Analysis of PT Jasa Marga's Financial Performance during Infrastructure Development Acceleration Program (The year 2014-2018)


  • Febrian Budiarto Faculty of Economics and Business, Universitas Indonesia, Depok, Indonesia
  • Eko Rizkianto Faculty of Economics and Business, Universitas Indonesia, Depok, Indonesia



Infrastructure acceleration, Financial statement analysis, Toll road


Jasa Marga is a state-owned company engaged in the field of toll road infrastructure. 2016 is the beginning of the company's to accelerate development which directly changes the company's strategy in decision making. This is a qualitative research to answer how Jasa marga manages their company during infrastructure acceleration form a financial performance point of view. There are five main measurements in financial analysis, they are Profitability Analysis, Operational Management Analysis, Investment Management Analysis, Funding Analysis Management, and Corporate Cash Flow Analysis. Acceleration of infrastructure decreases the profitability of the company because costs increase higher than the company revenue. Operational performance is worse due to Rising Costs. Management Investment shows that the company's returns are decreasing due to the company's net profit is decreasing. Funding management show, liquidity is decreasing due to the increase in short term liability; While solvency shows Jasa Marga relies on banks and bonds as the main source of company Funding. Cash flows Analysis shows infrastructure acceleration makes the free cash flow of the company declined throughout the year, this is related to revenue growth that is smaller than the increase in company costs.


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