Financial Performance Analysis of PT Total Bangun Persada Tbk for Period 2020–2024
DOI:
https://doi.org/10.51601/ijse.v6i1.304Abstract
This research paper examines the 2020 to 2024 financial performance of PT Total Bangun Persada Tbk through an integrated analytical framework. By integrating external environment analysis, industry structure analysis, and internal financial diagnostics, the research aims to measure the sustainability of the performance of the firm. The research utilizes a quantitative case study research design relying on secondary data acquired through audited consolidated financial statements and annual reports. PESTEL analysis and Porter’s Five Forces framework are used to capture macro-environmental and industry-level factors. Internal financial performance is assessed through financial ratio analysis that includes profitability, liquidity, solvency, and activity ratios, and is supplemented by DuPont analysis to determine the structural determinants of return on equity. Moreover, Piotroski F-Score model is used to evaluate how strong are the financial fundamentals of the firm. The findings suggest that PT Total Bangun Persada Tbk has remained resilient in financial performance over the period of observation, despite in a very competitive construction sector. Profitability was consistently positive and enhanced in later years, with sound liquidity management, balanced capital structure, and rising efficiency in operations. Using DuPont analysis, it can be seen that the increase in returns on equity was largely due to operational performance and not leverage. Additionally, the outcomes of 6.40 Piotroski F-Score show moderate-strong financial fundamentals, implying that earnings quality and financial discipline are sustainable. Generally, the results indicate that the financial performance of PT Total Bangun Persada Tbk is healthy and sustainable in the face of tough industry conditions. The research paper contributes to the financial performance literature by incorporation of external environmental analysis and firm-level financial assessment in the Indonesian construction industry.
Downloads
References
[1] Aguilar, F. J. (1967). Scanning the business environment. New York, NY: Macmillan.
[2] Balatbat, M. C. A., Lin, C. Y., & Carmichael, D. G. (2010). Comparative performance of publicly listed construction companies: Australian evidence. Construction Management and Economics, 28(9), 919–932. https://doi.org/10.1080/01446193.2010.501805
[3] Grant, R. M. (2005). Contemporary strategy analysis (5th ed.). Oxford: Blackwell Publishing.
[4] Johnson, G., Scholes, K., & Whittington, R. (2008). Exploring corporate strategy (8th ed.). Harlow, England: Pearson Education.
[5] Nissim, D., & Penman, S. H. (2001). Ratio analysis and equity valuation: From research to practice. Review of Accounting Studies, 6(1), 109–154. https://doi.org/10.1023/A:1011338221623
[6] Palepu, K. G., Bernard, V. L., & Healy, P. M. (1996). Business analysis and valuation using financial statements. Cincinnati, OH: South-Western College Publishing.
[7] Penman, S. H. (2013). Financial statement analysis and security valuation (5th ed.). New York, NY: McGraw-Hill Education.
[8] Piotroski, J. D. (2000). Value investing: The use of historical financial statement information to separate winners from losers. Journal of Accounting Research, 38(Supplement), 1–41. https://doi.org/10.2307/2672906
[9] Porter, M. E. (1979). How competitive forces shape strategy. Harvard Business Review, 57(2), 137–145.
[10] Porter, M. E. (1980). Competitive strategy: Techniques for analyzing industries and competitors. New York, NY: Free Press.
[11] PT Total Bangun Persada Tbk. (2020). Annual report 2020. Jakarta: PT Total Bangun Persada Tbk.
[12] PT Total Bangun Persada Tbk. (2021). Annual report 2021. Jakarta: PT Total Bangun Persada Tbk.
[13] PT Total Bangun Persada Tbk. (2022). Annual report 2022. Jakarta: PT Total Bangun Persada Tbk.
[14] PT Total Bangun Persada Tbk. (2023). Annual report 2023. Jakarta: PT Total Bangun Persada Tbk.
[15] PT Total Bangun Persada Tbk. (2024). Annual report 2024. Jakarta: PT Total Bangun Persada Tbk.
[16] Soliman, M. T. (2008). The use of DuPont analysis by market participants. The Accounting Review, 83(3), 823–853. https://doi.org/10.2308/accr.2008.83.3.823
[17] White, G. I., Sondhi, A. C., & Fried, D. (2002). The analysis and use of financial statements (3rd ed.). New York, NY: John Wiley & Sons.
[18] Wibowo, F. A., & Ismail, M. (2024). Financial risk, debt, and efficiency in Indonesia’s construction industry: A comparative study of SOEs and private companies. Journal of Risk and Financial Management, 17(7), 303. https://doi.org/10.3390/jrfm17070303
[19] Yüksel, İ. (2012). Developing a multi-criteria decision-making model for PESTEL analysis. International Journal of Business and Management, 7(24), 52–66. https://doi.org/10.5539/ijbm.v7n24p52.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Fajar Pratama Maulana
This work is licensed under a Creative Commons Attribution 4.0 International License.
