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Zulfa Irawati
Universitas Muhammadiyah Surakarta, Surakarta, Indonesia
Economics, Econometrics & Finance

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DU Pont System Analysis in Measuring Financial Performance of Mice Industry Companies in Indonesia (A Case Study on PT Dyandra Media International Tbk for the 2019-2023 Period) Vania Yumna Ardita; Zulfa Irawati
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 1 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i1.6080

Abstract

This study conducts a DuPont system analysis to assess the financial performance of PT Dyandra Media International Tbk in the MICE industry in Indonesia from 2019 to 2023. Using a descriptive quantitative approach, the research analyzes key financial ratios, including Net Profit Margin (NPM), Total Asset Turnover (TATO), and Equity Multiplier (EM), derived from the company's financial statements. The study reveals significant financial fluctuations during the 2019–2021 period due to the impact of the COVID-19 pandemic, with a decline in profitability, asset utilization, and return on assets. However, recovery efforts in 2023 led to a notable improvement in Return on Equity (ROE) to 12.43%, driven by enhanced asset efficiency and cost management. The study recommends that PT Dyandra Media International Tbk focus on increasing operational efficiency, adopting technology, diversifying revenue streams, and maintaining prudent leverage management to mitigate financial risks. Strengthened financial planning is also crucial to navigating future uncertainties. The study suggests that future research could compare the company's performance with competitors in the MICE or tourism sectors and explore external factors through advanced methods such as big data analytics or qualitative approaches.
Analysis of the Effect of Working Capital, Liquidity, Solvency, and Activity on Profitability in Pharmaceutical Sector Companies Listed on the Indonesian Stock Exchange Alqoria Nur Azizah; Zulfa Irawati
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 2 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i2.6883

Abstract

This study investigates the impact of working capital, liquidity, solvency, and activity on profitability, with a specific focus on pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023—a sector chosen due to its distinctive financial dynamics, including high research and development expenditures, prolonged product cycles, and heightened relevance in the post-pandemic period. Utilizing a quantitative approach with panel data regression, the study incorporates model selection tests (Chow, Hausman, and Lagrange Multiplier) and classical assumption tests to validate the model, addressing potential issues such as multicollinearity, heteroscedasticity, and autocorrelation. The analysis is based on secondary data from a defined sample of pharmaceutical firms, with operationalization of variables such as “activity” measured through asset turnover ratios. Findings reveal that while liquidity exerts a significant positive influence on profitability, suggesting the importance of effective cash management and short-term asset optimization, working capital and solvency display negative yet statistically insignificant effects, possibly reflecting the sector's dependence on long-term investments and leveraged capital structures. The study underscores the need for pharmaceutical firms to balance liquidity with strategic allocation of capital in light of industry-specific constraints.
Co-Authors Alqoria Nur Azizah Vania Yumna Ardita