<![CDATA[This study aims to analyze the development of working capital efficiency and profitability at PT Perkebunan Nusantara IV Regional 1 Medan during the 2019–2023 period. Working capital efficiency is assessed using Working Capital Turnover (WCTO), while profitability is measured using Return on Investment (ROI). This study employs a descriptive quantitative approach using secondary data obtained from the company’s annual financial statements. The analysis examines changes in WCTO and ROI over the study period to identify patterns in the development of working capital efficiency and profitability. The findings indicate that both working capital efficiency and profitability fluctuated during the observation period. Negative working capital conditions in 2019–2020 were accompanied by relatively low profitability, while improvements in working capital efficiency during 2021–2022 coincided with higher ROI. In contrast, a substantial increase in WCTO in 2023 was accompanied by a decline in ROI, indicating that higher working capital turnover did not necessarily correspond to improved profitability. These findings demonstrate that the patterns of working capital efficiency and profitability did not consistently move in the same direction throughout the study period. The study contributes empirical evidence on the importance of maintaining an appropriate level of working capital management in the plantation sector and provides practical insights for management in balancing operational liquidity and profitability to support sustainable financial performance]]>
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