FINANCIAL PERFORMANCE EVALUATION THROUGH LIQUIDITY RATIO ANALYSIS AT PT INDOFOOD SUKSES MAKMUR TBK FOR THE 2023–2024 PERIOD
Keywords:
Financial Performance, Liquidity Ratios, Working Capital Management, Cash ReservesAbstract
Navigating liquidity risks amid global supply chain volatility is essential for consumer goods manufacturing. This study evaluates the short-term financial resilience and working capital management of PT Indofood Sukses Makmur Tbk during the 2023–2024 period using a descriptive quantitative analysis of six key metrics: Current Ratio (CR), Quick Ratio (QR), Cash Ratio (CS), Operating Cash Flow to Current Liabilities (OCFCL), Cash to Current Assets (CCA), and Net Working Capital (NWC). The empirical findings demonstrate a significant strengthening of Indofood's overall liquidity architecture, with traditional indicators improving to 2.15x (CR), 1.67x (QR), and 1.04x (CS) in 2024 all comfortably outperforming industry benchmarks. Supported by a 41.35% expansion in Net Working Capital to IDR 42.67 trillion and a robust cash position accounting for nearly half of total current assets, the company successfully offset a slight contraction in operational cash flow coverage (OCFCL at 0.47x) caused by elevated operational expenses. Overall, the study proves that Indofood maintains exceptional working capital agility and substantial liquid reserves, ensuring solid short-term financial stability and strong resilience against macroeconomic disruptions.
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