Financial Performance Analysis Of The Agro Group Packaged Drinking Water Company In 2022-2024

  • Widanarni Pudjiastuti Malangkuçeçwara College of Economics Malang
  • Nola Ajeng Adellia Malangkuçeçwara College of Economics Malang
  • Muniroh Malangkuçeçwara College of Economics Malang
Keywords: Financial Performance; Liquidity Ratio; Solvency Ratio; Activity Ratio; Profitability Ratio

Abstract

This study aims to determine the financial performance of the AGRO Group Bottled Drinking Water Company for 2022–2024 . This research is descriptive, meaning it describes a situation or area of interest systematically, factually, and accurately. The data sources used are: used in this study are secondary data obtained from Financial Report of 6 Branches of the AGRO Group Bottled Drinking Water (AMDK) Company from 2022 to 2024. The results of the study stated that overall, AGRO Group's financial performance during the 2022-2024 period showed significant variations among the six branches. Although some branches, such as CV. Banyumas Megah and CV. Centralindo Megah, showed good performance in terms of liquidity and solvency, there were several branches that still needed attention, especially CV. Tirta Indo Megah Kendari which consistently experienced difficulties in profitability. Branches such as CV. Tirta Indo Megah Kendari require more attention in debt management and operational costs. The results of this study provide a valuable evaluation tool for AGRO Group management to assess operational efficiency and resource management. By using ratio analysis, management can identify strengths and weaknesses in the financial structure, which can guide strategic decision-making.

References

Abhirama, A., Wardani, NIK, & Amriel, EEY (2023). Green Marketing, Lifestyle, and the Purchase Intention of Bottled Water among Generation Z. East Asian Journal of Multidisciplinary Research , 2 (8), 3209. https://doi.org/10.55927/eajmr.v2i8.5467
Adzmizah, Z., & Singgih, M.L. (2021). Analysis of Performance Improvement at PT. Distribusi Air Santri (PT. DAS) Using Business Model Canvas. IPTEK Journal of Proceedings Series , 6 , 494. https://doi.org/10.12962/j23546026.y2020i6.11149
Agusta, RF, & Hati, SW (2018). Calculation of Liquidity, Solvency and Profitability Ratio in Manufacturing Companies. Journal of Applied Accounting and Taxation , 3 (2), 110. https://doi.org/10.30871/jaat.v3i2.765
Alfiana, D., Ichwanudin, W., & Khaerunnisa, E. (2023). DETERMINANTS OF PROFITABILITY AND ITS IMPLICATIONS ON COMPANY VALUE WITH LEVERAGE AS AN INTERVENING VARIABLE. JOURNAL OF MANECTION , 12 (1), 58. https://doi.org/10.31959/jm.v12i1.1265
AMSAL, H. (2025). PERFORMANCE REVIEW OF PROFITABILITY RATIO OF PT MAYORA INDAH TBK: Comparison of Profitability Ratios in 2022 and 2023. SSRN Electronic Journal . https://doi.org/10.2139/ssrn.5125287
Anggraini, NT (2022). Analysis of Financial Statements Based on Financial Ratio and Vertical-Horizontal Method in PT Unilever, Tbk, 2016-2017 Period. Journal of Social Science , 3 (1), 171. https://doi.org/10.46799/jss.v3i1.293
Asiani, NT, & Rahayu, NPW (2024). ANALYSIS OF LIQUIDITY RATIOS AND PROFITABILITY RATIOS TO ASSESS FINANCIAL PERFORMANCE. International Journal of Accounting Management Economics and Social Sciences (IJAMESC) , 2 (4), 1385. https://doi.org/10.61990/ijamesc.v2i4.312
BP, MES (2023). Analysis Ratio Finance for Assessing Financial Performance at PT Berau Coal Energy, Tbk. SSRN Electronic Journal . https://doi.org/10.2139/ssrn.4509706
Cahya, AD, Budiyati, E., & Yulianingsih, W. (2021). THE EFFECT OF TOTAL ASSET TURNOVER (TATO), DEBT RATIO (DR) AND DEBT TO EQUITY RATIO (DER) ON COMPANY PROFITABILITY (CASE STUDY AT PT HARI MUKTI TEKNIK 2016-2020 PERIOD). Jurnal Daya Saing , 7 (3), 301. https://doi.org/10.35446/dayasaing.v7i3.692
Damayanti, Y., & Suryandani, W. (2023). THE EFFECT OF LEVERAGE, LIQUIDITY, AND COMPANY SIZE ON PROFITABILITY IN FOOD AND BEVERAGE COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE. Bisnis-Net Journal of Economics and Business , 6 (1), 1. https://doi.org/10.46576/bn.v6i1.3048
Desi, M., & Arisudhana, D. (2020). THE EFFECT OF CURRENT RATIO, DEBT TO EQUITY RATIO, RETURN ON ASSET, WORKING CAPITAL TURNOVER ON PROFIT GROWTH (Empirical Study on Manufacturing Companies in the Food and Beverage Sub-Sector Listed on the Indonesia Stock Exchange for the Period 2014 - 2018). Journal of Accounting and Finance , 9 (2), 153. https://doi.org/10.36080/jak.v9i2.1420
Dewi, NLPS, & Novitasari, NLG (2021). Effect of Return on Assets and Company Growth on Company Value (A Case Study of Manufacturing Companies Listed on Indonesia Stock Exchange). International Journal of Accounting & Finance in Asia Pacific , 4 (2), 1. https://doi.org/10.32535/ijafap.v4i2.1111
Diannissa, T., & Qodir, A. (2021). THE EFFECT OF FINANCIAL RATIO ANALYSIS ON THE FINANCIAL PERFORMANCE OF THE ISLAMIC PERSPECTIVE AT THE STATE ISLAMIC INSTITUTE (IAIN) PALANGKA RAYA FOR THE 2016-2018 PERIOD. TRANSFORMATIVE , 4 (2), 101. https://doi.org/10.23971/tf.v4i2.2279
Duffin, D., & Gunawan, E. (2023). Liquidity Ratio Analysis in Financing Short Term Liabilities. International Journal of Health Economics and Social Sciences (IJHESS) , 5 (2), 157. https://doi.org/10.56338/ijhess.v5i2.3611
Dumilah, R. (2021). THE EFFECT OF CURRENT RATIO AND DEBT TO EQUITY RATIO ON RETURN ON EQUITY Survey on Indonesian Tobacco Manufacturers. JOURNAL OF SeMaRaK , 4 (1), 96. https://doi.org/10.32493/smk.v1i1.9351
Gantino, R., Ruswanti, E., Widodo, AM, & Iskandar, D. (2022). A Comparative Model of Earnings Management, CSR, and Intellectual Capital on Firm Value Moderated by Performance .
Gunawan, R., Widiyanti, M., Malinda, S., & Adam, M. (2022). THE EFFECT OF CURRENT RATIO, TOTAL ASSET TURNOVER, DEBT TO ASSET RATIO, AND DEBT TO EQUITY RATIO ON RETURN ON ASSETS IN PLANTATION SUB-SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE. International Journal of Economic Business Accounting Agriculture Management and Sharia Administration (IJEBAS) , 2 (1), 19. https://doi.org/10.54443/ijebas.v2i1.139
Hantono, H. (2018). THE EFFECT OF CURRENT RATIO, DEBT TO EQUITY RATIO, TOWARD RETURN ON ASSETS (CASE STUDY ON CONSUMER GOODS COMPANY). ACCOUNTABILITY , 7 (2), 64. https://doi.org/10.32400/ja.24804.7.02.2018.64-73
Hasbiah, H. (2022). Analysis of Liquidity, Leverage, and Activity Ratio on the Financial Profitability of Indonesian Telecommunications Industry. Golden Ratio of Finance Management , 2 (1), 61. https://doi.org/10.52970/grfm.v2i1.203
Jiang, J., Jin, J., Xu, S., & Yang, X. (2022). Apple Financial Analysis and Development Trend Research. BCP Business & Management , 34 , 927. https://doi.org/10.54691/bcpbm.v34i.3113
Juliani, DI, Karyatun, S., & Digdowiseiso, K. (2023). The Effect Of Current Ratio, Total Asset Turnover And Debt To Equity Ratio On The Financial Performance Of Manufacturing Companies Listed On The Indonesia Stock Exchange For The 2016-2020 Period. Journal of Syntax Admiration , 4 (4), 630. https://doi.org/10.46799/jsa.v4i4.863
Kartika, A., Hikmah, AA, Damayanti, A., & Najib, MTA (2024). Ratio Analysis of Financial Statements at PT Indofood Sukses Makmur Tbk. JEMeS - Journal of Economics, Management, and Social Sciences , 7 (2), 67. https://doi.org/10.56071/jemes.v7i2.891
Kasmir. (2014). Insurance regulates private or government companies to guarantee .
Khan, HAU, & Hidayat, R. (2022). The Effect of Dividend Policy, Debt Policy, And Profitability on The Value of Automotive Companies Listed on The Indonesia Stock Exchange 2017-2021. SHS Web of Conferences , 149 , 3030. https://doi.org/10.1051/shsconf/202214903030
Limbong, CH, Simanjorang, EFS, Harahap, NJ, & Nasution, Z. (2021). Financial Ratio Analysis at PT. Adaro Energy Tbk. Based on the 2017–2020 Financial Statements. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) , 4 (1), 77. https://doi.org/10.31538/iijse.v4i1.1460
Liwaul, L., Dali, N., & Sahrun, S. (2023). Evaluating Financial Health and Sustainability of Post-Merger Port Operations in Indonesia: Liquidity and Profitability Insights. Journal of Accounting and Strategic Finance , 6 (2), 236. https://doi.org/10.33005/jasf.v6i2.466
Lubis, SS (2023). Identify Financial Ratios to Measure The Company's Financial Performance. Journal of Economics Business Industry , 1 (1), 1. https://doi.org/10.59976/jebin.v1i1.7
Machfudt, Y., & BZ, FS (2023). FINANCIAL PERFORMANCE FROM AN ENVIRONMENTAL PERSPECTIVE: A STUDY OF INDONESIAN MANUFACTURING COMPANIES. Scientific Journal of Accounting Economics Students , 8 (2), 158. https://doi.org/10.24815/jimeka.v8i2.21063
Madany, N., Ruliana, & Rais, Z. (2022). Panel Data Regression and Its Application in Financial Performance towards Profit Growth of IDX Lq45 Companies on the Indonesia Stock Exchange .
Manap, A., Vincia, P., Alfadrus, Y., & Muthi, N. (2024). Financial Performance Evaluation in Property Companies Using the DuPont Method: Insights and Implications . 3 (1), 25. https://doi.org/10.35335/jembut.v3i1.243
Masruron, M., & Safitri, N. (2025). ANALYSIS OF THE DEVELOPMENT OF SHARIA BANKING IN INDONESIA DURING THE COVID-19 PANDEMIC . 1 (1). https://doi.org/10.37216/albirru.v1i1.525
Megasanti, LC, & Riwayati, HE (2023). The Effect Of Liquidity, Profitability, And Solvency On Financial Distress With Good Corporate Governance As A Moderation. Zenodo (CERN European Organization for Nuclear Research) . https://doi.org/10.5281/zenodo.7740329
Miransyah, GG, Dempo, SRS, & Sutisna, S. (2021). Profitability Ratio Analysis at PT. Medikaloka Hermina, TBK. BINA BANGSA INTERNATIONAL JOURNAL OF BUSINESS AND MANAGEMENT , 1 (1), 60. https://doi.org/10.46306/bbijbm.v1i1.7
Muliana, M., & Ahmad, SWA (2021). THE EFFECT OF CAPITAL STRUCTURE AND PROFITABILITY ON FIRM VALUE. Point Journal of Economics and Management , 3 (2), 97. https://doi.org/10.46918/point.v3i2.1171
Murtiningtyas, DP, & Giovanni, A. (2022). Study of Profitability and Solvency Ratios of PT Astra International Tbk. Syntax Idea , 4 (3), 713. https://doi.org/10.46799/syntax-idea.v4i3.1821
Musikawati, AI, & Paramitalaksmi, R. (2023). Measuring Financial Performance in Startup Companies. Maeswara Journal of Management and Entrepreneurship Research , 2 (1), 226. https://doi.org/10.61132/maeswara.v2i1.621
Nabila, ZA, Lubis, CRZ, Efvarius, MR, Apriani, S., & Siahaan, SDN (2023). Analyzing Financial Ratios as Indicators to Measure Financial Performance at PT. Industri Jamu dan Farmasi Sido Muncul Tbk. Asian Journal of Applied Business and Management , 2 (2), 173. https://doi.org/10.55927/ajabm.v2i2.3994
Naili, ND, Ibrahim, A., & Citradewi, A. (2023). Profitability Ratio Analysis to Measure Financial Performance (PT. Astra International Tbk 2019-2022). Balance Media Accounting and Financial Information , 15 (2), 74. https://doi.org/10.52300/blnc.v15i2.9698
Nariswari, TN, & Nugraha, NM (2020). Profit Growth: Impact of Net Profit Margin, Gross Profit Margin and Total Assets Turnover. International Journal of Finance & Banking Studies (2147-4486) , 9 (4), 87. https://doi.org/10.20525/ijfbs.v9i4.937
Novietta, L., Nurmadi, R., Suryani, Y., Ika, D., & Rambe, R.F. (2022). Analysis of the Effect of Profitability, Liquidity, and Leverage on Firm Value with Corporate Social Responsibility Moderation. Journal of Trends in Economics and Accounting Research , 3 (2), 75. https://doi.org/10.47065/jtear.v3i2.555
Nuarika, U. (2022). THE EFFECT OF FINANCIAL INDICATORS ON RETURN ON EQUITY IN PUBLIC COMPANIES IN THE ENERGY SECTOR IN INDONESIA. JOURNAL OF ORGANIZATIONAL MANAGEMENT STUDIES , 18 (1), 46. https://doi.org/10.14710/jsmo.v18i1.39153
Nurcahaya, C., & Yogasnumurti, RR (2023). USE OF ECONOMIC VALUE ADDED AND MARKET VALUE ADDED METHODS TO MEASURE THE FINANCIAL PERFORMANCE OF PT. MAYORA INDAH, TBK. PERIOD 2018-2022. Deleted Journal , 1 (2), 200. https://doi.org/10.61994/equivalent.v1i2.159
Nurdiwaty, D., & Zaman, B. (2021). Testing the Effect of Corporate Financial Ratios on Financial Distress. Journal of Accounting Theory & Application Research (PETA) , 6 (2), 150. https://doi.org/10.51289/peta.v6i2.523
Paramita, M., & Alinsari, N. (2022). Capital Structure and Profitability of the Food and Beverage Industry in Indonesia. AFRE (Accounting and Financial Review) , 5 (2), 214. https://doi.org/10.26905/afr.v5i2.7541
Pardosi, D.P., & Siagian, H. (2021). Debt to Assets Ratio and Asset Management on Financial Performance: an Evidence of Chemical Companies in Indonesia Stock Exchange. ECONOMIC Journal of Economics and Business , 5 (2), 417. https://doi.org/10.33087/ Ekonomis.v5i2.387
Pramesti, NC, & Purnamawati, IGA (2024). Analysis of Accounts Receivable at the Tirta Hita Buleleng Regional Drinking Water Company. Scientific Journal of Accounting and Humanities , 14 (2), 245. https://doi.org/10.23887/jiah.v14i2.78150
Pratiwi, F., Hanafi, Muh. AN, & Burhami, AH (2024). Analysis of the Use of Economic Value Added (EVA) to Measure the Financial Performance of PT. Astra Agro Lestari Tbk Listed on the Indonesia Stock Exchange (IDX) .
Puspita, KAS, & Juliarsa, G. (2020). Profitability, Operating Leverage, Company Size, Sales Growth on the Capital Structure of Banking Companies. E-Journal of Accounting , 30 (12), 3066. https://doi.org/10.24843/eja.2020.v30.i12.p06
Putri, BG, & Munfaqiroh, S. (2020). FINANCIAL RATIO ANALYSIS TO MEASURE FINANCIAL PERFORMANCE . 17 (1). https://doi.org/10.29100/insp.v17i1.1563
Putri, RY, Mirza, N., Atif, WM, & Andriana, I. (2020). The Effect of Working Capital Ratio on Profitability of Manufacturing Companies in Indonesia . https://doi.org/10.2991/aebmr.k.200520.079
Putri, S., & Nasution, YSJ (2023). Analysis of Profitability and Liquidity Ratios to Evaluate Financial Performance at PT Bukaka Teknik Utama Tbk for the Years 2018-2022 . https://doi.org/10.2139/ssrn.4597033
Rajagukguk, AR, & Siagian, H. (2021). Inventory Turnover and Accounts Receivable Turnover on Profitability: An Evidence of Chemical Companies Listed in IDX. Journal of Business and Management Strategy Studies , 5 (2). https://doi.org/10.35308/jbkan.v5i2.4058
Rianingsih, LP, Saputro, E., & Susila, I. (2023). Analysis of the Effectiveness of Accounts Receivable Management on Company Financial Performance (Case Study: PT Indo PD Mandiri). REMIK (Research and E-Journal of Computer Informatics Management) , 7 (1), 810. https://doi.org/10.33395/remik.v7i1.12165
Rismanty, VA, & Suraya, A. (2023). THE EFFECT OF CAPITAL ADEQUACY RATIO (CAR) AND LOAN TO DEPOSIT RATIO (LDR) ON RETURN ON ASSETS (ROA) AT PT BANK MANDIRI. SCIENTIFIC JOURNAL OF REFLECTION Economic Accounting Management and Business , 6 (2), 349. https://doi.org/10.37481/sjr.v6i2.658
Rukmana, HS, & Mariana, L. (2021). ANALYSIS OF LIQUIDITY, SOLVABILITY, ACTIVITY, AND PROFITABILITY RATIO TO ASSESS THE FINANCIAL PERFORMANCE OF PT MARTINA BERTO TBK 2014-2018. Economicus , 15 (1), 35. https://doi.org/10.47860/economicus.v15i1.227
S, AAA, Laia, DK, Cibro, EJ, Sirait, NT, & Siahaan, SDN (2023). Performance Analysis of Financial Ratios of PT Telkom Indonesia Tbk. Asian Journal of Applied Business and Management , 2 (2), 155. https://doi.org/10.55927/ajabm.v2i2.4001
Sari, PRP, & Dwirandra, AANB (2019). The Effect of Current Ratio and Debt to Equity Ratio on Profitability with Intellectual Capital as a Moderator. E-Journal of Accounting , 851. https://doi.org/10.24843/eja.2019.v26.i02.p01
Sari, W., Chandra, C., & Ciawan, W. (2021). THE IMPROVEMENT OF CORPORATE PROFITABILITY AND ITS POLICIES. Journal of Management Applications , 19 (1), 23. https://doi.org/10.21776/ub.jam.2021.019.01.03
Sari, W., Novari, E., Fitri, YS, & Nasution, AI (2022). Effect of Current Ratio (Cr), Quick Ratio (Qr), Debt To Asset Ratio (Dar) and Debt To Equity Ratio (Der) on Return On Assets (Roa). Journal of Islamic Economics and Business , 2 (1), 42. https://doi.org/10.15575/jieb.v2i1.20173
Setyoko, A., Utami, SS, Utami, SS, Indriastuti, DR, & Indriastuti, DR (2020). THE EFFECT OF RETURN ON ASSETS, RETURN ON EQUITY, AND EARNINGS PER SHARE ON STOCK PRICES IN THE HOTEL, RESTAURANT, AND TOURISM SUB-SECTOR COMPANIES LISTED ON THE IDX IN THE PERIOD 2015 – 2018. JOURNAL OF ECONOMICS AND ENTREPRENEURSHIP , 20 (1). https://doi.org/10.33061/jeku.v20i1.4368
Sihombing, R., Maffett, MG, & Ilham, RN (2022). FINANCIAL RATIO ANALYSIS AND COMMON SIZE TO ASSESS FINANCIAL PERFORMANCE AT PT ASTRA AGRO LESTARI TBK AND ITS SUBSIDIARIES. Journal of Accounting Research Utility Finance and Digital Assets , 1 (2), 139. https://doi.org/10.54443/jaruda.v1i2.24
Simon, YS, Pakan, M., Rika, R., Paluruan, G., & Julyarman, N. (2023). ANALYSIS OF WORKING CAPITAL MANAGEMENT IN MEASURING THE FINANCIAL PERFORMANCE OF PT. KIMIA FARMA Tbk. SCIENTIFIC JOURNAL OF RESEARCH AND DEVELOPMENT STUDENT , 1 (1), 40. https://doi.org/10.59024/jis.v1i1.323
Suhartono, S., Silaban, IS dewi, Hakim, L., Yanti, VA, & Kuspriyono, T. (2022). The Effect of Current Ratio on Profit Growth at PT Astra International Tbk. Journal of Perspectives , 20 (2), 131. https://doi.org/10.31294/jp.v20i2.13187
Sukmadewi, R., Sartika, D., Muin, MR, & Sofyan, D. (2021). The Effect of Liquidity Ratio and Solvency Ratio on the Profitability of Plantation Subsector Companies Listed on the Indonesian Stock Exchange. Husnayain Business Review , 1 (1), 69. https://doi.org/10.54099/hbr.v1i1.23
Syahputri, A., Putra, HS, Julyanthry, J., Sari, EP, & Putri, DE (2022). Effect of Current Ratio and Debt to Asset Ratio on Return On Assets Moderated by Firm Size. International Journal of Economics Business and Accounting Research (IJEBAR) , 6 (1), 191. https://doi.org/10.29040/ijebar.v6i1.4418
Syarafina, F., Sugiharto, S., & Syahputera, R. (2024). The Effect of Current Ratio, Debt to Equity Ratio, and Total Asset Turnover on Profit Growth. Journal of Management Entrepreneur and Cooperative , 3 (2), 109. https://doi.org/10.56869/jmec.v3i2.560
Tanusi, G., & Tauk, AK (2023). Working capital management in increasing liquidity and profitability in the business area of Tirta Komodo Manggarai Drinking Water. Enrichment Journal of Management , 13 (1), 514. https://doi.org/10.35335/enrichment.v13i1.1312
Ulfah, AK, & Nurzianti, R. (2023). ANALYSIS OF TOTAL DEBT TO ASSET RATIO AND PROFIT MARGIN AS A MEASURE OF COMPANY FINANCIAL PERFORMANCE. Deleted Journal , 5 (2), 79. https://doi.org/10.52490/jiscan.v5i2.1951
Widiasmara, A., Kusherawati, A., Cahyaningati, R., & Paramita, RWD (2022). The Effect of Current Ratio, Debt to Equity Ratio, Return on Assets, and Net Profit Margin on Profit Growth. ASSETS Scientific Journal of Financial Accounting and Taxation , 6 (1), 8. https://doi.org/10.30741/assets.v6i1.831
Wiguna, WA, & Wulandari, I. (2024). THE EFFECT OF CAPITAL ADEQUACY RATIO, LOAN TO DEPOSITE RATIO, AND OPERATING COSTS AND OPERATING INCOME ON RETURN ON ASSETS. Scientific Journal of Economic Management & Accounting (MEA) , 8 (2), 1482. https://doi.org/10.31955/mea.v8i2.4180
Wijaya, MK, Harahap, LR, & Aryanti, R. (2025). Analysis Of The Effects Of Paylater Activities On Millennials' Financial Performance In E-Commerce Companies (Case Study Of Tokopedia) .
Wijayaningsih, S., & Yulianto, A. (2021). The Effect of Capital Structure, Company Size, and Profitability on Company Value with Investment Decisions as a Moderator .
Wulandari, B., Julyani, J., Santi, S., Sulastio, J., & Hanafie, L. (2020). Accounts Receivable Turnover, Working Capital Turnover, Cash Turnover, and Capital Structure on Profitability. Journal of Economic Business and Accounting (COSTING) , 3 (2), 327. https://doi.org/10.31539/costing.v3i2.1061
Zakaria, Z., & Sonjaya, Y. (2023). Interplay of Working Capital Turnover, Asset Turnover, and Capital Structure on Return on Investment. ATESTASI Scientific Journal of Accounting , 6 (2), 403. https://doi.org/10.57178/atestasi.v6i2.693
Published
2025-09-19
How to Cite
Widanarni Pudjiastuti, Nola Ajeng Adellia, & Muniroh. (2025). Financial Performance Analysis Of The Agro Group Packaged Drinking Water Company In 2022-2024. International Journal of Economics, Business and Innovation Research, 4(05), 539-567. https://doi.org/10.63922/ijebir.v4i05.2299