RASIO-RASIO YANG BICARA: APAKAH PT PP (PERSERO) TBK MASIH LAYAK DISEBUT RAKSASA KONSTRUKSI?
Keywords:
Financial Performance, Profitability Ratios, Liquidity Ratios, Solvency Ratios, PT PP (Persero) TbkAbstract
PT PP (Persero) Tbk is a state‑owned construction enterprise recognized as a cornerstone of national infrastructure development in Indonesia. Challenges such as cash flow constraints, rising indebtedness, and declining profitability have underscored the urgency of assessing its competitive resilience and long‑term sustainability. This study aims to evaluate the financial performance of PT PP (Persero) Tbk by employing profitability, liquidity, and leverage, and to determine whether the company remains worthy of its status as one of the nation’s construction giants. A qualitative, descriptive approach was utilized, drawing upon secondary data sourced from the company’s official website and the Indonesia Stock Exchange (IDX). Data were collected through documentation, and descriptive analyses were conducted to identify patterns and trends in the company’s financial performance over time. The results reveal that while the company has demonstrated a generally favorable trend in profitability ratios, certain challenges persist in optimizing net income. Liquidity ratios indicate improvements in cash and current ratios, suggesting enhanced short‑term financial resilience. Meanwhile, although the debt‑to‑equity ratio has shown signs of recovery, the capital structure remains constrained by interest‑bearing liabilities, necessitating a more selective and strategic approach to debt management to safeguard long‑term financial stability. Overall, this study concludes that PT PP (Persero) Tbk remains a viable and competitive entity, meriting its designation as one of Indonesia’s leading construction firms from a financial performance perspective.
References
Aivazian, V., Ge, Y., & Qiu, J. (2019). Debt structure and corporate performance in emerging markets. Journal of Corporate Finance, 56, 1–17.
Brigham, E. F., & Houston, J. F. (2022). Fundamentals of Financial Management. Cengage Learning.
Fitriani, R., & Hidayat, R. (2021). “Analisis Pengaruh Rasio Keuangan terhadap Kinerja Keuangan Perusahaan Konstruksi.” Jurnal Ekonomi dan Bisnis Indonesia, 36(2), 145–158.
Harahap, S. S. (2021). Analisis Kritis atas Laporan Keuangan. Rajawali Pers.
Kementerian BUMN. (2023). Laporan Kinerja BUMN Karya dan Strategi Konsolidasi Nasional Infrastruktur. Jakarta: Kementerian BUMN.
Kementerian BUMN. (2023). Evaluasi Kinerja BUMN Karya dan Arah Transformasi Strategis.
Munawir, S. (2020). Analisis Laporan Keuangan. Yogyakarta: Liberty.
OJK. (2024). Statistik Emiten Sektor Infrastruktur dan BUMN Karya: Tren dan Risiko Sistemik. Jakarta: Otoritas Jasa Keuangan.
PwC Indonesia. (2023). Indonesia Infrastructure Outlook 2023. Jakarta: PricewaterhouseCoopers.
Rahmani, S. A., & Mauluddi, H. A. (2020). Analisis kinerja keuangan perusahaan dengan menggunakan DuPont System. Journal of Applied Islamic Economics and Finance, 1(1), 225–232. https://doi.org/10.35313/jaief.v1i1.167
Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2022). Essentials of Corporate Finance. McGraw-Hill Education.
Spence, M. (1973). “Job Market Signaling.” The Quarterly Journal of Economics, 87(3), 355–374.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Tambunan, D. A., & Siregar, H. (2022). “Solvency Ratio and Financial Distress: Case of Indonesian State-Owned Construction Firms.” Indonesian Journal of Applied Economics, 13(1), 78–90.
Wild, J. J., Subramanyam, K. R., & Halsey, R. F. (2021). Financial Statement Analysis. McGraw-Hill Education.
World Bank. (2022). Public-Private Partnerships for Infrastructure in Indonesia: Challenges and Opportunities.
World Bank. (2022). Construction Sector Performance in Emerging Economies: Challenges and Reforms. Washington, DC.
