Analysis of Financial Report Ratios to Assess the Performance of Cigarette Sub-Sector Companies Listed on the Indonesia
Abstract
The objective of this study was to investigate the financial performance growth in the cigarette industry in the Indonesia Stock Exchange (IDX). The research employed a quantitative descriptive approach, utilizing secondary data obtained from the Indonesia Stock Exchange, specifically the financial statements of Cigarette Sub Sector Companies from 2021 to 2022. The analysis conducted in this study encompassed liquidity, solvency, and profitability ratios. The findings revealed that the financial liquidity ratio indicated a partial decline in the cigarette sector companies listed on the IDX during 2021-2022, both in terms of revenue and profit generated. This decline is likely due to increased health concerns and reduced cigarette consumption following the post-pandemic period, as the market has become more sensitive to health issues. Wismilak Inti Makmur Tbk experienced a decrease of approximately 3.29% between 2022 and the previous year, yet it remains the company with the highest proportion compared to others. However, when considering annual data, PT Indonesian Tobacco Tbk can be regarded as the top-performing company, with a growth rate of 20.72%. Despite Wismilak Inti Makmur Tbk's increase, it still maintains a low debt ratio (30.79%) compared to other companies in the sample. In 2022, Wismilak Inti Makmur Tbk's debt ratio decreased by 29.12% compared to the previous year, indicating that the company's assets exceed its debt. Conversely, HM Sampoerna Tbk recorded a 15.41% increase in the debt to equity ratio in the same year.
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