<![CDATA[Purpose – This study aims to analyze the differences in financial performance of state-owned construction companies (SOEs) before, during, and after the Covid-19 pandemic. The research evaluates financial performance based on profitability, liquidity, and solvency ratios to understand how the pandemic affected companies’ ability to generate profits, fulfill short-term obligations, and manage capital structures. Design/Methodology/Approach – This study employs a quantitative approach using financial ratio analysis and paired sample t-tests. The research is a replication and development study based on Hidayat et al. (2023), with an extended observation period covering the post-pandemic period. The research samples consist of financial statements from three state-owned construction companies: PT Wijaya Karya (WIKA), PT Adhi Karya (ADHI), and PT Pembangunan Perumahan (PT PP). Findings – The findings indicate that the Covid-19 pandemic generated varying impacts on the financial performance of state-owned construction companies across different periods. Profitability ratios generally experienced significant differences between the pre- and post-pandemic periods due to reduced project activity, delayed payments, and increased operational costs. Liquidity ratios remained relatively stable as companies adjusted their financial management to maintain short-term payment capabilities. Meanwhile, solvency ratios reflected increased leverage caused by greater reliance on debt financing for projects. During and after the pandemic, most financial ratios did not show significant differences, indicating that companies were still adapting to post-pandemic business conditions. Originality/Value – This study contributes to corporate financial performance research by extending previous analysis of pandemic impacts through the inclusion of the post-Covid-19 period. The research provides empirical insights into the financial resilience and adjustment strategies of Indonesian state-owned construction companies during economic disruption, offering valuable implications for management and stakeholders in future strategic decision-making. ]]>
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