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September 10, 2025

Comparative Analysis of PT. Garuda Indonesia Tbk's Profitability Performance Before and During the Covid-19 Pandemic

Key Points

Profitability decreased significantly during the pandemic years compared to pre-pandemic years.
Gross Profit Margin and Net Profit Margin for Garuda Indonesia were adversely impacted by the pandemic.
Analysis utilized profitability ratios from financial statements over a four-year period.
Company's debt exceeded its assets, resulting in poor net income generation during COVID-19.

Abstract

This research aims to compare the profitability of PT. Garuda Indonesia Tbk. (GIAA) before and during COVID-19 Pandemic. This research was conducted by measuring the profitability of the company for 4 years from 2018 to 2021. To measure the profitability performance of the company, this research analyzes the financial statement of the company and calculates the profitability ratios, which consist of: Gross Profit Margin (GPM), Net Profit Margin (NPM), Return On Equity (ROE) and Return On Assets (ROA) ratios. The results of the analysis show that the profitability of GIAA has decreased during the pandemic years (year 2020 and 2021( in comparison to the years before the pandemic (year 2018 and 2019). This poor profitability performance is due to the company's debt is greater than its assets and thus the company's assets could not produce satisfactory net income. The company was also unable to manage gross profit during pandemic, which caused the company to experience sizable losses.

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Cite This Study

Saerang et al. (Tue,) studied this question.

synapsesocial.com/papers/68c19aad9b7b07f3a061c387 https://doi.org/https://doi.org/10.35797/ejp.v4i5.49994

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