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Financial Performance Analysis of Three Key Players of Indonesian Cooking Oil Producers Amidst the COVID-19 Pandemic and Supply Scarcity

Umirul Iffa Daniswari, Vogy Gautama Buanaputra, S.E., M.Sc., Ph.D., AFHEA

2023 | Skripsi | AKUNTANSI

Studi ini menyelidiki dampak pandemi COVID-19 dan krisis minyak goreng tahun 2022 di Indonesia terhadap kinerja keuangan tiga pemain utama produsen minyak goreng di Indonesia. Secara khusus, studi ini mengeksplorasi tiga periode yang berbeda: sebelum pandemi COVID-19, selama pandemi, dan selama krisis minyak, untuk menilai bagaimana tantangan global yang signifikan ini memengaruhi kinerja keuangan operasional, dan apakah angka-angka tersebut selaras dengan peristiwa krisis tersebut, dan kepatuhan terhadap peraturan, khususnya Domestic Market Obligation (DMO). Perusahaan-perusahaan yang tercatat di Bursa Efek Indonesia dan Bursa Singapura, yaitu PT Wilmar Cahaya Indonesia Tbk (CEKA), Indofood Agri Resources Ltd. (IFAR), dan PT Sinar Mas Agro Resources & Technology Tbk (SMAR), diteliti dari tahun 2015 hingga 2022. Penelitian ini memberikan penekanan khusus pada tahun 2022, tahun terjadinya krisis minyak goreng. Data dikumpulkan melalui analisis dokumen, dan beberapa rasio keuangan dipilih untuk pengukuran kinerja, termasuk likuiditas, solvabilitas, Return on Invested Capital, profitabilitas, dan pertumbuhan penjualan. Studi ini juga memproyeksikan dan membandingkan penjualan, harga pokok penjualan, dan margin laba bersih perusahaan-perusahaan ini sepanjang tahun 2022 menggunakan forecasting dari software Tableau. Temuan menunjukkan bahwa perusahaan-perusahaan tersebut mengalami ketidakstabilan keuangan yang signifikan akibat pandemi dan krisis minyak goreng. Penjualan, harga pokok penjualan, dan margin laba tidak sesuai dengan angka yang diproyeksikan, menyoroti pengaruh faktor eksternal terhadap kinerja keuangan.

This study investigates the impact of the COVID-19 pandemic and the 2022 cooking oil crisis in Indonesia on the financial performance of three key players of Indonesian cooking oil producers. Specifically, it explores three distinct periods: pre-COVID-19 pandemic, during the pandemic, and during the oil crisis, to assess how these significant global challenges have influenced operational financial performance, and whether the figures are in alignment with such crisis events—supply and demand in the crisis, and the regulatory compliance, specifically the Domestic Market Obligation (DMO). Companies listed on the Indonesia Stock Exchange and Singapore Exchange, namely PT Wilmar Cahaya Indonesia Tbk (CEKA), Indofood Agri Resources Ltd. (IFAR), and PT Sinar Mas Agro Resources & Technology Tbk (SMAR), were studied from 2015 to 2022. The study places particular emphasis on 2022, the year of the cooking oil crisis. Data was collected via document analysis, and several financial ratios were selected for performance measurement, including liquidity, solvency, Return on Invested Capital, profitability, and sales growth. The study also projected and compared the sales, COGS, and net profit margin of these companies throughout 2022 using the forecasting of Tableau software. The findings suggest that the companies experienced significant financial instability due to the pandemic and cooking oil crisis. Sales, cost of goods sold, and profit margin did not align with projected figures, highlighting the influence of external factors on financial performance. 

Kata Kunci : Cooking Oil Producers, Indonesian 2022 Cooking Oil Crisis, COVID-19 Pandemic, Financial Performance Analysis, Financial Ratios, Cooking Oil Supply and Demand

  1. S1-2023-422970-abstract.pdf  
  2. S1-2023-422970-bibliography.pdf  
  3. S1-2023-422970-tableofcontent.pdf  
  4. S1-2023-422970-title.pdf