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Financial Performance Analysis of PT Fast Food Indonesia Listed on the Indonesia Stock Exchange in 2022-2023 Elvina Diah Palupi; Ferida Ferida; Erwin Budianto
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.v8i2.6988

This study aims to analyze the financial performance of PT Fast Food Indonesia Tbk (KFC franchise holder in Indonesia) in the period 2022–2023 using financial ratio analysis, including liquidity, solvency, activity, and profitability. Data are taken from the company's financial statements published on the Indonesia Stock Exchange (IDX). The results of the study show that the company experienced a significant decline in performance: (1) Liquidity ratios (Current Ratio and Quick Ratio) are below industry standards, indicating an inability to meet short-term obligations; (2) Solvency ratios (DER and DAR) show a high dependence on debt with DER reaching 440.24% (2023), indicating serious financial risk; (3) Activity ratios (TATO and ITO) are inefficient, reflecting suboptimal utilization of assets and inventory; (4) Profitability ratios (NPM and ROA) are negative, with ROA -10.69% (2023), indicating operational losses. The implications of this study emphasize the need for improved working capital management, debt restructuring, operational efficiency, and revenue-increasing strategies. Limitations of the study include the short analysis period and focus on one company. Suggestions for further research include the use of longer-term data and more comprehensive analysis.

Financial Performance Evaluation of PT Sarimelati Kencana Tbk Using Profitability Ratios, Activity Ratios, and Solvency Ratios for the Period 2021-2023 Dilla Shafia; Dianita Rezki Ayu; Erwin Budianto
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.7352

This study aims to assess the financial performance of PT Sarimelati Kencana Tbk from 2021 to 2023 using several types of financial ratio analysis. The financial ratios used are activity ratios (Total Asset Turnover), profitability ratios (Return on Assets), and solvency ratios (Debt to Asset Ratio). Pizza Hut Indonesia has a significant amount of fixed assets and outlets, making it important to determine whether these assets are being utilized productively through TATO analysis. Since PT Sarimelati Kencana experienced profit fluctuations (including losses in 2023), it is crucial to assess the effectiveness of managerial and operational strategies using ROA analysis, as ROA indicates how efficiently management utilizes assets to generate profits. Meanwhile, PT Sarimelati Kencana is also facing financial pressure marked by store closures and layoffs, so the DAR analysis can be used to measure the proportion of the company's assets financed by debt, whether the financing is healthy or overly reliant on debt. PT Sarimelati Kencana Tbk oversees the Pizza Hut franchise in Indonesia, which has faced significant challenges in recent years, including store closures and financial losses. The research methodology employed is descriptive quantitative, utilizing secondary data analysis obtained from the company's official financial statements. The findings indicate that the debt ratio is below industry norms, suggesting suboptimal asset utilization. The ROA ratio shows a declining trend to negative in 2023, reflecting a decline in profit. Meanwhile, the DAR ratio is very high and exceeds industry standards, indicating significant debt dependence and financial risk. These findings suggest the need for improved operational efficiency, reduced debt dependence, and strategies to improve the company's profitability. This study aims to serve as a reference for management decision-making and to enhance financial analysis studies in the Indonesian food and beverage industry.

The Effect of ROA, DAR, and CR On Stock Returns in Retail Companies Listed on the IDX in the 2021-2024 Period Mochamad Cece Farhan Siddiq; Erwin Budianto
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.1025

This study aims to analyze the effect of profitability, leverage, and liquidity on stock returns in retail sector companies listed on the Indonesia Stock Exchange. Profitability is measured using Return on Assets, leverage is measured using the Debt to Asset Ratio, and liquidity is measured using the Current Ratio. This study applies a quantitative approach with a causal associative method. The data used are secondary data in the form of annual financial statements and stock price data of retail companies during the research period. The research sample was selected using purposive sampling based on specific criteria relevant to the study objectives. The data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, partial test, simultaneous test, and coefficient of determination. The results show that profitability has no significant effect on stock returns, indicating that a company’s ability to generate profit from its assets is not the main factor considered by investors. Leverage has a positive and significant effect on stock returns, suggesting that the proportional use of debt can be perceived as a positive signal by investors. Meanwhile, liquidity has a negative and significant effect on stock returns, indicating that excessively high liquidity may reflect inefficient management of current assets. Simultaneously, profitability, leverage, and liquidity affect stock returns, although stock return movements are also influenced by other factors outside the research model. These findings emphasize that investors should consider financial ratios comprehensively when assessing the stock prospects of retail companies.

The Impact of Company Size and Liquidity on Firm Value with Profitability as a Moderating Variable (A Study of Property & Real Estate Companies Listed on the IDX in the 2021-2024 Period) Anis Purwanti; Erwin Budianto
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.1068

This study aims to analyze the effect of company size and current ratio on company value, as well as the role of profitability as a moderating variable in property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. The research method used is associative quantitative with a Moderated Regression Analysis (MRA) approach. The study population consisted of 92 property and real estate companies, with a sample of 14 companies selected using a purposive sampling technique, resulting in 56 observational data. The data used are secondary data sourced from annual financial reports published on the official IDX website. Company value is measured using Price to Book Value (PBV), company size is measured using the natural logarithm of total assets, the current ratio is measured using the ratio of current assets to current liabilities, and profitability is measured using Return on Assets (ROA). The results of the study indicate that: (1) company size has a significant effect on company value; (2) the current ratio does not have a significant effect on company value; (3) profitability has a significant negative effect on company value; (4) profitability strengthens the effect of company size on company value; and (5) profitability does not moderate the influence of the current ratio on company value.

The Effect of ROA, DAR, and CR On Stock Returns in Retail Companies Listed on the IDX in the 2021-2024 Period Mochamad Cece Farhan Siddiq; Erwin Budianto
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.1025

This study aims to analyze the effect of profitability, leverage, and liquidity on stock returns in retail sector companies listed on the Indonesia Stock Exchange. Profitability is measured using Return on Assets, leverage is measured using the Debt to Asset Ratio, and liquidity is measured using the Current Ratio. This study applies a quantitative approach with a causal associative method. The data used are secondary data in the form of annual financial statements and stock price data of retail companies during the research period. The research sample was selected using purposive sampling based on specific criteria relevant to the study objectives. The data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, partial test, simultaneous test, and coefficient of determination. The results show that profitability has no significant effect on stock returns, indicating that a company’s ability to generate profit from its assets is not the main factor considered by investors. Leverage has a positive and significant effect on stock returns, suggesting that the proportional use of debt can be perceived as a positive signal by investors. Meanwhile, liquidity has a negative and significant effect on stock returns, indicating that excessively high liquidity may reflect inefficient management of current assets. Simultaneously, profitability, leverage, and liquidity affect stock returns, although stock return movements are also influenced by other factors outside the research model. These findings emphasize that investors should consider financial ratios comprehensively when assessing the stock prospects of retail companies.

The Impact of Company Size and Liquidity on Firm Value with Profitability as a Moderating Variable (A Study of Property & Real Estate Companies Listed on the IDX in the 2021-2024 Period) Anis Purwanti; Erwin Budianto
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.1068

This study aims to analyze the effect of company size and current ratio on company value, as well as the role of profitability as a moderating variable in property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. The research method used is associative quantitative with a Moderated Regression Analysis (MRA) approach. The study population consisted of 92 property and real estate companies, with a sample of 14 companies selected using a purposive sampling technique, resulting in 56 observational data. The data used are secondary data sourced from annual financial reports published on the official IDX website. Company value is measured using Price to Book Value (PBV), company size is measured using the natural logarithm of total assets, the current ratio is measured using the ratio of current assets to current liabilities, and profitability is measured using Return on Assets (ROA). The results of the study indicate that: (1) company size has a significant effect on company value; (2) the current ratio does not have a significant effect on company value; (3) profitability has a significant negative effect on company value; (4) profitability strengthens the effect of company size on company value; and (5) profitability does not moderate the influence of the current ratio on company value.

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