Financial Performance Evaluation of PT Nippon Indosari Corpindo Tbk Using Du Pont Ratio Analysis
DOI:
https://doi.org/10.70963/jam.v3i2.2113Keywords:
Du Pont System, Equity Multiplier, Net Profit Margin, Return on Equity, Total Asset TurnoverAbstract
This study aims to analyze the financial performance of PT Nippon Indosari Corpindo Tbk during 2019–2024 using the Du Pont System. The method decomposes Return on Equity (ROE) into three main components: Net Profit Margin (NPM), Total Asset Turnover (TATO), and Equity Multiplier (EM). The analysis shows that the company’s ROE fluctuated throughout the study period, reaching its highest value of 23.81% in 2022 and its lowest value of 7.86% in 2020. The average ROE over the six years was 16.69%, remaining below the industry benchmark of 40%. Changes in ROE resulted from variations in Return on Investment (ROI), which were influenced by NPM and TATO performance, as well as shifts in EM. Although EM tended to increase, this indicates that the company used external financing sources to support its operations. Overall, the company’s financial performance can be classified as fairly good. However, it still needs to improve the efficiency of asset and capital management to approach the industry benchmark and provide more optimal returns to its shareholders.
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