EVALUATING FINANCIAL PERFORMANCE BEFORE AND AFTER RESTRUCTURING: A PROFITABILITY RATIO & GROWTH ANALYSIS OF PT PERTAMINA INTERNATIONAL SHIPPING

• Main Author: Andrianto, Yunius
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/83886
• Institution: Institut Teknologi Bandung

This study assesses the financial performance of PT Pertamina International Shipping (PT PIS) both prior to and during the organizational restructuring that has been implemented in three stages from 2021. The restructuring seeks to consolidate the shipping, maritime, and logistics business into a single integrated company with the goal of enhancing efficiency, profitability, and service quality. The analysis primarily examines profitability ratios, such as return on assets (ROA), return on equity (ROE), gross profit margin (GPM), operating profit margin (OPM), and net profit margin (NPM), utilizing secondary data extracted from PT PIS's financial statements spanning from 2017 to 2023. The findings indicate that the reorganization led to a decline in profitability ratios, specifically the gross profit margin (GPM) which decreased from 17.8% to 16.0%, and the operating profit margin (OPM) which decreased from 15.0% to 9.5%. However, it is noteworthy that the company had a substantial gain in both revenue and net profit, with a growth rate of +3246.2% and +2112.1%, respectively. This demonstrates the company's ability to withstand and overcome operational difficulties. This study suggests that PT PIS should enhance cost management, optimize operational procedures, make investments in technology, and diversify revenue streams to sustain profitability and achieve long-term growth.