Keywords
Financial Performance
Profitability Ratios
Abstract
This study evaluates the 2021-2024 financial performance of PT Gunung Raja Paksi Tbk using return on assets, return on equity, total asset turnover, and inventory turnover. It applies descriptive quantitative analysis to public financial statements. The 2024 divestment is treated as a structural break, and continuing operation profit is distinguished from discontinued operation profit. Consolidated ROA and ROE reached 15.65% and 17.97% in 2024, while indicative ratios based on continuing operation profit were only about 2.82% and 3.23%. TATO was 0.44 times and ITO was 2.06 times in 2024. The headline finding is that the consolidated profitability surge cannot be interpreted as pure operating improvement because most profit was associated with discontinued operations and the divestment gain. Performance assessment therefore needs to consider the source of earnings and changes in reporting perimeter.
References
Akib, M., Nurdin, E., Purnaman, S. M. N., & Anwar, F. (2023). Does Capital Structure, Profitability, and Dividend Policy Improve Stock Prices?. International Journal of Professional Business Review, 8(6), 1-15.
Andayani, N. K. M., & Purbawangsa, I. B. A. (2019). The Role of Profitability in Mediating Effect of Liquidity, Capital Structure, and Sales Growth on Corporate Value in Manufacturing Companies of Indonesia Stock Exchange. Russian Journal of Agricultural and Socio-Economic Sciences, 95(11), 93-103. https://doi.org/10.18551/rjoas.2019-11.12.
Anton, A., Lorensa, S., Purnama, I., Eddy, P., & Andi, A. (2023). Net Profit Margin, Earnings per Share, Return on Asset, Debt Equity Ratio, and Current Ratio on Firm Value in Agricultural Sector Companies Listed on Indonesia Stock Exchange 2016-2021. Journal of Applied Business and Technology, 4(2), 155-167. https://doi.org/10.35145/jabt.v4i2.131.
Ardyansyah, R. W., Aslah, T., & Dameria, R. N. (2022). Analisis Laporan Keuangan untuk Mengukur Kinerja Keuangan, Studi Kasus pada PT Mayora Indah Tbk tahun 2018-2021. Jurnal Manajemen dan Bisnis Jayakarta, 4(1), 59-72. https://doi.org/10.53825/jmbjayakarta.v4i1.153.
Arifah, F., & Muhdor, A. (2026). The Effect of Liquidity, Profitability, and Firm Size on Financial Distress in Retail Sector Companies Listed on the Indonesia Stock Exchange during the 2021-2024 Period. Equity: Jurnal Akuntansi, 6(2), 87-100. https://doi.org/10.46821/equity.v6i2.836.
Arya, A., & Nagar, N. (2021). Stewardship Value of Income Statement Classifications: An Empirical Examination. Journal of Accounting, Auditing & Finance, 36(1), 56-80.
Choi, J.-H., Choi, S., Myers, L. A., & Ziebart, D. (2019). Financial Statement Comparability and the Informativeness of Stock Prices about Future Earnings. Contemporary Accounting Research, 36(1), 389-417. https://doi.org/10.1111/1911-3846.12442.
Dewi, L. A. M., & Prayogi, Y. A. (2026). The Effect of Cash Turnover, Receivables Turnover, and Sales Growth on Profitability of Textile and Garment Companies on the IDX, 2021-2024. Equity: Jurnal Akuntansi, 6(2), 115-128. https://doi.org/10.46821/equity.v6i2.838.
Hasanah, S., Rahman, A., & Mahsina. (2025). Can Strong Financials Prevent Collapse? Insights from the Consumer Goods Sector, 2017-2022. Equity: Jurnal Akuntansi, 5(2), 137-147. https://doi.org/10.46821/equity.v5i2.668.
Hidayati, S. N., Rahayu, P., Lestari, D. I. S. P. A., & Hidayati, C. (2025). Analisis Rasio Keuangan untuk Mengukur Kinerja Keuangan Perusahaan Manufaktur pada Sektor Kimia di Indonesia tahun 2019-2023. Jurnal Riset Ekonomi dan Akuntansi, 3(1), 84-107. https://doi.org/10.54066/jrea-itb.v3i1.2855.
Istanti, E. (2022). Financial Ratio Analysis to Assess Performance Finance of Paper Manufacturers on Stock Exchange Indonesia. Jurnal Ilmiah Edunomika, 6(2), 615-625. https://doi.org/10.29040/jie.v6i2.3835.
Karim, A., Widyarti, E. T., & Santoso, A. (2023). Effect of Current Ratio, Total Asset Turnover, and Size on Profitability: Evidence from Indonesia Manufacturing Companies. Diponegoro International Journal of Business, 6(1), 57-63. https://doi.org/10.14710/dijb.6.1.2023.57-63.
Kusnandar, K., & Sari, M. (2020). The Effects of Liquidity, Solvency, and Profitability on Stock Price, a Study in PT Telekomunikasi Indonesia Tbk Period of 2004-2018. Journal of Accounting and Finance Management, 1(5), 250-261. https://doi.org/10.38035/jafm.v1i2.30.
Pratiwi, A. A., Istanti, E., & Iman, N. (2026). The Effect of Current Ratio, Debt to Equity Ratio, and Return on Equity on Banking Stock Prices, IDX 2022-2024. Equity: Jurnal Akuntansi, 6(2), 161-174. https://doi.org/10.46821/equity.v6i2.841.
PT Gunung Raja Paksi Tbk. (2021). Annual Report 2021. PT Gunung Raja Paksi Tbk.
PT Gunung Raja Paksi Tbk. (2022). Annual Report 2022. PT Gunung Raja Paksi Tbk.
PT Gunung Raja Paksi Tbk. (2023). Annual Report 2023. PT Gunung Raja Paksi Tbk.
PT Gunung Raja Paksi Tbk. (2024). Annual Report 2024. PT Gunung Raja Paksi Tbk.
Saputri, E., Yantiana, N., & Mustika, I. G. (2024). Pengaruh Inventory Turnover dan Total Assets Turnover terhadap Profitabilitas pada Industri Produk dan Perlengkapan Bangunan di Indonesia. Sebatik, 28(1), 147-155. https://doi.org/10.46984/sebatik.v28i1.2451.
Shintadevi, H. F., & Inayah, N. L. (2026). The Effect of Digital Transaction Growth, Firm Size, and Liquidity on Banking Profitability on the IDX, 2021-2024. Equity: Jurnal Akuntansi, 6(2), 101-113. https://doi.org/10.46821/equity.v6i2.837.
Wahyuniati, I. G. A. K. S., & Adi, I. K. Y. (2021). Pengaruh Pertumbuhan Penjualan, Perputaran Kas, Perputaran Piutang, dan Perputaran Persediaan terhadap Profitabilitas pada Perusahaan Subsektor Makanan dan Minuman di Bursa Efek Indonesia. Journal Research of Accounting, 2(2), 219-235. https://doi.org/10.51713/jarac.v2i2.39.
Wibowo, S. S. A., & Rohyati, E. (2018). The Effect of Working Capital Turnover and Profitability of Inventory Turnover Manufacturing Companies Listed in Indonesia Stock Exchange. Journal of Applied Accounting and Taxation, 3(1), 95-98. https://doi.org/10.5281/zenodo.1305183.
Wulandari, H. S. R. (2025). Analisis Rasio Profitabilitas dalam Mengukur Kinerja Keuangan PT Pos IND Logistik, 2018-2023, dengan Pendekatan NVIVO 12. EKONOMIKA45: Jurnal Ilmiah Manajemen, Ekonomi Bisnis, Kewirausahaan, 12(2), 1174-1184. https://doi.org/10.30640/ekonomika45.v12i2.4583.
This work is licensed under a Creative Commons Attribution 4.0 International License.
Copyright (c) 2026 Niken Septya Harianik, Siti Rosyafah, Elly Yuniar Nitawati