Performance Analysis of Processed Food Primary Consumer Subsector with Profitability Ratio Approach and Valuation for the 2021-2023 Period
DOI:
https://doi.org/10.32832/jm-uika.v16i2.19740Keywords:
Profitability, Valuation, Processed Food, Primary Consumer Subsector, Financial PerformanceAbstract
This study aims to evaluate the financial performance of processed food primary consumer sub-sector companies listed on the Indonesia Stock Exchange (IDX) and IDN Financials during the 2021–2023 period, using a profitability ratio and valuation approach. The profitability ratios analyzed include Gross Profit Margin, Operating Profit Margin, Net Profit Margin, Return on Assets, and Return on Equity. In contrast, valuation ratios include market capitalization, stock price, Year to Date (YTD), Price Earnings Ratio (PER), and Price to Book Value (PBV). This research uses a descriptive quantitative method with a deductive approach. The sample was selected through purposive sampling based on specific criteria, so 10 companies were obtained with 30 observations. The data used is secondary data from the company's annual financial statements accessed through the official IDX website, IDN Financials, and related company websites. The results showed an imbalance between profitability and valuation and the need to improve operational strategies and strengthen company value to increase competitiveness amid dynamic industry challenges. The implication is that companies need to improve their company performance and build their company image so that they can compete in the market.
References
Alqurni, P., & Nindiasari, A. D. (2022). FINANCIAL PERFORMANCE of PT SRI REJEKI ISMAN Tbk. BASED ON PROFITABILITY RATIO ANALYSIS. Maneksi Journal,11 (1), 259-265. https://doi.org/10.31959/jm.v11i1.1073
Ayuni, S., Larasaty, P., Pratiwi, A. I., & et al. (2023). Indonesia Economic Report (2023). Central Bureau of Statistics of Indonesia, 1–210.
BPS. (2024). Quarterly Indonesia Gross Domestic Product 2020-2023. Central Bureau of Statistics of Indonesia, 07130.2002, 151.
Cashmere. (2022). Financial Statement Analysis (Stephen Rinaldy, Ed.; 14th print). PT. Raja Grafindo Persada.
Data Processed. (2025). Performance Analysis of Processed Food Primary Consumer Subsector with Profitability Ratio Approach and Valuation for the 2021-2023 Period. Jurnal Manajemen, 16.
Deni Sundari, N. F. R. (2024). ANALYSIS OF PROFITABILITY RATIOS IN VILLAGE-OWNED ENTERPRISES (BUMDES) PENDA SIRON JAYA (PSJ) PENDA SIRON VILLAGE, LAUNG TUHUP SUB-DISTRICT, MURUNG RAYA DISTRICT IN 2021-2023. JAPB, 7, 1860–1870.
Gafner, J. (2024). How to Calculate Market Capitalization (With Formulas and Examples). Indeed. https://www.indeed.com/career-advice/career-development/how-to-calculate-market-cap
Indonesia Stock Exchange. (2025, 01 30). Financial Reports and Statistics of Listed Companies 2021 2023. Retrieved 05 2025, 28, from Indonesia Stock Exchange (IDX): https://www.idx.co.id/id
Indra Mahardika Putra. (2023). How to Analyze Stock Fundamentals (Arif Ishartadi, Ed.; First). Great Children of Indonesia.
International Monetary Fund. (2023). World Economic Outlook Update: Inflation Peaking Amid Low Growth. Imf, 1–11.
Kristianto, A. (2023). Poor Performance, Valuation of Taro Snack Issuer (AISA) is Expensive! CNBC Indonesia. https://www.cnbcindonesia.com/research/20230526131605-128-440895/kinerja-buruk-valuasi-emiten-snack-taro--aisa--mahal-banget
Langeland, T., & Santos, L. A. B. (2023). ADB Forecasts 4.8% Growth For Asia And The Pacific In 2023 And 2024. ADB: Asian Development Bank. https://www.adb.org/id/news/adb-forecasts-4-8-growth-asia-and-pacific-2023-and-2024#
Lumantow, Saerang, & Karuntu. (2022). Analysis of Solvency and Profitability Ratios in Insurance Sub-Sector Companies Listed on the Indonesia Stock Exchange 2018-2020. EMBA Journal: Journal of Economic Research, Management, Business and Accounting,10 (3), 458. https://doi.org/10.35794/emba.v10i3.42070
Maghfirah, A. ul. (2022). Analysis of the Effect of Current Ratio, Earning Per Share, and Return on Equity on Stock Prices in Lq45 Companies on the Indonesia Stock Exchange. הארץ,10(8.5.2017), 2003–2005 . https://doi.org/10.47329/jurnal
Natasha, S., & Aulia, F. (2024). Analysis of Profitability Ratios on Financial Performance at Khalista Laundry Medan. INVESTMENT: Innovation Journal of Economics and Accounting,2 (2), 55–63. https://doi.org/10.59696/investasi.v2i2.45
Novia, L., Resita, O., Yulia, D., & Rohmatul. (2023). Comparative Analysis of the Financial Performance of Cigarette Sub-Sector Companies Listed on the Indonesia Stock Exchange (Bei). GEMILANG: Journal of Management and Accounting, 3(1), 197–215.
Nurhana Dhea Parlina, Maiyaliza, & Intan Devina Putri. (2023). Financial Ratio Analysis as One of the Financial Performance Measurement Tools (M. Pd. Nuryani Dwi Astuti, S.Pd. & A. Hapsan, Eds.; Pe mould). CV. TENTOR ROOM.
Pahrudin, A., & Suciati, R. (2024). Evaluation of Financial Performance of PT Waskita Karya Tbk in the Infrastructure Sector: Financial Ratio Analysis 2021-2023. 4(2), 301–316. https://doi.org/10.37680/ijief.v4i2.6399
Priyantoro, P., Yuliari, K., & Arifin, M. (2019). Fundamental Analysis of Food and Beverage Companies with a Top-Down Analysis Approach on the Jakarta Islamic Index 2015-2017. JIMEK: Scientific Journal of Economics Students,2 (1), 119. https://doi.org/10.30737/jimek.v2i1.429
Rizeki, D. N. (2022). What is Year to Date (YTD) in Finance? Majoo. https://majoo.id/solusi/detail/year-to-date?utm_source=chatgpt.com
Rudiwantoro, A. (2021). Wise Steps in Investing in Stocks Using a Ratio Analysis Approach (Case Study in the Consumer Goods Industry Sector). Indonesian Journal of Accounting and Business (JABISI), 2(2), 72–84.
Rully Movizar. (2024). Assessment of Stock Performance Using the Price Earning Ratio and Price Book Value Approach (Study at Pt Bank Cimb Niaga, Tbk for the 2018-2022 Period). Journal of Accounting and Business Management,4 (2), 63–83. https://doi.org/10.56127/jaman.v4i2.1600
Simanullang, R., & Chandra, D. R. (2021). Analysis of Profitability Ratios and Liquidity Ratios on Financial Performance in Food and Beverages Sub-Sector Manufacturing Companies Listed on the Indonesia Stock Exchange for the 2016-2020 Period. Tri Business Journal of Entrepreneurship, Accounting and Management,3 (2), 213-228. https://doi.org/10.59806/tribisnis.v3i2.44
Sugiarto. (2022). Business Research Methodology (Edi S. Mulyanta, Ed.; 2nd Edition). CV. ANDI OFFSET.
Sumarsana, W., & Hernawati, E. (2024). Financial Performance Analysis Using Financial Ratio Analysis at Bank Jabar Banten (BJB). Al-Kharaj: Journal of Economics, Finance & Sharia Business,6 (5), 3497-3508. https://doi.org/10.47467/alkharaj.v6i5.1049
Supriadi Agung Nugroho. (2024). Analysis of Profitability Ratios and Liquidity Ratios to Measure the Financial Performance of PT. GUDANG GARAM Tbk. PERIOD 2019-2022. Journal of Comprehensive Science, 15(1), 37–48.
Uma Sekaran, R. B. (2017a). Research Methods for Business (Anita Nur Hanifah, Ed.; 6th Edition, 2). Fourth Edition.
Uma Sekaran, R. B. (2017b). Research Methods for Business (Anita Nur Hanifah, Ed.; 6th Edition, 1). Fourth Edition.
Widyaningrum, S., & hendrawan, vincent. (2022). INFLUENCE OF LIQUIDITY, SOLVABILITY, AND ACTIVITY RATIOS ON FINANCIAL PERFORMANCE USING THE INTERVENING VARIABLE CSR.pdf. Parsimonia, 9, 44–57.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Jurnal Manajemen (Edisi Elektronik)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors can enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
