![Analysis of Financial Performance in Health Sector Companies …
*Corresponding Author: YohanesIskandar1
www.aijbm.com 10 | Page
financial performance is good or bad by measuring through several ratios, this measurement can be used
to compare the same company or the same industry and sector.[1] (Abdalmuttaleb& Al-Sartawi, 2021).
2. Ratio of Profitability
Profitability ratio is the result of the company’s operating decisions, all forms of company operations and
company financing policies that reflect the net result of these policies (Brigham & Houston, 2016). This
ratio is used to determine how successfully company generates profit from its operations. These are 3
main focuses for assessing profitability ratios: Return on Asset (ROA), Return on Equity (ROE) and Net
Profit Margin (NPM).
3. Market Ratio
According to Brigham & Houston (2016), [3] market ratio is a tool that assesses the relationship of stock prices
with earnings and book value prices, this ratio helps to assess the company’s situation from the
company’s share price in the capital market. Market ratio includes Price Earning Ratio and Price to Book
Value.
4. Ratio of Liquidity
The liquidity ratio is the obligation of every company or business that can be fulfilled. The Liquidity ratio also
provides information to investors and other parties about the quality of the company in managing its
working capital [2] (Bhimani, 2022). There are 2 main focuses ratio: Current Ratio and Quick Ratio.
5. Ratio of Activity
Ratio of Activity explain about how company management can operate all forms of resources owned by a
company in order to optimize the performance and goals of a company. This ratio explains how the
company manages the company’s operations in terms of buying, selling. The activity ratio also serves as
a company indicator to find out how efficient the company is in using its assets to improve the
capabilities and performance of a company [4] (Mujtahidah, 2016).
6. Ratio of Leverage
Company or business is financed by debt capital or owner’s equity. Debt capital where the company or business
can borrow from other parties including banks, but if the owner’s capital that is financed by the owner of
the business or company. If the company’s capital structure is very large, the company can be at risk of
bankruptcy (Bhimani, 2022).
7. Dupont Analysis
The purpose of this Dupont analysis is to see the strength of the company’s earning [5]. This Dupont model is
measured using the ROE ratio where there are 3 indicators in measuring the analysis: Net Profit Margin,
Total Asset Turnover and Equity Multiplier (Sheela & Karthikeyan, 2012).
III. INDENTATIONS AND EQUATIONS
TheThis study uses quantitative methods, data retrieval is done by taking directly from the company's
financial statements that are downloaded through the website of each company. The companies that were taken
were 20 companies, the data management was using excel and an analysis was carried out based on the results
of the data processing. The results of the analysis show the financial performance conditions of the 20
companies before Covid-19 until now.
IV. RESULT AND DECISIONS
Based on the financial statements of each company, it is processed through excel in each financial ratio
and then analyzed based on the factors that cause differences in the company's condition before Covid-19 until
now.
4.1 Result of this Study
The result from this show that the hospital sector which has the highest average ROE is care namely
Metro Healthcare Indonesia Tbk with a number 0.26.](https://image.slidesharecdn.com/b580914-220913104628-34dacb20/85/B580914-pdf-2-320.jpg)
![Analysis of Financial Performance in Health Sector Companies …
*Corresponding Author: YohanesIskandar1
www.aijbm.com 14 | Page
IRRA has a high NPM value from 2018-2021 this is because it has net income and net sales that are
comparable to each other, IRRA can increase NPM so that it can increase the value of ROE. Total asset turnover
is more influential when compared to the net profit margin. IRRA has a higher ROE value in 2020 when
compared to other years.
V. CONCLUSION
Based on the calculation and analysis result, the state of the financial performance of the health
company sector before the pandemic and until now shows developments in 2020-2021. Some companies did
show a consistent increase from 2018-2021, but there were also some companies that had poor financial
performance in 2018-2019 but the COVID-19 pandemic showed an increase until 2021. Medical equipment
companies showed that there was an increase in financial ratios in 2018. 2020 but in 2021 it will decrease.
This is because in 2020 the community, hospitals and other institutions need equipment and equipment
to deal with the COVID-19 pandemic. The slowing down of the COVID-19 pandemic in 2021 and the last
yesterday's policy that people are not required to use masks outdoors are the highest factors that the need for
equipment and equipment has decreased. The need for PCR tests in 2021 has decreased considerably compared
to 2020, which is also a factor in the decline in sales and net profit from the medical equipment sector.
The health sector strives to strive to maintain safety and the interests of the community and its own
employees. The pharmaceutical sector responded well to this, the need for vitamins, supplements, drugs and
others gave the pharmaceutical sector an increase in all forms of sales and profits.
The health sector strives to strive to maintain safety and the interests of the community and its own
employees. The pharmaceutical sector responded well to this, the need for vitamins, supplements, drugs and
others gave the pharmaceutical sector an increase in all forms of sales and profits. Distribution to third parties is
getting bigger due to a very critical need during the pandemic. The hospital provides excellent performance and
services in dealing with the COVID-19 pandemic. The increase in the number of outpatients and inpatients is
one of the hospital's very large revenues. The fullness of hospitals in various places indicates that there is a cash
flow and the use of all forms of assets.
The laboratory is one of the sub-sectors that had excellent financial performance before and until now
the COVID-19 pandemic. The Covid-19 pandemic has a major influence in terms of services and checking for
the COVID-19 virus so that this sector is the first sector that is directly related to checking the COVID-19 virus,
which is growing with the presence of homecare services.
ACKNOWLEDGEMENTS
This paper is an essence of the thesis entitled “Analysis of Financial Performance in Health Sector
Companies Before Covid-19 (2018-2019) to Date (2020-2021), School of Business and Management, Bandung
Institute of Technology Indonesia.”
REFERENCES
[1]. Abdalmuttaleb, M., & Al-Sartawi, M. (2021). The Big Data-Driven Digital Economy: Artificial and
Computational Intelligence. Manama, Bahrain: Springer.
[2]. Bhimani, A. (2022). Financial Management for Technology Start-ups. London: Kogan Page; 2nd
Edition.
[3]. Brigham, E., & Houston, J. (2016). Fundamentals of Financial Management. Boston: Cengage
Learning. Retrieved from www.cengage.com
[4]. Mujtahidah, I. (2016). PengaruhRasioLikuiditas, RasioAktivitas dan
RasioSolvabilitasTerhadapProfitabilitas. JurnalIlmu dan RisetManajemen, 5(11), 1-18.
[5]. Sheela, S. C., & Karthikeyan, K. (2012). Financial Performance of Pharmaceutical Industry in India
using DuPont Analysis. European Journal of Business and Management, 4(14), 84-91.
*Corresponding Author: YohanesIskandar1
1
(School of Business Management, Bandung Institute of Technology, Indonesia)
Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D)
NPM
E = (A/B)
TATO
F = (B/C)
FL
G = (C/D)
ROE (E
X F X G)
2018 32.260.851.611
Rp 265.629.263.406
Rp 136.260.537.550
Rp 66.643.022.539
Rp 0,12 1,95 2,04 0,48
2019 33.205.208.231
Rp 281.751.896.998
Rp 325.432.978.377
Rp 235.169.101.241
Rp 0,12 0,87 1,38 0,14
2020 60.521.992.500
Rp 563.887.706.317
Rp 535.270.961.113
Rp 242.331.720.464
Rp 0,11 1,05 2,21 0,250
2021 50.744.519.731
Rp 565.178.224.311
Rp 975.056.557.952
Rp 275.113.130.214
Rp 0,09 0,58 3,54 0,18
Medical Equipment
IRRA](https://image.slidesharecdn.com/b580914-220913104628-34dacb20/85/B580914-pdf-6-320.jpg)
B580914.pdf
- 1. American International Journal of Business Management (AIJBM) ISSN- 2379-106X, www.aijbm.com Volume 5, Issue 08 (August-2022), PP 09-14 *Corresponding Author: YohanesIskandar1 www.aijbm.com 9 | Page Analysis of Financial Performance in Health Sector Companies before Covid-19 (2018-2019) to Date (2020-2021) YohanesIskandar1 , AnaNoveria2 1 (School of Business Management, Bandung Institute of Technology, Indonesia) 2 (School of Business Management, Bandung Institute of Technology, Indonesia) ABSTRACT : The COVID-19 pandemic has had a negative impact on all countries, the Indonesian economy has experienced a decline. Various kinds of corporate sectors in Indonesia have their own impact. The health sector is a sector that has a direct influence on the COVID-19 pandemic because it is directly related to health.This study will analyze the financial performance of health sector companies from 2018-2021 using 5 financial ratios and Dupont Analysis. The companies taken were 20 companies consisting of 7 hospitals, 10 pharmaceuticals, 2 laboratories and 1 medical equipment. Internal and external analysis was also carried out to see the business situation analysis of the sector, internal analysis using 7s McKinsey and external analysis using PESTEL then given conclusion using SWOT. The result of the calculation of financial ratios and Dupont Analysis to see the difference in conditions and what factors caused the difference from before Covid-19 until now. KEYWORDS - Financial Ratios, Dupont Analysis, Financial Performance. I. INTRODUCTION The global Covid-19 pandemic is a very large and deadly outbreak to date. This virus has a very fast rate of spread, infecting human cells. The global Covid-19 pandemic immediately attracted the attention all countries and World Health Organization (WHO). Europe ranks first for Covid-19 cases, second followed by America, third by South-East Asia. Total cases from 2019-2022 were found globally 423.437.674 and total deaths were 5.878.328. Pandemic Covid-19 has caused companies to lose a lot of workers which causes blockages in the cycle of buying and selling goods. The number of unemployed from the beginning of 2020 was 5 million and then increased rapidly in 2021 by 9.5 million. The business flow was disrupted, resulting in staff layoffs in every organization, affecting businesses in every sector. Starting with the hotel, tourist, energy, and other industries. This causes Indonesia’s GDP to decrease from 2018 by 5 then in 2020 by -2. This sector is devoid of visitors, but this is not the case in the healthcare sector, where hospitals receive a large number of patients in hospitals or who are self-isolating, and the Covid-19 vaccine is available. In Indonesia, healthcare industry has had a significant and positive impact on Covid-19, resulting in the recovery and immunization of the community’s immune system through hospital treatment or vaccination. The healthcare industry indirectly recovers the Indonesian economy through immunizations and health routine efforts. The economic crisis or economic downturn in every country also occurred in Poland, pandemic Covid- 19 did not hurt all business sectors; in fact, numerous business sectors benefitted even more than in prior years. Capital market increased by 90%, games increased by 70% and medical equipment 60%. Hospital and clinic decreased by 30%. This will measure how the development of the healthcare sector in Indonesia is. The Covid- 19 pandemic in Indonesia had a negative impact on the pharmaceutical company sector, while the hospital company sector benefited greatly due to a variety of factors, including the number of Covid patients who continued to come to the hospital for treatment, while the decline and increase in the pharmaceutical section were due to retail and distribution. Financial performance analysis is carried out to see the company’s financial condition before the Covid-19 outbreak. Measuring based on 5 financial ratios, what are the differences in conditions before to date and what causes these differences. Dupont Analysis helps to see if more net income has a big effect on profitability or total asset turnover. This paper aims to provide insight into the condition of the health sector during the pandemic and the attitude of investors to invest in the health sector. I. LITERATURE REVIEW 1. Financial Performance Financial performance is a measurement that shows the condition of the company where the company can use all its assets to generate profits. This measure is also defined as a more general measurement of the overall financial strength of the company in a certain period. Company can be seen whether their
- 2. Analysis of Financial Performance in Health Sector Companies … *Corresponding Author: YohanesIskandar1 www.aijbm.com 10 | Page financial performance is good or bad by measuring through several ratios, this measurement can be used to compare the same company or the same industry and sector.[1] (Abdalmuttaleb& Al-Sartawi, 2021). 2. Ratio of Profitability Profitability ratio is the result of the company’s operating decisions, all forms of company operations and company financing policies that reflect the net result of these policies (Brigham & Houston, 2016). This ratio is used to determine how successfully company generates profit from its operations. These are 3 main focuses for assessing profitability ratios: Return on Asset (ROA), Return on Equity (ROE) and Net Profit Margin (NPM). 3. Market Ratio According to Brigham & Houston (2016), [3] market ratio is a tool that assesses the relationship of stock prices with earnings and book value prices, this ratio helps to assess the company’s situation from the company’s share price in the capital market. Market ratio includes Price Earning Ratio and Price to Book Value. 4. Ratio of Liquidity The liquidity ratio is the obligation of every company or business that can be fulfilled. The Liquidity ratio also provides information to investors and other parties about the quality of the company in managing its working capital [2] (Bhimani, 2022). There are 2 main focuses ratio: Current Ratio and Quick Ratio. 5. Ratio of Activity Ratio of Activity explain about how company management can operate all forms of resources owned by a company in order to optimize the performance and goals of a company. This ratio explains how the company manages the company’s operations in terms of buying, selling. The activity ratio also serves as a company indicator to find out how efficient the company is in using its assets to improve the capabilities and performance of a company [4] (Mujtahidah, 2016). 6. Ratio of Leverage Company or business is financed by debt capital or owner’s equity. Debt capital where the company or business can borrow from other parties including banks, but if the owner’s capital that is financed by the owner of the business or company. If the company’s capital structure is very large, the company can be at risk of bankruptcy (Bhimani, 2022). 7. Dupont Analysis The purpose of this Dupont analysis is to see the strength of the company’s earning [5]. This Dupont model is measured using the ROE ratio where there are 3 indicators in measuring the analysis: Net Profit Margin, Total Asset Turnover and Equity Multiplier (Sheela & Karthikeyan, 2012). III. INDENTATIONS AND EQUATIONS TheThis study uses quantitative methods, data retrieval is done by taking directly from the company's financial statements that are downloaded through the website of each company. The companies that were taken were 20 companies, the data management was using excel and an analysis was carried out based on the results of the data processing. The results of the analysis show the financial performance conditions of the 20 companies before Covid-19 until now. IV. RESULT AND DECISIONS Based on the financial statements of each company, it is processed through excel in each financial ratio and then analyzed based on the factors that cause differences in the company's condition before Covid-19 until now. 4.1 Result of this Study The result from this show that the hospital sector which has the highest average ROE is care namely Metro Healthcare Indonesia Tbk with a number 0.26.
- 3. Analysis of Financial Performance in Health Sector Companies … *Corresponding Author: YohanesIskandar1 www.aijbm.com 11 | Page Table 1. Dupont Analysis Sector Hospital In the HEAL company from 2018-2021, it can be seen that the factor that makes ROE so small is the number of NPMs where the company cannot generate a good profit in terms of sales. The company has a small net income so it cannot make ROE high, if you want to increase the level of ROE it can increase the NPM value and maintain the value of TATO and debt. So that in 2021 it can be seen that the CARE company has an ROE value of 0.30 which is the highest from the previous year with an average from 2018-2021 of 0.17. MIKA had a high ROE in 2019 of 0.17 when compared to the year before and after. The factors that made MIKA have a high ROE value in 2018 were higher NPM and TATO compared to other years. However, NPM is still smaller than TATO, which means that the company's asset turnover is higher when compared to the level of profit from the level of sales. The average ROE from 2018-2021 is 0.11 at MIKA. PRIM has a high ROE in 2021 of 0.05 meaning PRIM can optimize all forms of NPM, TATO in 2021 where the pandemic has already occurred. Net profit in 2021 is much higher when compared to the previous year. Asset turnover is more influential when compared to NPM. The average ROE from 2018-2021 is 0.02. SAME had a minus ROE in 2019 and 2020 due to minus net income in that year. These losses make the value of the NPM which is finally minus. SAME can compensate for TATO by increasing the level of net income from sales so that later it can increase the ROE value. The average ROE from 2018-2021 is -0.03. Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 27.864.970.219 -Rp 87.208.509.533 Rp 552.013.631.527 Rp 27.139.496.128 -Rp -0,32 0,16 -20,34 1,03 2019 24.286.341.053 -Rp 154.077.443.719 Rp 2.448.470.244.137 Rp 2.273.139.511.631 Rp -0,16 0,06 1,08 -0,01 2020 14.167.951.136 Rp 216.296.095.571 Rp 3.445.971.264.153 Rp 3.290.757.439.256 Rp 0,07 0,06 1,05 0,004 2021 18.930.831.529 Rp 233.313.104.816 Rp 3.580.013.808.651 Rp 3.309.688.270.785 Rp 0,08 0,07 1,08 0,01 Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 191.024 Rp 3.058.091 Rp 4.171.207 Rp 2.369.709 Rp 0,06 0,73 1,76 0,08 2019 343.920 Rp 3.630.940 Rp 5.047.787 Rp 2.764.434 Rp 0,09 0,72 1,83 0,12 2020 645.638 Rp 4.416.042 Rp 6.355.254 Rp 3.382.177 Rp 0,15 0,69 1,88 0,19 2021 1.299.774 Rp 5.820.123 Rp 7.586.159 Rp 4.386.255 Rp 0,22 0,77 1,73 0,30 Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 658.737.307.293 Rp 2.713.087.099.834 Rp 5.089.416.875.753 Rp 4.449.920.417.711 Rp 0,24 0,53 1,14 0,15 2019 791.419.176.854 Rp 3.205.020.519.049 Rp 5.576.085.408.175 Rp 4.792.650.989.851 Rp 0,25 0,57 1,16 0,17 2020 570.134.156.491 Rp 2.315.865.971.850 Rp 6.372.279.460.008 Rp 5.517.092.083.693 Rp 0,09 0,36 1,16 0,04 2021 1.009.892.107.370 Rp 3.406.566.516.185 Rp 6.704.969.336.846 Rp 5.803.337.090.560 Rp 0,15 0,51 1,16 0,09 Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 17.300.872.944 Rp 204.794.915.533 Rp 912.296.806.454 Rp 848.867.045.308 Rp 0,08 0,22 1,07 0,02 2019 2.183.422.760 Rp 174.217.485.575 Rp 911.548.353.995 Rp 851.171.014.226 Rp 0,01 0,19 1,07 0,003 2020 38.092.794.692 Rp 260.590.702.914 Rp 950.302.859.353 Rp 889.352.088.995 Rp 0,04 0,27 1,07 0,01 2021 105.774.816.043 Rp 514.751.928.936 Rp 1.170.069.689.993 Rp 994.658.886.329 Rp 0,09 0,44 1,18 0,05 Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 58.883.226.709 Rp 952.082.106.918 Rp 2.529.031.900.083 Rp 1.326.090.642.486 Rp 0,06 0,38 1,91 0,04 2019 114.385.467.060 -Rp 529.319.793.872 Rp 2.232.894.461.723 Rp 977.502.945.835 Rp -0,22 0,24 2,28 -0,12 2020 449.467.205.524 -Rp 507.616.889.306 Rp 2.998.447.340.020 Rp 1.511.076.248.153 Rp -0,15 0,17 1,98 -0,05 2021 146.697.177.850 Rp 986.888.831.708 Rp 4.527.985.533.142 Rp 4.222.416.026.336 Rp 0,03 0,22 1,07 0,01 Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 26.393 Rp 5.964.650 Rp 7.694.942 Rp 6.316.675 Rp 0,00 0,78 1,22 0,004 2019 332.998 -Rp 7.017.919 Rp 7.741.782 Rp 5.987.681 Rp -0,05 0,91 1,29 -0,06 2020 125.250 Rp 7.110.124 Rp 8.427.782 Rp 6.018.371 Rp 0,01 0,84 1,40 0,02 2021 552.632 Rp 7.143.502 Rp 8.927.585 Rp 6.374.325 Rp 0,06 0,80 1,40 0,07 Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 95.600.579.196 -Rp 806.031.479.570 Rp 2.738.883.586.047 Rp 1.842.720.088.141 Rp -0,12 0,29 1,49 -0,05 2019 75.774.124.275 -Rp 1.002.002.453.771 Rp 3.109.580.950.625 Rp 1.776.625.101.562 Rp -0,08 0,32 1,75 -0,04 2020 14.498.057.988 -Rp 1.283.798.609.174 Rp 4.346.329.088.006 Rp 1.754.736.282.764 Rp 0,00 0,30 2,48 -0,002 2021 222.365.535.169 Rp 1.544.588.719.057 Rp 5.334.583.493.586 Rp 1.987.061.120.774 Rp 0,04 0,29 2,68 0,03 0,26 HOSPITAL CARE 0,17 PRIM MIKA HEAL 0,11 0,02 -0,03 0,009 -0,02 SRAJ SILO SAME
- 4. Analysis of Financial Performance in Health Sector Companies … *Corresponding Author: YohanesIskandar1 www.aijbm.com 12 | Page SILO had a minus ROE in 2019 due to the minus net income that year, so the net profit margin was minus. The highest ROE is in 2021 when compared to the previous year of 0.07. SILO can increase the net profit margin so that the ROE value can increase, especially in net income. The average ROE from 2018-2021 is 0.009. Total asset turnover has a higher contribution when compared to the net profit margin. SRAJ has an average ROE from 2018-2021 which is minus -0.02, this is due to the minus NPM in 2018 and 2019. The ROE in 2021 is not minus with other years because in 2021 SRAJ has a larger net income than in previous years so that it has a high ROE when compared to the previous year. Total asset turnover is more influential when compared to NPM. The average ROE of each company from 2018-2021 when compared to CARE has a higher ROE value when compared to other companies. Table 2. Dupont Analysis Sector Laboratory DGNS and PRDA are laboratory sub-sector companies, it can be seen that DGNS has a higher average ROE compared to PRDA, which is 0.37. Total asset turnover in 2018 and 2021 at DGNS is very high, reaching 1. This can be seen from the two companies that total asset turnover has a greater influence than net profit margin. DGNS has a high ROE value in 2020 as well as PRDA. Table 3. Dupont Analysis Sector Pharmaceutical Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 9.264.752.868 Rp 38.552.837.283 Rp 24.438.543.502 Rp 13.265.585.937 Rp 0,24 1,58 1,84 0,70 2019 9.274.590.830 Rp 51.337.676.973 Rp 59.222.165.382 Rp 46.459.392.519 Rp 0,18 0,87 1,27 0,20 2020 27.748.603.698 Rp 100.693.155.183 Rp 135.574.647.160 Rp 99.066.381.142 Rp 0,28 0,74 1,37 0,280 2021 63.975.396.666 Rp 250.831.441.169 Rp 244.715.005.380 Rp 199.927.045.750 Rp 0,26 1,02 1,22 0,32 Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 175.450 Rp 1.599.757 Rp 1.930.381 Rp 1.562.166 Rp 0,11 0,83 1,24 0,11 2019 210.261 Rp 1.744.271 Rp 2.010.967 Rp 1.659.599 Rp 0,12 0,87 1,21 0,13 2020 268.747 Rp 1.873.375 Rp 2.232.052 Rp 1.788.299 Rp 0,14 0,84 1,25 0,150 2021 511.087 Rp 1.990.644 Rp 2.611.933 Rp 2.140.934 Rp 0,26 0,76 1,22 0,24 0,37 Laboratory DGNS PRDA 0,16 Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 32.736.482.313 -Rp 1.592.979.941.258 Rp 1.442.350.608.575 Rp 496.646.859.858 Rp -0,02 1,10 2,90 -0,07 2019 7.961.966.026 Rp 1.359.175.249.655 Rp 1.383.935.194.386 Rp 504.935.327.036 Rp 0,01 0,98 2,74 0,02 2020 30.020.709 Rp 1.715.587.654.399 Rp 1.713.334.658.849 Rp 430.326.476.519 Rp 0,00 1,00 3,98 0,000 2021 985.577.591 Rp 849.325.491.059 Rp 1.951.216.676.855 Rp 431.312.054.110 Rp 0,00 0,44 4,52 0,00 Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 535.085.322 Rp 8.459.247.287 Rp 11.329.090.864 Rp 4.146.258.067 Rp 0,06 0,75 2,73 0,13 2019 15.890.439 Rp 9.400.535.476 Rp 18.352.877.132 Rp 7.412.926.828 Rp 0,00 0,51 2,48 0,00 2020 20.425.756 Rp 10.006.173.023 Rp 17.562.816.674 Rp 7.105.672.046 Rp 0,00 0,57 2,47 0,003 2021 53.398.193 Rp 5.558.524.127 Rp 17.783.231.635 Rp 7.119.666.596 Rp 0,01 0,31 2,50 0,01 Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 2.497.261.964.757 Rp 21.074.306.186.027 Rp 18.146.206.145.369 Rp 15.294.594.796.354 Rp 0,12 1,16 1,19 0,16 2019 2.537.601.823.645 Rp 22.633.476.361.038 Rp 20.264.726.862.584 Rp 16.705.582.476.031 Rp 0,11 1,12 1,21 0,15 2020 2.799.622.515.814 Rp 23.112.654.991.224 Rp 22.564.300.317.374 Rp 18.276.082.144.080 Rp 0,12 1,02 1,23 0,153 2021 2.324.310.806.853 Rp 19.098.695.082.934 Rp 24.266.776.390.675 Rp 19.991.741.323.829 Rp 0,12 0,79 1,21 0,12 Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 133.292.514 Rp 1.022.969.624 Rp 1.868.663.546 Rp 789.798.337 Rp 0,13 0,55 2,37 0,17 2019 102.310.124 Rp 1.105.420.197 Rp 2.096.719.180 Rp 821.609.349 Rp 0,09 0,53 2,55 0,12 2020 48.665.149 Rp 980.556.653 Rp 1.915.989.375 Rp 740.909.054 Rp 0,05 0,51 2,59 0,066 2021 7.183.102 Rp 225.291.130 Rp 1.956.891.698 Rp 748.092.156 Rp 0,03 0,12 2,62 0,01 Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 8.447.447.988 Rp 250.445.853.364 Rp 187.057.163.854 Rp 118.927.560.800 Rp 0,03 1,34 1,57 0,07 2019 9.342.718.039 Rp 247.114.772.587 Rp 190.786.208.250 Rp 124.725.993.563 Rp 0,04 1,30 1,53 0,07 2020 22.104.364.267 Rp 277.398.061.739 Rp 228.575.380.866 Rp 157.631.750.155 Rp 0,08 1,21 1,45 0,140 2021 15.964.143.325 Rp 406.374.387.971 Rp 627.532.094.552 Rp 182.951.295.387 Rp 0,04 0,65 3,43 0,09 KAEF PYFA PEHA KLBF 0,04 0,15 0,09 0,09 -0,01 Pharmaceutical INAF
- 5. Analysis of Financial Performance in Health Sector Companies … *Corresponding Author: YohanesIskandar1 www.aijbm.com 13 | Page INAF has a very small average ROE of -0.01, this is because in 2018 INAF had a minus net income. INAF has a very small NPM from 2018-2021 this is due to net income where income from sales is so small, in 2018 the net income was at a loss. INAF can increase the level of sales so that it can provide good net income so that it can increase the ROE value. The average ROE of INAF is -0.01. KAEF has an average ROE from 2018-2021 of 0.04 where the NPM from 2018-2021 has decreased lower, this shows that net income from sales is decreasing, causing the NPM to be so small every year. The highest ROE was in 2018 where net income was so high, to increase the value of ROE, KAEF needed to improve the form of NPM. KLBF has a very good asset turnover from 2018-2020 of 1. This proves that KLBF has succeeded in increasing its sales from 2018 to 2020. The net income obtained from 2018-2021 is consistently almost the same, not much different. KLBF has an average ROE of 0.15. PEHA has a high NPM in 2018 because it has a good net income in 2018 but over time it decreases until 2021. It is getting lower when facing a pandemic. PEHA can increase NPM and TATO so that it can increase ROE levels. the average ROE is 0.09. PYFA has a high NPM from 0.08 in 2020 compared to other years, this is evidenced by PYFA having a very high net income in 2020 with net sales of 277 million. however, in 2021 the net sales will be greater than in 2020, which is 406 million but has a lower net income compared to 2020. The average ROE from 2018-2021 is 0.09. Table 4. Dupont Analysis Sector Pharmaceutical SCPI has a high NPM and TATO value in 2020 compared to other years, meaning that SCPI has good net income and good sales in 2020 where during the pandemic it was 0.08 and 1.81. SCPI can increase NPM and TATO to have a higher ROE than before. The average ROE from 2018-2021 has a value of 0.20. SIDO has an increasing NPM value from 2018-2021 this is due to the very good form of income from sales from year to year, but SIDO has low net sales in 2021. SIDO can increase NPM so that it can increase the ROE value. SIDO has an average ROE of 0.19. MERK is a company that has a very high NPM in 2018, so it has more influence on total asset turnover in 2018. BRAND has a higher average ROE compared to other companies of 0.67. Table 5. Dupont Analysis Sector Medical Equipment Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 127.091.642 Rp 2.205.541.657 Rp 1.635.702.779 Rp 502.405.327 Rp 0,06 1,35 3,26 0,25 2019 112.652.526 Rp 1.841.268.073 Rp 1.417.704.185 Rp 617.000.279 Rp 0,06 1,30 2,30 0,18 2020 218.362.874 Rp 2.893.298.079 Rp 1.598.281.523 Rp 832.209.156 Rp 0,08 1,81 1,92 0,262 2021 100.999.258 Rp 1.615.579.389 Rp 1.465.991.131 Rp 953.174.941 Rp 0,06 1,10 1,54 0,11 Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 203.988 -Rp 2.763.292 Rp 3.337.628 Rp 2.902.614 Rp -0,07 0,83 1,15 -0,07 2019 807.689 Rp 3.067.434 Rp 3.536.898 Rp 3.064.707 Rp 0,26 0,87 1,15 0,26 2020 934.016 Rp 3.335.411 Rp 3.849.516 Rp 3.221.740 Rp 0,28 0,87 1,19 0,290 2021 865.498 Rp 2.776.440 Rp 3.650.853 Rp 3.063.616 Rp 0,31 0,76 1,19 0,28 Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 200.651.968 Rp 1.699.657.296 Rp 1.682.821.739 Rp 1.200.261.863 Rp 0,12 1,01 1,40 0,17 2019 221.783.249 Rp 1.813.020.278 Rp 1.829.960.714 Rp 1.306.078.988 Rp 0,12 0,99 1,40 0,17 2020 162.072.984 Rp 1.829.699.557 Rp 1.986.711.872 Rp 1.326.287.143 Rp 0,09 0,92 1,50 0,122 2021 268.063.948 Rp 1.571.319.839 Rp 2.181.433.109 Rp 1.502.014.746 Rp 0,17 0,72 1,45 0,18 Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 1.163.324.165 Rp 611.958.076 Rp 1.263.113.689 Rp 518.280.401 Rp 1,90 0,48 2,44 2,24 2019 78.256.797 Rp 744.634.530 Rp 901.060.986 Rp 594.011.658 Rp 0,11 0,83 1,52 0,13 2020 71.902.263 Rp 655.847.125 Rp 929.901.046 Rp 612.683.025 Rp 0,11 0,71 1,52 0,117 2021 117.789.556 Rp 786.084.291 Rp 925.000.013 Rp 675.816.581 Rp 0,15 0,85 1,37 0,17 Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) Avg ROE 2018 540.378.145.887 Rp 10.088.118.830.780 Rp 7.869.975.060.326 Rp 5.432.848.070.494 Rp 0,05 1,28 1,45 0,10 2019 595.154.912.874 Rp 10.993.842.057.747 Rp 8.372.769.580.743 Rp 5.791.035.969.893 Rp 0,05 1,31 1,45 0,10 2020 834.369.751.682 Rp 10.968.402.090.246 Rp 9.104.657.533.366 Rp 6.377.235.707.755 Rp 0,08 1,20 1,43 0,131 2021 588.475.573.498 Rp 8.345.030.622.817 Rp 9.616.119.910.236 Rp 6.692.238.529.041 Rp 0,07 0,87 1,44 0,09 SIDO SCPI 0,20 0,19 0,16 0,67 0,11 TSPC MERK DVLA
- 6. Analysis of Financial Performance in Health Sector Companies … *Corresponding Author: YohanesIskandar1 www.aijbm.com 14 | Page IRRA has a high NPM value from 2018-2021 this is because it has net income and net sales that are comparable to each other, IRRA can increase NPM so that it can increase the value of ROE. Total asset turnover is more influential when compared to the net profit margin. IRRA has a higher ROE value in 2020 when compared to other years. V. CONCLUSION Based on the calculation and analysis result, the state of the financial performance of the health company sector before the pandemic and until now shows developments in 2020-2021. Some companies did show a consistent increase from 2018-2021, but there were also some companies that had poor financial performance in 2018-2019 but the COVID-19 pandemic showed an increase until 2021. Medical equipment companies showed that there was an increase in financial ratios in 2018. 2020 but in 2021 it will decrease. This is because in 2020 the community, hospitals and other institutions need equipment and equipment to deal with the COVID-19 pandemic. The slowing down of the COVID-19 pandemic in 2021 and the last yesterday's policy that people are not required to use masks outdoors are the highest factors that the need for equipment and equipment has decreased. The need for PCR tests in 2021 has decreased considerably compared to 2020, which is also a factor in the decline in sales and net profit from the medical equipment sector. The health sector strives to strive to maintain safety and the interests of the community and its own employees. The pharmaceutical sector responded well to this, the need for vitamins, supplements, drugs and others gave the pharmaceutical sector an increase in all forms of sales and profits. The health sector strives to strive to maintain safety and the interests of the community and its own employees. The pharmaceutical sector responded well to this, the need for vitamins, supplements, drugs and others gave the pharmaceutical sector an increase in all forms of sales and profits. Distribution to third parties is getting bigger due to a very critical need during the pandemic. The hospital provides excellent performance and services in dealing with the COVID-19 pandemic. The increase in the number of outpatients and inpatients is one of the hospital's very large revenues. The fullness of hospitals in various places indicates that there is a cash flow and the use of all forms of assets. The laboratory is one of the sub-sectors that had excellent financial performance before and until now the COVID-19 pandemic. The Covid-19 pandemic has a major influence in terms of services and checking for the COVID-19 virus so that this sector is the first sector that is directly related to checking the COVID-19 virus, which is growing with the presence of homecare services. ACKNOWLEDGEMENTS This paper is an essence of the thesis entitled “Analysis of Financial Performance in Health Sector Companies Before Covid-19 (2018-2019) to Date (2020-2021), School of Business and Management, Bandung Institute of Technology Indonesia.” REFERENCES [1]. Abdalmuttaleb, M., & Al-Sartawi, M. (2021). The Big Data-Driven Digital Economy: Artificial and Computational Intelligence. Manama, Bahrain: Springer. [2]. Bhimani, A. (2022). Financial Management for Technology Start-ups. London: Kogan Page; 2nd Edition. [3]. Brigham, E., & Houston, J. (2016). Fundamentals of Financial Management. Boston: Cengage Learning. Retrieved from www.cengage.com [4]. Mujtahidah, I. (2016). PengaruhRasioLikuiditas, RasioAktivitas dan RasioSolvabilitasTerhadapProfitabilitas. JurnalIlmu dan RisetManajemen, 5(11), 1-18. [5]. Sheela, S. C., & Karthikeyan, K. (2012). Financial Performance of Pharmaceutical Industry in India using DuPont Analysis. European Journal of Business and Management, 4(14), 84-91. *Corresponding Author: YohanesIskandar1 1 (School of Business Management, Bandung Institute of Technology, Indonesia) Year Net Income (A) Net Sales (B) Total Asset (C) Total Equity (D) NPM E = (A/B) TATO F = (B/C) FL G = (C/D) ROE (E X F X G) 2018 32.260.851.611 Rp 265.629.263.406 Rp 136.260.537.550 Rp 66.643.022.539 Rp 0,12 1,95 2,04 0,48 2019 33.205.208.231 Rp 281.751.896.998 Rp 325.432.978.377 Rp 235.169.101.241 Rp 0,12 0,87 1,38 0,14 2020 60.521.992.500 Rp 563.887.706.317 Rp 535.270.961.113 Rp 242.331.720.464 Rp 0,11 1,05 2,21 0,250 2021 50.744.519.731 Rp 565.178.224.311 Rp 975.056.557.952 Rp 275.113.130.214 Rp 0,09 0,58 3,54 0,18 Medical Equipment IRRA