Analysis Of Solvability And Profitability Ratio To Measure Financial Performance At Pt Gudang Garam Tbk

Astrid Ruhiyatul Jumayyah; Puji Muniarty; Hanifah Muthiah

doi:10.63922/ijebir.v5i03.3756

Astrid Ruhiyatul Jumayyah Program Studi Manajemen, Sekolah Tinggi Ilmu Ekonomi Bima
Puji Muniarty Program Studi Manajemen, Sekolah Tinggi Ilmu Ekonomi Bima
Hanifah Muthiah Program Studi Manajemen, Sekolah Tinggi Ilmu Ekonomi Bima

DOI: https://doi.org/10.63922/ijebir.v5i03.3756

Keywords: financial performance, solvency ratio, Debt to Asset Ratio (DAR), profitability ratio, Return on Assets (ROA), PT Gudang Garam Tbk.

Abstract

This study aims to analyze the financial performance of PT Gudang Garam Tbk based on solvency and profitability ratios. The solvency ratio is measured using the Debt to Asset Ratio (DAR), while the profitability ratio is measured using Return on Assets (ROA). The research method used is a quantitative descriptive method using secondary data in the form of PT Gudang Garam Tbk's financial statements listed on the Indonesia Stock Exchange during the study period. Data analysis was performed by calculating financial ratios and then comparing them with applicable industry standards. The results show that PT Gudang Garam Tbk's DAR is in fairly good condition, despite fluctuating annually, indicating that the company is still able to manage its liabilities against its assets. Meanwhile, the ROA value indicates the company's ability to generate profits from total assets employed, despite a tendency for declining profitability due to industry pressures and changing economic conditions. Overall, PT Gudang Garam Tbk's financial performance based on solvency and profitability ratios shows a fairly stable condition. However, the company needs to improve operational efficiency to maintain profitability

References

Aini, YN, Haryanti, AD, & Trianti, K. (2021). Performance Analysis of the Cigarette Industry Listed on the Indonesia Stock Exchange Using a Profitability Ratio Approach. Journal of the Academy of Accounting , 4 (1), 56–68. https://doi.org/10.22219/jaa.v4i1.15474
Asanik, & Giovanni, A. (2021). PROFITABILITY RATIO ANALYSIS OF CIGARETTE COMPANIES LISTED ON THE IDX IN 2016 – 2020. CREATIVE: Scientific Journal of Management Study Program, Pamulang University, 9 (2), 18–27.
Chairunnisa, S., Lestari, DF, & Rahayu, I. (2025). The Effect of Debt to Equity Ratio and Current Ratio on Return on Assets in Cigarette Companies on the Indonesia Stock Exchange in 2015 – 2024. JUMMA'45: Journal of Management and Accounting Students , 4 .
Creswell, W. (2024). Characteristics of Qualitative Research. Qualitative Research Methods .
Fahmi, I. (2020). Introduction to financial management . Alfabeta.
Gunawan, I. (2016). Qualitative Research Methods: Theory and Practice . Bumi Aksara.
Harahap, SS (2021). Critical Analysis of Financial Statements . Rajawali Pers.
Hery. (2020). Financial report analysis . PT Grasindo.
Hutami, WF (2024). Population and samples in research. Mercu Buana Public Relations Journal, Query Date, 21, 23.
Kasmir. (2017). Financial Report Analysis . Rajawali Pers.
Kasmir. (2019). Financial report analysis . PT Raja Grafindo Persada.
Khairunnisa, N., & Mardiana, S. (2025). AS A TOOL TO MEASURE FINANCIAL PERFORMANCE AT PT GUDANG GARAM Tbk (PERIOD 2014-2023). JORAPI: Journal of Research and Publication Innovation Vol. , 3 (1), 2089–2099.
Kharismatika, FA, & Utomo, RB (2024). SUSTAINABLE PROFITABILITY OF CIGARETTES MANUFACTURING COMPANIES IN THE CIGARETTES SUB-SECTOR IN INDONESIA FROM THE PERSPECTIVE OF FINANCIAL REPORT RATIO FOR THE 2017-2022 PERIOD. MEA Scientific Journal (Management, Economics, and Accounting) , 8 (2), 498–516.
Lenaini, I. (2021). Purposive sampling and snowball sampling techniques. Journal of History Education Studies, Research & Development , 6 (1), 33–39.
Margono, S. (2020). Educational Research Methodology . Rineka Cipta.
Nasution, S. (2016). Research Methods (Scientific Research): Thesis Proposal, Research Design, Hypothesis, Validity, Sampling, Population, Observation, Interview, Questionnaire . Bumi Aksara.
Orlando, C., Asmadi, I., & Haryono, B. (2024). Analysis of Liquidity Ratios and Profitability Ratios on Financial Performance of Cigarette Companies Listed on the Indonesia Stock Exchange . 3 (5), 3988–3997.
Purwanto, HAS, Subakir, & Fauziyah. (2022). The Effect of CR and DER on Profitability in Cigarette Companies . 3 (1), 283–292.
Ramadhani, MS, Istiqamah, W., & Sirajuddin, SH (2024). Maruki: Journal of Islamic Education Maruki: Journal of Islamic Education. Maruki: Journal of Islamic Education PENANAM , 2 (1), 38–48.
Sarwono, J. (2022). Quantitative Research Methodology Using SPSS . Andi.
Sugiyono. (2017). Quantitative, Qualitative, and Mixed Methods Research Methods . Alfabeta.
Sugiyono. (2019). Quantitative, Qualitative, and R&D Research Methods (Newest Edition). Alfabeta.
Sulistiowati, DA, & Ratih, S. (2023). FINANCIAL RATIO ANALYSIS TO ASSESS THE PERFORMANCE OF CIGARETTE COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE (IDX) FOR THE PERIOD 2019-2022 . 3 (4), 823–832.
Weru, RD, Rengga, A., & Luju, E. (2025). FINANCIAL RATIO ANALYSIS TO ASSESS THE PERFORMANCE OF LISTED COMPANIES ON THE INDONESIA STOCK EXCHANGE FOR THE PERIOD 2019-2023 . 4 , 309–338.