ANALISIS KINERJA KEUANGAN MENGGUNAKAN METODE DUPONT SYSTEM PT INDOFOOD SUKSES MAKMUR TBK

Abstract

This study aims to determine and analyze the financial performance of PT Indofood Sukses Makmur Tbk for the 2020–2024 period using the DuPont System method, and to identify the factors that caused the decline in the company's financial performance during that period. The research method used was descriptive quantitative with secondary data sources in the form of consolidated annual financial statements obtained from the Indonesia Stock Exchange and the company's official website. The sampling technique used was purposive sampling with a research period from 2020 to 2024. The analysis was carried out using five components of the DuPont System, namely Net Profit Margin (NPM), Total Asset Turnover (TATO), Equity Multiplier (EM), Return On Investment (ROI), and Return On Equity (ROE). The results showed mixed outcomes across the DuPont System components: NPM was Moderate (average 7.22%) and EM was Healthy (average 1.95 times), while TATO remained Inefficient (0.57 times), ROI was unsatisfactory and below the industry benchmark (average 4.08%), and ROE stayed Suboptimal (7.95%). The performance decline was mainly driven by the sharp fall in NPM in 2022 due to the Russia–Ukraine conflict and the persistently low TATO stemming from the capital-intensive, vertically integrated business model, both of which simultaneously suppressed ROI and ROE. These findings provide updated empirical evidence on Indofood's financial performance from the post-pandemic recovery period through the 2022 geopolitical crisis, and underline the importance of input-cost mitigation and asset-utilization strategies for management and investors alike.

Keywords: Financial Performance, DuPont System Method, PT Indofood Sukses Makmur Tbk.