APAKAH PANDEMI COVID-19 BERDAMPAK PADA KINERJA KEUANGAN PT KERETA API INDONESIA?
DOI:
https://doi.org/10.37159/w6efjq82Keywords:
financial performance, bankruptcy prediction, financial ratios, railway company, COVID-19Abstract
This study aims to analyze the financial performance of Indonesian Railway Company (PT KAI) before and after the COVID-19 spread to see whether the pandemic has any impact on its financial sustainability. The financial performance was assessed through the Altman Z-score Bankruptcy Prediction Model and some financial ratios such as liquidity, profitability, and leverage from 2019 to 2022. The discussion of the analysis employs trend analysis as it is done in one company. The performance from 2020 onward reflects the healthiness of PT KAI after the pandemic spread in Indonesia. The COVID-19 influences the financial performance of PT KAI, as indicated by the decrease in the Z-score in 2020. The performance then improves steadily in terms of profitability from 2021 to 2022. The increase in profitability is in line with the relaxation of people's mobility due to the success of vaccination in Indonesia. The results of the trend analysis applied in the PT KAI context may not be generalized to other companies. This study may give insight to the Ministry of State Owned Enterprises and the public at large regarding the financial healthiness of the monopolistic railway transportation company in Indonesia around the spread of the COVID-19 pandemic.