ANALYSIS OF THE FINANCIAL PERFORMANCE OF PT BUKIT ASAM TBK THROUGH PROFITABILITY RATIOS STUDIES IN THE BUMN MINING SECTOR

Abstract

This study aims to analyze the financial performance of PT Bukit Asam Tbk (PTBA), a State-Owned Enterprise (SOE) engaged in the coal mining sector, using a profitability ratio approach. The ratios used include Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM) during the period 2019 to 2024. The research method applied is descriptive quantitative by utilizing secondary data sourced from the company's annual financial statements. The data was processed using Microsoft Excel software for ratio calculation and Eviews 12 for panel data regression analysis. The results showed that PTBA's financial performance experienced significant fluctuations influenced by the dynamics of coal prices, government regulatory policies, and changes in global energy direction. Statistically, ROA has a significant positive effect on NPM, while ROE shows a significant negative effect. These findings provide important insights for company management, investors, and policy makers in evaluating the effectiveness of financial management as well as PTBA's business sustainability prospects.