Analisis Rasio Likuiditas dan Profitabilitas pada PT Gudang Garam Tbk Tahun 2020 – 2022

Abstract

Background: Liquidity and profitability ratios are fundamental metrics to assess a company’s financial health and operational performance. PT Gudang Garam Tbk faced market shifts and cost pressures during 2020 – 2022. Ratio analysis is essential to understand the company’s ability to meet short-term obligations and its efficiency in generating profit amid these dynamics. Objective: This study aims to analyze the liquidity and profitability ratios of PT Gudang Garam Tbk for the period 2020 – 2022. The analysis is expected to illustrate the company’s financial performance trends over this period. Method: A descriptive quantitative approach is employed using secondary data from the company’s annual financial statements for 2020, 2021, and 2022. Each ratio is computed based on reported figures (in millions of rupiah) for each year. The resulting ratios are compared across periods to identify upward or downward trends. Results: The analysis reveals a decline in liquidity ratios. The current ratio dropped from 2.91 times in 2020 to 1.90 times in 2022, falling below the industry standard of 2.00 times. The quick ratio declined from 0.56 to 0.26 (standard ≥ 1.50), and the cash ratio from 0.28 to 0.15 (standard ≥ 0.50). Profitability ratios also decreased: NPM dropped from 6.68% to 2.22% (standard ≥ 20%), ROA from 9.78% to 3.13% (standard ≥ 30%), and ROE from 13.06% to 4.80% (standard ≥ 40%). Conclusion: PT Gudang Garam Tbk experienced a deterioration in financial performance during 2020 – 2022, notably in profitability and short-term liquidity. Although the initial current ratio was above the threshold, its declining trend warrants attention. Strategic measures such as optimizing cash and receivables turnover, controlling operating costs, and diversifying revenue streams are necessary to restore financial stability.