat Ooredoo, PT Smartfren Telecom Before and After Covid19 Pandemic Indriyanti Novitasari; Raden Aswin Rahadi
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6269

Abstract

The COVID-19 pandemic created changes in the telecommunications industry in Indonesia. During the pandemic, demand for digital services increased as people relied on online platforms for work, education, and daily activities. This led to an increase in demand for telecom companies. However, after the pandemic ended and people returned to normal physical activities, sales growth in the telecom industry began to decline. This study aims to understand the impact of COVID-19 on the financial performance of Indonesia's telecommunications industry, analyze the performance of each company, assess their risk of bankruptcy, and propose strategies to address these challenges. To achieve these objectives, quantitative approaches such as financial ratio metrics, including profitability, liquidity, solvency, and activity, were calculated. Statistical tests, including paired t-tests, Wilcoxon signed-rank tests, and Kolmogorov-Smirnov tests, were conducted to compare the financial performance of the Indonesian telecommunications industry before and after the pandemic. The Altman Z-Score model was also used to measure bankruptcy risk and identify whether the companies are in financial distress. The results showed a significant difference in Indonesia’s telecommunications industry’s financial performance before and after the pandemic in terms of profitability, as measured by ROA, ROE, and NPM, all of which showed an increase. Among the major players, PT Telkom Indonesia Tbk led the industry with strong and stable financial performance and was the only company classified in the "safe zone" by the Altman Z-Score. XL Axiata also maintained stability, although its performance was lower than Telkom and Indosat. Indosat Hutchison showed improvement during the period, partly due to its merger with Hutchison and initiatives such as massive tower sales and continuous innovation, which helped strengthen its position in the market. On the other hand, Smartfren faced significant struggles, showing a decline in profitability and being heavily in financial distress.
Financial Performance Analysis and Z-Score Assessment of Pharmaceutical Industry During and After Economic Crisis In 2020 Habib Muhammad Dwana Nugraha; Raden Aswin Rahadi
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6278

Abstract

This study discusses the analysis of financial performance and potential bankruptcy of all publicly listed pharmaceutical companies in Indonesia during and after the COVID-19 pandemic. This study uses financial ratio analysis such as Liquidity, Solvency, Profitability, and Activity Ratio as well as bankruptcy potential assessment with the Altman Z-Score Model. This research aims to evaluate the financial conditions of companies and identify the financial risks faced by the pharmaceutical industry in Indonesia. Statistical approach Kolmogorov-Smirnov, Paired T-Test, and Wilcoxon Signed Rank Test, to asses significant change in financial performance during and after pandemic. The results of this study indicate that PT Kimia Farma (KAEF), PT Indonesia Farma (INAF), PT Pharos (PEHA), and PT Pyridam Farma (PYFA) have poor financial conditions based on the results of all poor financial ratios, Moreover, these companies showed significant bankruptcy potential, with Altman Z-Score values below 1.89. and for SOHO it also has a poor profitability ratio especially in Gross Profit Margin categorizing them in the "Distress Zone.", And Soho Global Health (SOHO) is not so safe from the potential remains in the "Gray Zone," with Z-Score values ranging from 1.89 to 2.99, indicating moderate bankruptcy risk. In conclusion, this research highlights the urgent need for pharmaceutical companies in Indonesia to enhance their financial resilience in the post-pandemic era.
Co-Authors Dhio Wira Alanda Habib Muhammad Dwana Nugraha Indriyanti Novitasari