Financial resilience during and after COVID-19: A case study of PT. Tri Banyan Tirta, Tbk on the Indonesia Stock Exchange

Abstract

This study aims to analyze the differences in the financial performance of PT. Tri Banyan Tirta, Tbk during and after the COVID-19 pandemic. The research focuses on the company's profitability and liquidity, measured using ROA, ROE, NPM, current ratio, quick ratio, and cash ratio. A comparative analysis with a descriptive quantitative approach was employed. The study utilized secondary data sourced from the company's financial statements for the 2020 period (representing the COVID-19 era) and the 2022 period (post-COVID-19 era), obtained from the Indonesia Stock Exchange. Data collection was conducted through documentation, and data analysis included descriptive statistics to describe the profitability and liquidity ratios, normality testing using the Shapiro-Wilk method, and difference testing using the Paired Sample T-Test for normally distributed data. For non-normal data, the Wilcoxon signed-rank test was applied.  The findings reveal that profitability and liquidity ratios measured by ROA, ROE, current ratio, and quick ratio exhibited normal data distribution, allowing for the Paired Sample T-Test. Meanwhile, NPM and cash ratio data were not normally distributed, necessitating the Wilcoxon signed-rank test. The difference tests for profitability and liquidity ratios showed no significant differences in the financial performance of PT. Tri Banyan Tirta, Tbk between the COVID-19 and post-COVID-19 periods. These results highlight the company's inability to generate operational profits or meet its current liabilities effectively.