Evaluation of Financial Performance of PT Waskita Karya Tbk in the Infrastructure Sector: Financial Ratio Analysis 2021-2023
DOI:
https://doi.org/10.37680/ijief.v4i2.6399Keywords:
NPM; ROE; EPS; PER; PBV; DER;Abstract
This study aims to assess the financial performance of PT Waskita Karya Tbk, a prominent company in the infrastructure sector, over the 2021-2023 period. The evaluation employs a financial ratio approach, including Net Profit Margin (NPM), Return on Equity (ROE), Earnings Per Share (EPS), Price Earnings Ratio (PER), Price to Book Value (PBV), and Debt to Equity Ratio (DER). This approach seeks to provide a comprehensive overview of the company's profitability, market valuation, and solvency. The findings indicate a notable improvement in profitability indicators, particularly in 2023. Market value indicators, such as EPS, also recorded sharp growth, reflecting the company's operational efficiency; meanwhile, PER experienced a significant decline, indicating a rationalization of stock valuations in the market. On the other hand, solvency was reflected in an increase in PBV, although the DER ratio also increased, indicating a greater reliance on debt. Overall, this study concludes that PT Waskita Karya Tbk shows a significant improvement trend in financial performance, especially in profitability and market value. However, better debt management is needed to maintain financial stability.
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References
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Asha, I. A., & Fatimah, A. N. (2022). Analisis Kinerja Keuangan Terhadap Pertumbuhan Laba Selama Pandemi Covid-19 Pada Perusahaan Sektor Infrastruktur Yang Terdaftar Di Bei. Jurnal Maneksi (Management Ekonomi Dan Akuntansi), 11(1), 237–244.
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Burhanudin, C. M., & Setiawati, E. (2024). Pengaruh Good Coporate Governance, Leverage, Likuiditas, Profitabilitas dan Pertumbuhan Penjualan terhadap Financial Distress. Jurnal Akuntansi Dan Keuangan Kontemporer (JAKK), 7(1), 69–80.
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Poerwati, R. T., Nurhayati, I., Badjuri, A., & Sudarsi, S. (2021). Rasio Keuangan dan Ukuran Perusahaan Sebagai Prediktor Agresivitas Pajak (Studi Pada Perusahaan Manufaktur Subsektor Barang Konsumsi Di BEI). Dinamika Akuntansi Keuangan Dan Perbankan, 10(2), 185–195.
Prasetyo, A. W., & Primasari, N. H. (2021). Pengaruh komisaris independen, pertumbuhan penjualan, profitabilitas, leverage dan ukuran perusahaan terhadap tax avoidance. Jurnal Akuntansi Dan Keuangan, 10(1), 1–18.
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PT. Waskita Karya. (2022). Annual Report. https://waskitarealty.co.id//wpcontent/uploads/2024/10/Annual-Report-WSKR-2022.pdf
PT. Waskita Karya. (2023). Annual Report. https://waskitarealty.co.id//wpcontent/uploads/2024/10/Annual-Report-WSKR-2023.pdf
Putri, K. M., Sam, I., & Tiswiyanti, W. (2024). Financial Health Analyze of Building Construction Sub-Sector BUMN Companies on the Indonesian Stock Exchange Period. 3(3), 769–786.
Ramdani, R., & Pratomo, D. (2024). What Is Wrong With The Financial Performance Of PT Waskita Karya Tbk? Rahmat Fajar Ramdani 1 , Dimas Pratomo 2* 1,2. Universitas Islam Negeri Raden Intan Lampung, Indonesia, 5(1), 57–69.
Raspati, M. W., & Welas, W. (2021). Pengaruh Return On Assets, Current Ratio, Debt To Equity Ratio Dan Dividend Payout Ratio Terhadap Harga Saham (Studi Empiris pada Perusahaan yang Tergabung Dalam Indeks LQ45 Di Bursa Efek Indonesia Periode 2016–2019). Jurnal Akuntansi Dan Keuangan, 10(1), 37–54.
Sucipto, R. H. (2022). Analisis Kinerja Keuangan PT Waskita Karya (Persero) Tbk Sebelum Dan Selama Pandemi Covid-19. Journal of Management: Small and Medium Enterprises (SMEs), 15(2), 271–288.
Sunaryo, D., & Lestari, E. P. (2023). Effect of Cash, Receivables, and Inventory Turnover on Net Profit Margin (NPM) in Food & Beverage Subsector Manufacturing Companies. Studies in Business and Economics, 18(1), 298–313. https://doi.org/10.2478/sbe-2023-0016
Syukhandri, M., & Rahayu, M. (2022). Pengaruh Likuiditas dan Solvabilitas Terhadap Profitabilitas pada Perusahaan Asuransi Syariah yang Terdaftar di OJK Tahun 2017-2020. Syar’Insurance: Jurnal Asuransi Syariah, 8(2), 19–35.
Amin, H. I. M., & Cek, K. (2023). The effect of golden ratio-based capital structure on firm’s financial performance. Sustainability, 15(9), 7424.
Andi Firdaus, T. N. (2023). Jokowi says infrastructure fuels Indonesia’s global investment power. Antara News. https://en.antaranews.com/news/300141/jokowi-says-infrastructure-fuels-indonesias-global-investment-powe
Andriyani, K., & Nida, F. (2024). Kinerja Perusahaan dan Nilai Perusahaan. JIEF Journal of Islamic Economics and Finance, 4(1), 14–26.
Anjani, T., & Syarif, A. D. (2019). The effect of fundamental analysis on stock returns using data panels; evidence pharmaceutical companies listed on IDX. International Journal of Innovative Science and Research Technology, 4(7), 500–505.
Asha, I. A., & Fatimah, A. N. (2022). Analisis Kinerja Keuangan Terhadap Pertumbuhan Laba Selama Pandemi Covid-19 Pada Perusahaan Sektor Infrastruktur Yang Terdaftar Di Bei. Jurnal Maneksi (Management Ekonomi Dan Akuntansi), 11(1), 237–244.
Astari, R. (2021). Pengaruh Rasio Keuangan Terhadap Nilai Perusahaan Pada Perusahaan Sektor Infrastruktur Utilitas Dan Transportasi Periode 2017-2019. Jurnal Manajemen Dan Bisnis, 4(3), 55–63.
Azizah, N. (2018). Hubungan Ilmu dan Agama dalam Prespektif Islam Telaah Pemikiran Kuntowijoyo. Prosiding Konferensi Integrasi Interkoneksi Islam Dan Sains, 1, 151–156.
Burhanudin, C. M., & Setiawati, E. (2024). Pengaruh Good Coporate Governance, Leverage, Likuiditas, Profitabilitas dan Pertumbuhan Penjualan terhadap Financial Distress. Jurnal Akuntansi Dan Keuangan Kontemporer (JAKK), 7(1), 69–80.
Christine, Y., & Meiden, C. (2021). Analisis Pengungkapan Sustainability Report Pt. Waskita Karya (Persero) Tbk Dan Ytl Corporation Berhad Tahun 2018 Berdasarkan Gri Standards. Jurnal Akuntansi, 10(1), 1–7.
de Fretes, A. V. C. (2022). Analisis Laporan Arus Kas dalam Menilai Kinerja Keuangan pada PT. Waskita Karya (PERSERO) Tbk Periode 2019-2021. Jurnal Pendidikan Dan Konseling (JPDK), 4(6), 2200–2216.
Febriansah, Y., Akbar, B., & Suwanda, D. (2024). Implementasi Kebijakan Program Strategis Nasional pada PT. Waskita Karya. AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis, 4(2), 544–557.
Firdauz, A., Ningsih, T., & Sholihah, S. (2024). The Influence of Capital Structure and Profitability on The Company Value of PT. Waskita Karya (Persero), TBK (Period 2016 To 2020). Acman: Accounting and Management Journal, 4(1), 48–58.
Hinkel, T., & Traore, B. F. (2020). Mali’s peace networks: The role of Islamic religious leaders in conflict resolution. Conflict, Security & Development, 20(3), 401–418. https://doi.org/10.1080/14678802.2020.1775999
Ibrahim, S. (2005). Paradigma Islam Dan Transformasi Sosial (Studi Pemikiran Kuntowijoyo). Hunafa: Jurnal Studia Islamika, 2(3), 243–250.
Istiqamah, I., Rimawan, M., & Alwi, A. (2024). Pengaruh Current Rasio (CR) dan Return On Asset (ROA) Terhadap Harga Saham PT. Waskita Karya (Persero) Tbk. Jurnal Penelitian Ekonomi Manajemen Dan Bisnis, 3(3), 272–290.
Kamal, N. R., Maulana, M. I., Rauf, A., & Makassar, U. N. (2023). Analisis Profitabilitas dalam Mengukur Kinerja. 1–9.
Laksmiwati, M., & Reforma, G. K. P. (2021). Determinasi Model Altman Z Score Terhadap Return Saham. Jurnal Akuntansi Dan Keuangan, 10(1), 89–106.
Mariani, D. (2021). Pengaruh Profitabilitas, Umur Perusahaan, Struktur Kepemilikan Institusional Dan Ukuran Perusahaan Terhadap Struktur Modal Pada Perusahaan Property Dan Real Estate Yang Terdaftar Di Bei. Jurnal Akuntansi Dan Keuangan, 10(1), 55–70.
Medina, A. F. (2023). Investing in Indonesia: The 2023 Mid-Year Investment Report. ASEAN Briefing. https://www.aseanbriefing.com/news/investing-in-indonesia-the-2023-mid-year-investment-report/
Muhammad, R. N. (2021). Pengaruh Economic Value Added (EVA) dan Market Value Added (MVA) Terhadap Return Saham. Indonesian Accounting Literacy Journal, 1(3), 563–574.
Pahlawi, N., Alie, M. S., Hasbullah, H., Reny, A., Desmon, D., Yudhinanto, C. N., & Indriyani, S. (2024). PENGARUH PEHAMAN LITERASI KEUANGAN, KEMUDAHAN DIGITAL PAYMENT DAN INKLUSI KEUANGAN TERHADAP KINERJA UMKM DIKOTA BANDAR LAMPUNG. Journal of Economic, Bussines and Accounting (COSTING), 7(6), 722–733.
Pangestu, T. (2023). Analisis Rasio Keuangan untuk Menilai Kinerja Keuangan Sebelum dan Sesudah Listing tahun 2020 pada Perusahaan yang Terdaftar di Bursa Efek Indonesia [PhD Thesis, Universitas Islam Indonesia]. https://dspace.uii.ac.id/handle/123456789/45374
Pawestri, N. S. D., & Setiawati, E. (2024). Peran Profitabilitas, Leverage, Ukuran Perusahaan, dan CSR dalam Mempengaruhi Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan Kontemporer (JAKK), 7(1), 81–93.
Poerwati, R. T., Nurhayati, I., Badjuri, A., & Sudarsi, S. (2021). Rasio Keuangan dan Ukuran Perusahaan Sebagai Prediktor Agresivitas Pajak (Studi Pada Perusahaan Manufaktur Subsektor Barang Konsumsi Di BEI). Dinamika Akuntansi Keuangan Dan Perbankan, 10(2), 185–195.
Prasetyo, A. W., & Primasari, N. H. (2021). Pengaruh komisaris independen, pertumbuhan penjualan, profitabilitas, leverage dan ukuran perusahaan terhadap tax avoidance. Jurnal Akuntansi Dan Keuangan, 10(1), 1–18.
PT. Waskita Karya. (2021). Annual Report. https://waskitarealty.co.id/wpcontent/uploads/2022/07/Annual-Report-WSKR-2021.pdf
PT. Waskita Karya. (2022). Annual Report. https://waskitarealty.co.id//wpcontent/uploads/2024/10/Annual-Report-WSKR-2022.pdf
PT. Waskita Karya. (2023). Annual Report. https://waskitarealty.co.id//wpcontent/uploads/2024/10/Annual-Report-WSKR-2023.pdf
Putri, K. M., Sam, I., & Tiswiyanti, W. (2024). Financial Health Analyze of Building Construction Sub-Sector BUMN Companies on the Indonesian Stock Exchange Period. 3(3), 769–786.
Ramdani, R., & Pratomo, D. (2024). What Is Wrong With The Financial Performance Of PT Waskita Karya Tbk? Rahmat Fajar Ramdani 1 , Dimas Pratomo 2* 1,2. Universitas Islam Negeri Raden Intan Lampung, Indonesia, 5(1), 57–69.
Raspati, M. W., & Welas, W. (2021). Pengaruh Return On Assets, Current Ratio, Debt To Equity Ratio Dan Dividend Payout Ratio Terhadap Harga Saham (Studi Empiris pada Perusahaan yang Tergabung Dalam Indeks LQ45 Di Bursa Efek Indonesia Periode 2016–2019). Jurnal Akuntansi Dan Keuangan, 10(1), 37–54.
Sucipto, R. H. (2022). Analisis Kinerja Keuangan PT Waskita Karya (Persero) Tbk Sebelum Dan Selama Pandemi Covid-19. Journal of Management: Small and Medium Enterprises (SMEs), 15(2), 271–288.
Sunaryo, D., & Lestari, E. P. (2023). Effect of Cash, Receivables, and Inventory Turnover on Net Profit Margin (NPM) in Food & Beverage Subsector Manufacturing Companies. Studies in Business and Economics, 18(1), 298–313. https://doi.org/10.2478/sbe-2023-0016
Syukhandri, M., & Rahayu, M. (2022). Pengaruh Likuiditas dan Solvabilitas Terhadap Profitabilitas pada Perusahaan Asuransi Syariah yang Terdaftar di OJK Tahun 2017-2020. Syar’Insurance: Jurnal Asuransi Syariah, 8(2), 19–35.
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Published
2024-12-18
How to Cite
Pahrudin, A., & Suciati, R. (2024). Evaluation of Financial Performance of PT Waskita Karya Tbk in the Infrastructure Sector: Financial Ratio Analysis 2021-2023. Indonesian Journal of Islamic Economics and Finance, 4(2), 301–316. https://doi.org/10.37680/ijief.v4i2.6399
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