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All Journal Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Habib Muhammad Dwana Nugraha
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Agriculture, Biological Sciences & Forestry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Journal : Al-Kharaj: Jurnal Ekonomi, Keuangan

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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 Raden Aswin Rahadi