Satriya Candra Bondan Prabowo, Nattawadee Korsakul

ANALYSIS OF FINANCIAL PERFORMANCE

OF MINING COMPANIES LISTED IN INDONESIA
STOCK EXCHANGE

JAM Satriya Candra Bondan Prabowo

18, 1 Faculty of Economics and Business,Universitas Brawijaya
Received, November 2019 Nattawadee Korsakul
Revised, January 2020 Yuanze University, Taiwan
February 2020
Accepted, February 2020

Abstract: This study aims to determine and analyze the financial performance of mining
companies listed on the Indonesia Stock Exchange. The objects taken in this research were
37 mining companies listed on the Indonesia Stock Exchange during 2013–2017. The results
of financial ratio analysis using liquidity ratios, activity ratios, solvency ratios, profitability
ratios and DuPont analysis were fluctuating, shown by the increase and decrease in most
mining companies during the research period. The higher the liquidity ratio, the higher the
safety level of the company and vice versa. The higher the activity ratio, the higher the
efficiency of the company and vice versa. A high solvency ratio is not good for the com-
pany because the loan will be greater, so the risk will be greater as well and vice versa. The
higher the profitability ratio, the better the operating conditions of the company in generat-
ing profits and vice versa. Based on DuPont analysis, great ROI and ROE is good for the
company because its management in assetsthat generate operating profit will be better too.

Keywords: Liquidity Ratio, Activity Ratio, Solvency Ratio, Profitability Ratio, DuPont Analy-
sis

Cite this article as: Prabowo, Satriya Candra Bondan and Korsakul, Nattawadee. 2020.
Analysis Of Financial Performance Of Mining Companies Listed In Indonesia Stock Ex-
change. Jurnal Aplikasi Manajemen, Volume 18, Number 1, Pages 28–45. Malang: Universi-
tas Brawijaya. http://dx.doi.org/10.21776/ub.jam.2020.018.01.03

Nowadays, we are entering obstacles into an advantage. Those included the

Journal of Applied a disruption era, which is emergence of new markets so that businesses that
Management (JAM)
Volume 18 Number 1, marked by the shifting from had been closed could be open, saving business costs
December 2019 the r eal space into physically, making things smarter, and so on
Indexed in Google Scholar
cyberspace. This phenom- (Kompasiana, 2018).Those phenomena affect al-
enon is developing in the most all business sectors, starting from transporta-
change of the business tion, logistics, tourism, retail, banking, telecommuni-
world. This can be both an cations, and also finance. Disruption occurs very
obstacle and an advantage quickly and screws the existing system so that busi-
Corresponding Author:
Satriya Candra Bondan for the business world in nessmen have to rack their brains to avoid disrup-
Prabowo, Faculty of Econom-
ics and Business,Universitas
Indonesia.Businesses should tion, whether they like it or not. People involved in
Brawijaya, DOI: http://dx. be able to find excellent so- the mining industry still feel that their position is se-
d o i .o rg / 1 0 .2 1 7 7 6 / u b.ja m .
2020.018.01.03
lutions on how to turn these cure (Kasali, 2018). In fact, in this era, where tech-

28 JOURNAL OF APPLIED MANAGEMENT 28VOLUME 18 NUMBER 1 MARCH 2020

 Analysis Of Financial Performance Of Mining Companies Listed In ...

nology is getting sophisticated, there have been many tion, those topics were als studied by Haider (2016),
changes such as in the method of mining facilitating Jiri, Jana, and Petr (2016), Doorasamy (2016),
the companies; one of which is mining maps. Min- Rooplata (2016), Shivam and Srijan (2016), Roslah,
ing companies assume that the losses they have ex- Siti, and Zaidi (2017), Deepak and Kavitha (2018),
perienced so far are due to unfavorable government Junda, Yun, Xiamoei, Liu, and Zhongtao (2018),
policies, and the decline in sales is due to falling Kabir, Alam, and Monzur (2018), Rahman and Mia
demand. In fact, it is caused by the old mindset and (2018). For investors, this research can be used as
system they still applied.The disruption era caused information in determining investment plans in min-
many mining companies to go bankrupt; some com- ing companies, while for companies, this research
panies even continued to operate even though they is expected to be used as information and input in
were bankrupt and had to depend on debt. There order to improve the financial performance in con-
were 125 coal companies in East Kalimantan that nection with financial decision making in the com-
have gone bankrupt. In the coal industry, shale gas pany.
and shale oil have been discovered. The United States
used the discovery to explore energy reserves hid- LITERATURE REVIEW
den in the sidelines or trapped in shale rock. The Financial Statement
reserve will meet the needs of coal in the United Financial statements are reports indicating the
States for the next hundred years.The discovery de- responsibility of managers or leaders of the com-
creases the demand for coal so that many coal com- pany to the interested parties. The information con-
panies were disrupted because of their inability to tained in financial statements can be used to predict
adjust technological progress. Companies must be earnings and dividends in the future (Brigham and
able to disrupt themselves, one of them by imple- Houston, 2010). Investors are usually interested in
menting disruptive leaders, who dare to break the financial statements because they help predict the
establishment that occurs in natural resource man- returns that will be obtained by investors in the fu-
agement, management, and business governance. ture. According to Brigham and Houston (2010),
The company is required to manage and run the financial reports consist of:
company effectively and efficiently in order to gen-
erate high profits. Company management must also DuPont System
be able to understand the financial statements that
DuPont analysis is a financial ratio system de-
are used as benchmarks to determine the condition
signed to investigate the determinants of return on
of the company and as a reference in carrying out
shareholder’s equity ratio and return on assets
operations in the future. Therefore, financial state-
(Keown et al., 2004). DuPont system measures the
ment analysis is highly required. Financial ratio analy-
level of effectiveness of a company in generating
sis is required to assess the effectiveness of corpo-
profits. This system illustrates the factors that are
rate financial decisions. This analysis aims to look
interrelated and influence the return on investment
at the company’s prospects and risks in the future.
(ROI) of a company and the rate of return on eq-
In addition to using financial ratio analysis, the fi-
uity (ROE).
nancial statement also can be analyzed using
DuPont analysis using the ratio of ROI and ROE. Financial Statement Analysis
Researchers who conducted research on finan-
cial statements and Du Pont analysis are Herciu Financial statement analysis is useful to help
and Ogrean (2010), Arif (2012), Botika (2012), anticipate future company conditions (Brigham and
Kathryn, Doina, and Hassab (2013), Bernhardt Houston, 2010). Financial statements are analyzed
(2013), Marginean, Mihaltan, and Tepes (2014), using financial ratios. Financial ratios are used to
Burja and Marginean (2014), Subham and Sowmya analyze the financial condition and the performance
(2015), A-Geethalakshmi & Jothi (2016). In addi- of the company (James Van Horne, 2005). Finan-

DIKTI ACCREDITED SK NO. 30/E/KPT/2018 ISSN: 1693-5241 29

 Satriya Candra Bondan Prabowo, Nattawadee Korsakul

cial ratio analysis is divided into several parts Table 1 Company Code and Name
(Brigham and Houston, 2010), that are:
No Company Code Company Name
Liquidity Ratio 1. ADRO PT Adaro Energy Tbk
A ratio that indicates the relationship between 2. ANTM PT Aneka Tambang Tbk
3. APEX PT Apexindo Pratama Duta Tbk
cash and current assets of the company with cur-
4. ARTI PT Ratu Prabu EnergiTbk
rent liabilities. This type of ratio shows the 5. ARII PT Atlas Resource Tbk
company’s ability to pay off debt on the due date. 6. ATPK PT Bara Jaya Internasional Tbk
7. BSSR PT Baramulti Seuksessarana Tbk
Activity Ratio 8. BYAN PT Bayan Resources Tbk
The activity ratio measures the effectiveness 9. CITA PT Cita Mineral InvestindoTbk
of asset management in a company. If the com- 10. CKRA PT Cakra Mineral Tbk
pany has too many assets, the capital costs will be 11. CTTH PT Citatah Tbk
12. DEWA PT Dharma Henwa Tbk
too high, and the profits will be depressed. On the
13. DOID PT Delta Dunia Makmur Tbk
other hand, if the asset is too low, they will lose 14. DSSA PT Dian Swastika SentosaTbk
profitable sales. 15. ELSA PT ElnusaTbk
16. ENRG PT Energi Mega Persada Tbk
Solvency Ratio 17. ESSA PT Eka Surya Perkasa Tbkq
The solvency ratio or financial leverage ratio 18. GEMS PT Golden Energy Mines Tbk
indicates the company’s capacity to meet both short- 19. GTBO PT Garda Tujuh BuanaTbk
term and long-term obligations. 20. HRUM PT Harum Energy Tbk
21. INCO PT Vale Indonesia Tbk
Profitability Ratio 22. INDY PT Indika Energy
23. ITMG PT Indo Tambangraya Megah Tbk
This ratio shows the combination of the effect 24. KKGI PT Resource Alam Tbk
of liquidity, asset management, and debt on operat- 25. MBAP PT Mitrabara Adiperdana Tbk
ing results. 26. MEDC PT Medco Energi International
Tbk
METHOD 27. MITI PT MitraInvestindoTbk
This type of research used in this research was 28. MYOH PT Samindo Resources Tbk
19. PKPK PT PerdanaKarya Perkasa Tbk
quantitative descriptive research. The objects in-
30. PSAB PT Pelita Sejahtera AbadiTbk
volved in this study are mining companies that are 31. PTBA PT Tambang Batubara Bukit
listed on the Indonesia Stock Exchange during 2013- Asam Tbk
2017. Data were obtained from financial statements 32. PTRO PT Petrosea Tbk‘
issued by companies listed on the Indonesia Stock 33. RUIS PT Radiant Utama Interisco Tbk
Exchange from 2013 to 2017. The object of the re- 34. SIAP PT Sekawan Intipratama Tbk
search consisted of 42 companies. The sampling 35. SMMT PT Golden Eagle Energy Tbk
technique used was the purposive sampling method. 36. SMRU PT SMR Utama Tbk
The sample was selected based on certain criteria. 37. TOBA PT Toba Bara Sejahtra Tbk
The criteria used are Public companies listed on the
Indonesia Stock Exchange during 2013-2017 and
Publish financial statements in a row during the study The operational definition of research model is as
period. follows:
Based on those criteria, 37 mining sector com-
panies obtained are: Liquidity Ratio
The ratios used in this study are liquidity ratio, • Net Working Capital
activity ratio, solvency ratio, and profitability ratio. This kind of ratio is used to find out the

30 JOURNAL OF APPLIED MANAGEMENT VOLUME 18 NUMBER 1 MARCH 2020

 Analysis Of Financial Performance Of Mining Companies Listed In ...

company’s ability to pay off current debt. The • Net Profit Margin
ratio of net working capital is calculated by re- This ratio is used to measure net profit margins
ducing current assets to current debt. after tax interest on net sales. The ratio of net
• Current Ratio profit margin is calculated by multiplying the
The current ratio is used to measure a after-tax income by one hundred percent and
company’s ability to meet short-term obligations then divided by sales.
or debt that will be due soon. The current ratio
is calculated by multiplying current assets by DuPont Analysis
one hundred percent then divided by current • Return on Investment
debt. This ratio measures the profits derived from
the results of the company’s activities. The ra-
Activity Ratio tio of return on investment is calculated by mul-
• Inventory Turnover Ratio tiplying the net profit margin by the total assets
This type of ratio is used to measure the num- turnover.
ber of times the funds invested in inventory re- • Return on Equity
volve in one period. The inventory turnover ra- This ratio is used to measure net income after
tio is calculated by dividing the cost of goods tax. The ratio of return on equity is calculated
sold by inventory. by multiplying the return on investment by the
• Fixed Assets Turnover total assets divided by the total equity and then
This ratio is used to measure how many times multiplied by one hundred percent.
the funds invested in fixed assets circulate in
one period. The ratio of fixed assets turnover RESULTS AND DISCUSSION
is calculated by dividing sales by inventory. Financial Ratio Analysis
1. Liquidity Ratio
Solvency Ratio
 Net Working Capital
• Debt Ratio Based on the calculation results, there are three
This ratio indicates how much the overall as- companies that experienced an increase starting
sets of the company spent on debt. The debt from 2013 to 2017, namely PT Adaro Energy Tbk,
ratio is calculated by multiplying total debt by PT Golden Energy Mines Tbk, and PT Vale Indo-
one hundred percent then divided by total as- nesia Tbk. Other companies experienced fluctua-
sets. tions, and even some companies showed negative
• Debt Equity results. That can be a negative sign, because of the
This ratio is used to assess debt with equity. lower the results, the lower the company’s ability to
The debt-to-equity ratio is calculated by multi- pay its current liabilities.
plying long-term debt by a hundred percent then Negative results mean that the current liabili-
divided by own capital. ties are greater than the current assets and vice
versa. Negative results also can jeopardize the sur-
Profitability Ratio vival of the company because the company does
• Gross Profit Margin not have sufficient current assets to pay off current
This type of ratio is used to determine the liabilities. If the company cannot pay obligations
company’s r evenue derived from sales. immediately, the company could go bankrupt. Com-
Theratio of gross profit margin is calculated by panies that have large current assets can pay off
reducing sales and cost of goods sold, then short-term obligations immediately, which will ben-
multiplied by a hundred percent and divided by efit the company and creditors.
sales.

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 Satriya Candra Bondan Prabowo, Nattawadee Korsakul

Table 2 Results of Net Working Capital

Net Working Capital (in thousand rupiahs)

No Company Code
2013 2014 2015 2016 2017
1. ADRO 7,763,600,000 6,461,481,000 8,294,598,000 12,326,080,000 15,676,180,000
2. ATPK 83,893,384 449,260.059 411,598,781 -71,940,221 -174,702,726
3. ARII -1,676,142,000 -1,262,391,000 -2,020,967,000 -2,221,921,000 -1,845,909,000
4. BBSR -441,321,803 -251,253,119 -100,777,529 68,734,341 317,750,927
5. ARTI 335,841,180. 253,457,653 600,290,396 570,495,770 712,270,859
6. BYAN 554,982,792 -2,542,207,278 1,718,883,075 1,768,367,536 95,002,307
7. DEWA 399,365,031 355,406,519 354,184,194 -18,170,815 -301,754,661
8. DOID 1,585,660,063 2,272,414,482 2,669,084,444 1,039,777,856 1,748,754,670
9. GEMS 902,473,000 1,004,237,000 1,633,957,000 1,943,726,291 2,186,970,643
10. GTBO 111,043,335 76,432,083 20,869,563 -4,809,337 -31,740,215
11. HRUM 2,628,869,711 2,631,030,272 2,506,924,966 2,798,143,231 3,341,583,310
12. ITMG 4,831,502,000 2,669,979,000 2,963,662,000 3,902,197,000 6,103,344,000
13. KKGI 267,376,798 210,111,551 275,774,356 387,037,989 375,096,176
14. MBAP -186,289,857 163,622,238 461,703,619 695,084,468 964,977,364
15. MYOH 385,422,545 490,563,099 633,127,365 838,535,477 724,732,437
16. PKPK 80,336,177 42,050,524 5,508,936 -25,476,951 38,919,375
17. PTBA 4,218,827,000 3,835,799,000 2,675,743,000 3,307,180,000 6,604,519,000
18. PTRO 874,692,000 883,857,000 653,198,000 1,030,822,000 828,061,000
19. SMMT 144.347.300 27.506.049 -40.382.437 -59.907.191 -94.889.524
20. TOBA -198.287.544 268.743,535 358.169.214 -30.513.899 449.455.722
21. ANTM 3.224.925.540 2.480.192.617 6.913.496.180 6.277.907.970 3.449.447.120
22. CITA 1.032.240.075 377.422.263 -231.274.921 113.722.085 -647.593.512
23. CKRA 630.820.419 246.730.796 235.896.402 217.831.651 557.122316
24. ELSA 932.022.000 858.357.000 630.734.000 610.935.000 621.684.000
25. ENRG -2.618.460.949 -3.799.652.467 -4.179.029.439 3.428.155.614 -3.542.383.351
26. ESSA 401.101.766 128.516.843 326.967.498 893.648.990 -542.861.423
27. INCO 5.051.101.735 5.369.572.000 5.869.006.000 6.073.145.000 6.080.828.000
28. MEDC 5.348.099.120 3.684.016.115 6.737.223.090 3.558.106.539 8.858.317.169
29. RUIS 37.380.000 60.300.000 -87.906.365 -52.225.364 2.134.818
30. APEX 428.242.256 116.987.637 -3.457.280.814 726.563.890 -3.794.844.950
31. CTTH 16.963.413 21.914.344 149.415.275 156.183.565 196.583.524
32. DSSA 2.754.327.225 1.739.930.140 1.877.444.439 2.343.190.484 3.543.257
33. INDY 5.355.313.925 5.650.879.247 4.182.085.089 4.607.915.806 9.025.944.351
34. MITI 73.294.730 87.179.544 100.968.121 84.701.270 30.952.318
35. PSAB -124.336.316 -1.430.759.291 -2.143.351.782 -1.208.074.270 -515.758.360
36. SIAP 136.196.264 4.921.412.823 3.876.054.157 -23.426.455.323 -33.163.429.093
37. SMRU 80.334.657 294.965.543 -364.016.653 240.483.035 41.014.298
Source: Processed Data, 2019.

Based on the results of calculations, all compa- piah current debt is guaranteed by 7,8004 rupiahs
nies experience fluctuations. A company with the current assets. Conversely, the lowest ratio during
highest ratio is PT Cakra Mineral Tbk amounted to the study period was found in PT Atlas Resource
7800.4 (in percent), which means that each 1 ru- Tbk, amounted to 16.91. Impairment is caused by

32 JOURNAL OF APPLIED MANAGEMENT VOLUME 18 NUMBER 1 MARCH 2020

 Analysis Of Financial Performance Of Mining Companies Listed In ...

 Current Ratio

Table 3 Results of Current Ratio

Current Ratio (%)

No Company Code
2013 2014 2015 2016 2017
1. ADRO 177,18 164,16 240,39 247,11 250,93
2. ATPK 132,08 282,31 326,38 68,81 19,57
3. ARII 24,28 33,31 20,49 16,91 21,72
4. BBSR 49,39 67,04 85,66 110,81 144,91
5. ARTI 360,18 207,54 482,43 315,88 898,07
6. BYAN 109,89 62,31 188,53 24,61 102,41
7. DEWA 127,78 120,48 125,33 98,96 83,52
8. DOID 140,65 237,52 300,25 126,47 161,59
9. GEMS 183,31 220,61 279,43 377,42 168,23
10. GTBO 229,28 200,92 172,27 72,51 57,65
11. HRUM 345,31 357,65 69135 506,63 545,06
12. ITMG 199,19 156,39 180,17 225,68 243,35
13. KKGI 173,48 168,58 221,94 405,09 354,04
14. MBAP 71,61 139,87 207,31 340,91 316,25
15. MYOH 173,37 185,58 232,96 429,84 384,51
16. PKPK 145,55 125,82 106,13 70,68 169,13
17. PTBA 286,59 207,11 154,35 165,58 246,33
18. PTRO 155,46 163,23 155,25 215,85 165,41
19. SMMT 470,65 120,65 75,91 26,56 21,36
20. TOBA 89,51 122,76 139,95 96,78 152,56
21. ANTM 183,64 164,21 259,32 244,24 162,12
22. CITA 190,98 150,79 75,42 116,22 54,32
23. CKRA 7800,4 1689,9 753,63 1264,8 4713,7
24. ELSA 159,73 162,27 143,54 148,71 135,36
25. ENRG 68,81 59,14 58,14 62,39 47,73
26. ESSA 323,92 161,72 160,13 219,49 67,51
27. INCO 330,07 298,21 404,01 453,94 461,76
28 MEDC 200,32 160,58 198,41 131,81 152,67
29. RUIS 105,13 109,34 86,51 89,64 100,45
30. APEX 105,13 109,34 86,51 89,64 100,45
31. CTTH 107,89 108,67 187,81 189,26 189,01
32. DSSA 206,33 190,18 154,83 174,76 165,99
33. INDY 218,58 209,56 163,62 213,25 205,27
34.. MITI 390,61 250,48 186,09 170,32 124,49
35. PSAB 90,38 38,61 29,28 48,71 76,54
36. SIAP 199,84 8552,6 107,33 30,93 19,08
37. SMRU 814,23 177,16 67,45 161,31 110,68
Source: Processed Data, 2019.

an increase in current assets, followed by an in- The higher the ratio the better it will be since
crease in current debt. This shows that the the company’s ability to close short-term liabilities
company’s liquidity is decreasing. will be higher. A low ratio indicates that the com-

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 Satriya Candra Bondan Prabowo, Nattawadee Korsakul

pany is experiencing difficulties in fulfilling its cur- not using its current assets or short-term financing
rent obligations. On the other hand, the current ra- facilities efficiently or indicates problems in manag-
tio that is too high may indicate that the company is ing working capital.

2. Activity Ratio
 Inventory Turnover Ratio
Table 4 Results of Inventory Turnover Ratio

Inventory Turnover Ratio (times)

No Company Code
2013 2014 2015 2016 2017
1. ADRO 24,73 26,93 29,41 25,04 24,76
2. ATPK 2,77 7,85 5,11 2,55 3,02
3. ARII 9,31 14,34 6,08 34,34 6,78
4. BBSR 7,93 19,22 26,77 31,52 39,93
5. ARTI 10,79 13,87 9,79 9,45 6,96
6. BYAN 6,56 8,61 3,79 7,68 6,08
7. DEWA 2,72 10,02 10,11 7,27 3,24
8. DOID 20,78 20,48 22,18 24,45 18,97
9. GEMS 169,59 24,54 15,01 28,79 27,87
10. GTBO 2,91 6,69 1,07 1,28 3,19
11. HRUM 23,51 15,71 26,54 18,48 18,39
12. ITMG 13,81 10,23 19,57 16,72 10,89
13. KKGI 14,43 13,13 13,18 8,36 2,65
14. MBAP 10,26 7,44 10,82 12,16 6,77
15. MYOH 8,78 11,34 13,76 11,85 9,72
16. PKPK 6,21 2,51 6,87 0,74 1,18
17. PTBA 8,58 8,86 7,77 8,76 9,48
18. PTRO 56,78 56,12 40,23 35,08 30,06
19. SMMT 2,71 0,19 2,04 17,42 15,95
20. TOBA 10,56 9,86 12,81 13,09 8,78
21. ANTM 3,95 4,89 6,01 5,94 10,06
22. CITA 3,15 0,17 0,01 0,65 0,95
23. CKRA 4,58 1,96 0,71 7,76 272,64
24. ELSA 33,78 21,51 23,89 23,02 45,59
25. ENRG 10,31 3,04 2,71 12,08 5,34
26. ESSA 16,59 14,96 23,05 18,99 6,37
27. INCO 5,17 5,25 6,45 4,23 5,29
28. MEDC 6,87 12,27 8,93 4,97 5,67
29. RUIS 103,89 121,11 122,48 155,03 145,01
30. APEX 5,24 4,51 6,53 3,05 2,29
31. CTTH 0,97 0,66 0,63 0,75 0,51
32. DSSA 8,87 14,57 11,01 13,53 11,25
33. INDY 38,79 69,75 104,93 77,03 12,76
34.. MITI 3,46 0,36 2,28 1,04 0,62
35. PSAB 1,84 3,26 3,26 1,67 1,53
36. SIAP 2,19 24,19 24,14 18,43 0,34
37. SMRU 20,28 6,69 14,22 14,29 14,94
Source: Processed Data, 2019

34 JOURNAL OF APPLIED MANAGEMENT VOLUME 18 NUMBER 1 MARCH 2020

 Analysis Of Financial Performance Of Mining Companies Listed In ...

Based on the calculation above, all companies A low inventory turnover ratio indicates that
studied in this research show fluctuating results. sales are either not smooth or low. Conversely, the
None of the companies experienced consecutive high ratio indicates strong sales because the com-
increases or decreases during the study period. The pany generates many products to maintain stable
highest turnover rate was found in PT Cakra Min- inventory, thus the market needs can be met. If sales
eral (272.64) times, while PT Cita Mineral Investindo go well, the profits will be increased. The high turn-
experienced a turnover of 0.01 times. The lower over ratio indicates that the company does not spend
the company’s inventory turnover, the less efficient excessive costs to buy merchandise and can avoid
the company is in carrying out its operations and waste.
vice versa.

 Fixed Asset Turnover

Table 5 Results of Fixed Asset Turnover

Company Code Fixed Asset Turnover (times)

No
and Name 2013 2014 2015 2016 2017
1. ADRO 0,61 0,64 0,55 0,51 0,67
2. ATPK 0,35 0,61 0,21 0,01 0,01
3. ARII 0,32 0,13 0,08 0,03 0,09
4. BBSR 1,31 1,69 2,03 1,86 2,91
5. ARTI 0,36 0,27 0,13 0,11 0,13
6. BYAN 1,05 0,98 0,71 0,92 1,84
7. DEWA 0,26 1,21 0,73 0,48 0,24
8. DOID 1,05 1,01 1,07 1,04 1,28
9. GEMS 2,04 2,51 2,03 2,21 4,32
10. GTBO 0,38 0,43 0,02 0,01 0,16
11. HRUM 4,41 2,92 1,61 1,52 2,25
12. ITMG 3,37 2,62 2,41 2,03 3,01
13. KKGI 3,36 2,26 1,85 1,56 0,34
14. MBAP 3,19 3,55 5,41 4,59 4,95
15. MYOH 2,71 3,12 2,98 3,01 3,75
16. PKPK 1,43 0,41 0,18 0,08 0,11
17. PTBA 2,15 1,75 1,36 1,37 1,79
18. PTRO 1,12 1,19 0,72 0,85 0,94
19. SMMT 0,03 0,15 0,04 0,09 0,08
20. TOBA 2,32 2,64 1,87 1,35 1,25
21. ANTM 0,76 0,61 0,55 0,47 0,61
22. CITA 2,56 0,11 0,01 0,25 0,37
23. CKRA 0,08 0,04 0,03 0,11 0,16
24. ELSA 2,18 2,08 1,62 1,55 2,01
25. ENRG 0,43 0,54 0,58 0,84 0,61
26. ESSA 0,57 0,35 0,19 0,05 0,04
27. INCO 0,53 0,61 0,46 0,35 0,39‘
28. MEDC 0,51 0,38 0,31 0,24 0,29
29. RUIS 3,49 3,26 3,02 2,49 2,31
30. APEX 0,41 0,41 0,41 0,18 0,15

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 Satriya Candra Bondan Prabowo, Nattawadee Korsakul

Company Code Fixed Asset Turnover (times)

No
and Name 2013 2014 2015 2016 2017
31. CTTH 2,25 2,91 0,77 0,96 0,82
32. DSSA 0,77 0,58 0,47 0,39 0,64
33. INDY 0,55 0,76 0,82 0,67 0,48
34.. MITI 2,39 0,08 1,02 0,98 0,37
35. PSAB 0,11 0,35 0,37 0,31 0,27
36. SIAP 2,04 0,06 1,11 0,11 0,04
37. SMRU 0,06 0,17 0,29 0,32 0,47
Source: Processed Data, 2019

Based on the calculation results, PT Apexindo High asset turnover indicates that fixed assets
Tbk obtained constant results during 2013-2015 and are used efficiently, and the number of sales gener-
experienced ratio decreases in a row after that pe- ated is only using a small number of assets. Con-
riod. Meanwhile, other companies are fluctuating. versely, a low ratio can be caused by several fac-
The highest turnover was found in PT Mitrabara tors, such as overproduction. However, there is no
Adiperdana (5.41 times), while the lowest turnover demand for products, which can be caused by con-
was found in PT Bara Jaya International Tbk, PT straints in the supply chain so that the number of
Garda Tujuh Buana Tbk, and Cita Mineral products cannot meet the company’s target.
Investindo Tbk (0.01 times). The lower the turn-
over rate, the less efficient the company is in man-
aging fixed assets.

3. Solvency Ratio
 Debt Ratio
Table 6 Results of Debt Ratio

Debt Ratio (%)

No Company Code
2013 2014 2015 2016 2017
1. ADRO 0,52 0,49 0,43 0,41 0,39
2. ATPK 0,24 029 0,43 0,53 0,61
3. ARII 0,57 0,65 0,79 0,82 0,88
4. BBSR 45,23 46,32 39,64 30,88 28,67
5. ARTI 41,17 45,45 31,16 33,84 29,76
6. BYAN 71,28 78,01 81,64 77,18 41,98
7. DEWA 39,27 37,51 39,73 40,96 43,36
8. DOID 93,67 89,84 89,78 85,66 81,26
9. GEMS 26,18 21,41 33,04 29,85 50,51
10. GTBO 17,26 15,34 12,52 13,95 20,19
11. HRUM 18,05 18,61 9,77 14,01 13,83
12. ITMG 30,81 32,49 29,61 24,99 29,47
13. KKGI 30,85 27,49 22,11 14,48 15,64
14. MBAP 73,56 42,57 32,35 21,26 23,93
15. MYOH 56,91 50,61 42,11 26,98 1,89
16. PKPK 51,55 51,61 44,71 55,74 56,81

36 JOURNAL OF APPLIED MANAGEMENT VOLUME 18 NUMBER 1 MARCH 2020

 Analysis Of Financial Performance Of Mining Companies Listed In ...

Debt Ratio (%)

No Company Code
2013 2014 2015 2016 2017
17. PTBA 35,33 42,63 45,02 43,19 37,23
18. PTRO 61,21 58,89 58,08 56,67 59,13
19. SMMT 25,91 36,79 44,01 40,13 42,21
20. TOBA 58,13 52,81 45,06 43,52 49,81
21. ANTM 41,48 45,23 39,39 38,59 38,39
22. CITA 44,39 41,05 53,78 64,68 65,85
23. CKRA 0,74 1,67 4,12 2,35 2,65
24. ELSA 47,72 40,11 40,21 31,33 37,14
25. ENRG 61,71 67,67 75,71 106,74 107,41
26. ESSA 23,94 28,28 34,11 69,14 74,21
27. INCO 24,84 23,51 19,88 17,56 16,71
28 MEDC 64,57 65,94 75,88 75,24 72,82
29. RUIS 79,94 76,02 69,01 63,26 60,35
30. APEX 64,02 96,67 93,46 96,04 108,13
31. CTTH 75,78 77,99 52,28 50,32 54,11
32. DSSA 280,04 35,63 44,04 42,51 46,86
33. INDY 58,99 60,09 61,33 59,33 69,33
34. MITI 28,93 24,51 55,44 62,01 64,49
35. PSAB 68,05 66,71 61,74 59,89 62,01
36. SIAP 63,31 4,45 91,28 100,44 105,04
37. SMRU 7,66 35,81 8,61 59,31 49,56
Source: Processed Data, 2019

Based on the calculation results, PT Bara Jaya found in PT Bara Jaya International (0.24). An in-
International, PT Atlas Resource, and PT Surya crease in debt ratio shows that there is an increase
Essa Perkasa experienced successive increases, in the number of liabilities or long-term debt of the
while PT Delta Dunia Tbk, PT Samindo Resources, company.
PT Vale Indonesia Tbk, and PT Radiant Utama The higher the ratio, the greater the risk of the
Interinsco Tbk experienced consecutive decreases, company, in this case, is the risk related to company
and the other companies experience fluctuations. operations. The lower the ratio, the smaller the
The highest result was found in PT Dian Swastatika company’s assets financed with debt. It indicates
Sentosa Tbk (280.04), while the lowest result was an opportunity to get loans without significant risk.

• Debt Equity Ratio

Table 7 Results of Debt Equity Ratio

Debt Equity Ratio (%)

No Company Code
2013 2014 2015 2016 2017
1. ADRO 801,32 694,26 627,25 609,96 566,34
2. ATPK 1,24 4,79 6,55 7,21 4,55
3. ARII 19,11 124,73 109,55 100,96 156,87
4. BBSR 17,41 66,07 47,33 27,19 20,43
5. ARTI 66,38 72,77 42,96 44,03 46,53

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 Satriya Candra Bondan Prabowo, Nattawadee Korsakul

Debt Equity Ratio (%)

No Company Code
2013 2014 2015 2016 2017
6. BYAN 1920,9 1085,3 1727,1 1537,1 197,75
7. DEWA 13,71 7,81 16,86 12,68 13,83
8. DOID 1557,2 1494,0 1399,1 1160,3 1168,1
9. GEMS 6,39 7,79 115,15 90,45 79,45
10. GTBO 31,16 23,73 19,11 22,82 22,45
11. HRUM 11,43 14,35 15,98 17,32 20,18
12. ITMG 83,91 96,57 93,34 99,42 114,28
13. KKGI 19,76 15,84 18,24 21,11 15,64
14. MBAP 28,26 24,86 20,65 23,73 38,61
15. MYOH 115,19 113,51 92,08 59,56 9,75
16. PKPK 8,36 0,49 0,26 0.83 62,47
17. PTBA 161,85 239,09 232,95 258,81 318,92
18. PTRO 569,29 502,34 466,98 133,95 139,49
19. SMMT 109,75 33,93 37,11 44,18 47,14
20. TOBA 81,02 154,21 132,25 9272 244,47
21. ANTM 546,85 638,59 320,45 300,46 248,49
22. CITA 160,43 119,37 166,93 315,21 102,64
23. CKRA 0,05 0,09 0,35 0,12 0,23
24. ELSA 72,02 45,09 44,35 8,08 6,25
25. ENRG 165,63 123,38 74,08 83,95 58,72
26. ESSA 120,93 195,75 440,25 3338,9 3997,1
27. INCO 291,72 249,57 224,32 189,81 172,92
5 MEDC 12062 12943 16560 26654 24269
29. RUIS 490,84 304,67 132,15 149,22 140,27
30. APEX 319,01 496,97 229,01 502,11 201,45
31. CTTH 7,17 7,22 31,91 27,44 34,41
32. DSSA 188,21 435,58 850,73 976,71 1199,5
33. INDY 1791,2 1721,9 1429,5 1350,3 3271,4
34.. MITI 30,23 46,33 31,02 27,41 29,68
35. PSAB 5315,2 156,71 474,25 560,41 683,51
36. SIAP 60,31 6,81 8,37 8,15 8,23
37. SMRU 5,02 98,56 92,87 69,54 40,53
Source: Processed Data, 2019

The results showed that PT Harum Energy ex- indicates great total debt;therefore, the company’s
perienced successive increases during the research burden on creditors will be greater as well. An in-
period. The highest result was found in PT Medco creasing burden on creditors shows that the source
Energi International, amounted to 26654, and PT of the company’s capital depends on outsiders. The
Cakra Mineral amounted to 0.05. The higher the greater the debt, will smaller the number of com-
result, the greater the company’s financial risk and pany profits.
debt.
In terms of the company’s ability to pay long- 4. Profitability Ratio
term obligations, the lower the ratio, the better the  Gross Profit Margin
company’s ability to pay obligations. A high ratio

38 JOURNAL OF APPLIED MANAGEMENT VOLUME 18 NUMBER 1 MARCH 2020

 Analysis Of Financial Performance Of Mining Companies Listed In ...

Table 8 Results of Gross Profit Margin

Gross Profit Margin (%)

No Company Code
2013 2014 2015 2016 2017
1. ADRO 22.65 21,65 20,23 27,14 35,03
2. ATPK 8,81 23,77 -31,88 -1183,8 -596
3. ARII -9.21 -23,66 -27,31 -900 -1,28
4. BBSR 18,29 21,73 34,15 31,81 42,11
5. ARTI 66,88 54,01 50,69 46,05 58,91
6. BYAN 14,24 11,71 26,41 37,87 51,86
7. DEWA -5,14 5,84 7,29 10,53 8,07
8. DOID 16,19 20,19 22,24 26,81 29,26
9. GEMS 17,69 33,66 31,21 35,95 41,41
10. GTBO 5,71 -10,91 -144,9 -43,66 10,48
11. HRUM 20,71 18,19 18,38 32,74 34,36
12. ITMG 23,37 21,04 21,88 24,18 29,91
13. KKGI 27,78 16,42 23,84 25,75 35,51
14. MBAP 13,41 20,02 35,04 36,31 44,55
15. MYOH 14,08 14,88 18,67 18,91 14,56
16. PKPK 15,53 -1.07 -117,8 -,34,47 -8,09
17. PTBA 30,89 29,99 24,59 31,31 43,68
18. PTRO 25,16 19,16 14,09 16,65 15,74
19. SMMT -137,3 41,97 0,77 7,27 26,08
20. TOBA 18,85 17,24 20,22 20,63 30,28
21. ANTM 14,31 8,42 1,85 9,35 12,99
22. CITA 53,65 41,93 20,63 27,21 40,89
23. CKRA 23,82 -25,65 11,58 -8,87 38,49
24. ELSA 15,72 41,69 19,03 16,97 11,61
25. ENRG 36,78 17,54 4,12 17,28 41,14
26. ESSA 64,25 63,36 42,17 33,91 48,05
27. INCO 15,17 29,54 14,98 5,84 1,04
28. MEDC 41,31 35,72 37,71 41,73 45,45
29. RUIS 16,33 16,38 18,62 17,41 17,69
30. APEX 37,85 38,61 29,31 23,51 17,37
31. CTTH 35,64 47,66 33,47 36,52 38,31
32. DSSA 17,51 28,46 41,86 40,42 39,21
33. INDY 22,36 14,51 7,69 11,44 11.18
34. MITI 31,64 0,87 -100,77 -1,58 32,61
35. PSAB 4,18 46,19 51,97 59.02 57,32
36. SIAP -240,2 23,33 5,91 4,93 11,36
37. SMRU -240,2 23,33 4,91 4,93 11,36
Source: Processed Data, 2019

The results showed that PT Delta DuniaTbk the lowest result was found in PT Bara Jaya Inter-
and PT MitrabaraAdiperdana experienced succes- national Tbk, amounted to -1183.8. The higher the
sive increases,while the other companies experi- ratio, the better the company’s operations because
enced fluctuations. The highest result was foundin it shows that the cost of goods sold is lower than
PT Atlas Resource Tbk, amounted to 66.88, and sales.

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 Satriya Candra Bondan Prabowo, Nattawadee Korsakul

A high ratio indicates that the company is able have a high ratio will be more resistant to crises
to conduct good management in minimizing the bur- compared to those that have a low ratio.
den and maximizing raw materials. Companies that

 Net Profit Margin

Table 9 Results of Net Profit Margin

Net Profit Margin (%)

No Company Code
2013 2014 2015 2016 2017
1. ADRO 7,06 5.57 5.62 13.49 16.46
2. ATPK 3.18 7.73 -73,59 -2823,1 -1923,59
3. ARII -13,28 -63,99 -91,46 -218,88 -58,18
4. BBSR 2,87 1,16 10,18 11,30 21,57
5. ARTI 16,42 8,41 7,88 4,58 11,56
6. BYAN -4,81 -22,82 -17,59 3,24 31,66
7. DEWA 0,89 0,12 0,05 0,87 0,04
8. DOID -4,22 2,54 -1,46 6,06 6,12
9. GEMS 3,84 2,48 0,59 9,11 15,81
10. GTBO -21,13 -15,46 -1099,27 -2076,9 0,35
11. HRUM 5,72 0,55 -7,61 9,11 17,12
12. ITMG 10,57 10,34 3,97 9,55 14,95
13. KKGI 8,91 6,63 5,11 102,25 19,61
14. MBAP 3,32 10,81 15,81 14,48 22,67
15. MYOH 7,07 8,39 9,15 11,18 6,54
16. PKPK 0,44 -30,06 -176,71 -162,69 -93,64
17. PTBA 16,54 14,25 16,01 14,39 23,35
18. PTRO 4,81 0,67 -6,13 -3,73 3,19
19. SMMT 130,57 -39,21 -210,56 -32,61 69,53
20. TOBA 8,21 7,11 7,37 5,64 13,31
21. ANTM 3,62 -7,89 -13,68 0,71 1,07
22. CITA 22,19 -266,94 -2454,35 -54,54 6,55
23. CKRA 0,54 -1042,5 -247,17 -70,13 -586,7
24. ELSA 5,89 10,22 10,05 8,72 5,03
25. ENRG 21,48 -9,11 -46,07 -84,21 4,66
26. ESSA 30,18 25,83 12,02 0,53 6,51
27. INCO 4,19 16,59 6,39 0,32 -2,42
28. MEDC 1,79 1,82 -32,36 31,15 14,23
29. RUIS 1,64 3,01 2,58 1,98 1,85
30. APEX 18,96 -6,36 7,99 -18,61 -137,66
31. CTTH 0,21 0,38 0,88 7,56 2,02
32. DSSA -0,75 1,47 15,71 9,09 9,71
33. INDY -6,23 -2,75 -7,01 -1,03 2,25
34. MITI 15,71 -76,91 -622,18 -89,19 -79,29
35. PSAB -33,81 9,26 10,91 9,45 7,24
36. SIAP -2,35 2,19 -15,13 -101,64 -1149,42
37. SMRU -489,91 -10,16 -49,61 -39,03 4,35
Source: Processed Data, 2019

40 JOURNAL OF APPLIED MANAGEMENT VOLUME 18 NUMBER 1 MARCH 2020

 Analysis Of Financial Performance Of Mining Companies Listed In ...

The calculation results show that all compa- This type of ratio is used to measure the over-
nies involved in this research experienced fluctua- all success of a company. A high ratio indicates that
tions during the study period. The lowest result was the company sets the product price accordingly and
found in PT Cita Mineral Investindo,amounted to - can control costs well. In addition, the higher the
2454.45,while the highest result was found in PT ratio, the more efficient the operation;therefore, it
Golden Eagle Energy Tbk, amounted to 130.57. The can maximize the net profit obtained. The company
lower the ratio, the worse the company’s opera- will grow faster and havea large amount of equity
tional activities, because they cannot generate large because the company recorded a high net profit.
profits after tax.

5. DuPont
 Return on Investment

Table 10 Results of Return on Investment

ROI (%)
No Company Code
2013 2014 2015 2016 2017
1. ADRO 3,46 2,89 2,53 5,22 7,87
2. ATPK 0,87 2,89 -10,23 -18,16 -30,76
3. ARII -3,71 -7,01 -7,64 -7,71 -5,11
4. BBSR 2,97 1,51 15,16 14,95 39,28
5. ARTI 4,21 1,69 0,72 0,35 1,15
6. BYAN -3,52 -16,27 -8,72 2,18 38,03
7. DEWA -1,46 0,08 0,02 0,28 0,01
8. DOID -2,71 1,71 -0,99 4,21 4,94
9. GEMS 4,23 3,42 0,56 9,26 20,34
10. GTBO -6,73 -5,69 -26,66 -9,46 0,05
11. HRUM 10,08 0,59 -4,99 4,34 12,13
12. ITMG 16,55 15,33 5,35 10,81 18,59
13. KKGI 16,25 9,04 5,75 95,96 4,19
14. MBAP 5,32 17,32 31,75 23,29 36,46
15. MYOH 9,57 13,09 12,85 14,43 9,04
16. PKPK 0,18 -4,75 -17,44 -8,66 -7,61
17. PTBA 15,87 12,54 12,05 10,89 20,68
18. PTRO 3.39 0,51 -2,98 -1,98 1,91
19. SMMT 3,08 -0,48 -8,49 -2,87 5,52
20. TOBA 11,11 11,82 9,11 5,57 11,87
21. ANTM 1,87 -3,37 -4,71 0,21 0,45
22. CITA 24,26 -13,65 -12,20 -9,72 1,77
23. CKRA 0,02 -31,98 -5,55 -5,98 -45,66
24. ELSA 5,55 10,13 8,61 7,54 5,16
25. ENRG 7,47 -3,84 -18,95 -41,59 1,95
26. ESSA 10,78 7,37 1,75 0,02 0,26
27. INCO 1,69 7,38 2,21 0,08 -0,69
28. MEDC 0,63 0,51 -6,39 5,19 2,54
29. RUIS 2,31 4,34 3,78 2,66 2,18
30. APEX 6,22 -2,03 2,81 -2,86 -17,74
31. CTTH 0,14 0,27 0,32 3,39 0,67

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 Satriya Candra Bondan Prabowo, Nattawadee Korsakul

ROI (%)
No Company Code
2013 2014 2015 2016 2017
32. DSSA -0,51 0,68 5,98 2,91 4,68
33. INDY -2,32 -1,33 -3,57 -0,43 0,68
34.. MITI 14,01 -3,81 -78,42 -9,27 -9,72
35. PSAB -3,28 3,02 3,77 2,61 1,72
36. SIAP -2,12 0,14 -13,25 -11,03 -4,65
37. SMRU -18,59 -1,33 -10,14 -9,31 1,61
Source: Processed Data, 2019

Based on the results of calculations, all compa- A ratio that produces a positive value and has a
nies above experience fluctuations and none have high value indicates that the investment costs can
either increased or decreased in a row. The highest be returned and can make a profit from the remain-
result was found in PT Resource Alam Indonesia ing investment. Meanwhile,the negative ratio value
Tbk, amounted to 95.96,while the lowest was found indicates that the earned income cannot cover the
in PT Bara Jaya International, amounted to 30.76. total investment costs. Any investment where the
The decline is not good for the company because it ROI ratio has a positive return can be considered
indicates that the company has decreased the abil- as an investment that gives a good return.
ity to manage assets to generate profits.

 Return on Equity
Table 11 Results of Return on Equity

ROE (%)
No Company Code
2013 2014 2015 2016 2017
1. ADRO 7,31 7,79 4,47 9,01 13,11
2. ATPK 1,16 4,46 -17,98 -39,07 -77,89
3. ARII -8,79 -22,93 -31,61 -45,28 -42,03
4. BBSR 5,42 2,82 25,12 21,53 55,07
5. ARTI 7,15 3,11 1,05 0,53 1,64
6. BYAN -12,27 -73,97 -47,51 9,57 65,55
7. DEWA -2,41 0,13 0,04 0,47 0,01
8. DOID -42,92 16,82 -9,77 29,32 26,38
9. GEMS 5,73 4,36 0,84 13,21 41,11
10. GTBO -30,76 -6,72 -30,48 -10,99 0,07
11. HRUM 12,31 0,72 -5,53 5,05 14,08
12. ITMG 23,91 22,71 7,56 14,41 26,37
13. KKGI 23,51 12,46 7,38 112,22 4,95
14. MBAP 20,14 30,16 46,94 29,59 47,94
15. MYOH 22,21 26,51 22,21 19,77 12,01
16. PKPK 0,38 -9,16 -31,54 -19,58 -17,59
17. PTBA 24,55 21,86 21,93 19,18 35,52
18. PTRO 8,76 1,22 -7,11 -4,59 4,65
19. SMMT 4,16 -0,76 -15,17 -4,79 9,55
20. TOBA 26,52 25,04 16,58 9,87 23,66

42 JOURNAL OF APPLIED MANAGEMENT VOLUME 18 NUMBER 1 MARCH 2020

 Analysis Of Financial Performance Of Mining Companies Listed In ...

ROE (%)
No Company Code
2013 2014 2015 2016 2017
21. ANTM 3,21 -6,17 -7,86 0,35 0,73
22. CITA 43,64 -23,16 -26,41 -27,54 5,19
23. CKRA 0,02 1,01 1,04 1,02 1,02
24. ELSA 10,61 16,92 14,41 10,98 8,21
25. ENRG 19,52 -11,89 -78,06 617,16 -26,35
26. ESSA 14,17 10,28 2,66 0,07 1,03
27. INCO 2,25 10,28 2,66 0,07 1,03
28. MEDC 1,77 1,49 -26,53 21,01 9,39
29. RUIS 11,31 17,72 12,19 7,24 5,51
30. APEX 120,15 -61,34 42,91 -72,57 218,15
31. CTTH 0,61 1,14 0,67 6,62 1,46
32. DSSA -0,53 1,05 10,69 5,04 8,81
33. INDY -5,66 -3,34 -9,24 -1,08 2,21
34.. MITI 19,72 -5,04 -176,01 -24,41 -27,41
35. PSAB -10,14 9,07 9,85 6,49 4,54
36. SIAP -5,77 0,15 -0,15 2,47 0,09
37. SMRU -20,13 -2,73 -21,77 -22,87 3,18
Source: Processed Data, 2019

The calculation results show that all compa- results of the study are consistent withthe financial
nies experience fluctuation. PT Energi Mega ratio theoryand Du Pont analysis. Based on the re-
PersadaTbkgenerated the highest result, amounted sults of this study, there are companies that have
to 617.16,while PT Mitrainvestindogenerated the high and low ratio values.In addition, the ratio tends
lowest result,amounted to -176.01. LowROE is not to fluctuate during the study period.
good for the company because it indicates that the Practically, investors can make the results of
level of net income received by the company from financial ratio analysis and DuPont analysis as the
the invested capital decreases. reference to make investments and find out which
The increase inthe ROE ratio means that the companies have better performance. Companies
company can meet the interests of shareholders. It that have a low ratio should improve their perfor-
also means that the company is able to maximize mance and reduce their operational costs so that
equity to generate greater profits;therefore, the com- corporate sustainability can be maintained, and they
pany can invest well. This ratio is an important indi- can attract investors. For companies that have high
cator of shareholder value creation; the higher the ratio values, they can maintain and improve their
value of the ratio, the higher the value of the performance.
company,which eventually will attract investors to
invest in the company. CONCLUSIONS
This research examines financial ratio analysis
RESEARCH IMPLICATION and DuPont analysis of mining companies listed on
Theoretically, high liquidity ratio, activity ratio, the Indonesia Stock Exchange. Based on the re-
profitability ratio, and DuPont analysis will be ben- sults of the analysis, the following conclusions were
eficial for the company. Whereas, the lower the obtained:
solvency ratio the better it is for the company. The

DIKTI ACCREDITED SK NO. 30/E/KPT/2018 ISSN: 1693-5241 43

 Satriya Candra Bondan Prabowo, Nattawadee Korsakul

Liquidity Ratio Factors that May Influence the Performance by the

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