Evaluasi Kinerja Keuangan BUMN Sektor Ketenagalistrikan: Studi Kasus PT PLN (Persero) UP3 Pekanbaru
DOI:
https://doi.org/10.35870/jemsi.v12i1.5747Keywords:
Financial Performance, Financial Ratios, State-Owned Enterprises, PLN, KEP-100/MBU/2002Abstract
This study aims to evaluate the financial performance of PT PLN (Persero) UP3 Pekanbaru for the period 2023–2024 using profitability, liquidity, activity, and solvency ratios, based on the national assessment standard KEP-100/MBU/2002 for state-owned enterprises. The analysis seeks to determine the company’s financial effectiveness and its implications for operational sustainability. This research employed a quantitative descriptive approach using secondary financial data. Financial ratios including Return on Equity, Return on Asset, Current Ratio, Cash Ratio, Receivable Turnover, Inventory Turnover, Total Asset Turnover, and equity-to-total asset ratio were calculated and assessed against the BUMN performance criteria established by the Ministry of State-Owned Enterprises. The results indicate an increase in ROE from 12% to 13% and ROA from 8% to 9%. However, this improvement was driven by a decrease in equity and assets rather than an increase in net income. Liquidity ratios remained below ideal standards, activity ratios were relatively stable, and solvency ratios were categorized as highly healthy. The overall performance score improved from 29.5 to 30.5, reflecting moderate progress. This study provides empirical evidence on the financial sustainability of a national electricity utility and highlights the importance of asset optimization and liquidity enhancement. The findings serve as a strategic reference for policymakers and offer a foundation for future research in public sector financial performance.suggest that companies need to be more proactive in fulfilling social and environmental responsibilities to enhance investor trust and market value.
Downloads
References
Ahmed, R., Chen, X. H., Kumpamool, C., & Nguyen, D. T. K. (2023). Inflation, oil prices, and economic activity in recent crisis: Evidence from the UK. Energy Economics, 126, 106918. https://doi.org/10.1016/j.eneco.2023.106918.
Akbar, M., & Nugraha, R. (2025). Analysis of the impact of liquidity ratios, activity ratios, and leverage ratios on profitability with firm size as a moderating variable (An empirical study of transportation sector companies listed on the Jakarta Stock Exchange from 2018 to 2022). Journal of Social Research, 4(3), 413–428. https://doi.org/10.55324/josr.v4i3.2454.
Armono, D. (2024). Profitability ratio analysis as a basis for financial performance assessment. Proceeding International Conference on Accounting and Finance, 205–209.
Biehl, H., Bleibtreu, C., & Stefani, U. (2024). The real effects of financial reporting: Evidence and suggestions for future research. Journal of International Accounting, Auditing and Taxation, 54, 100594. https://doi.org/10.1016/j.intaccaudtax.2023.100594.
Bougie, R., & Sekaran, U. (2020). Research methods for business: A skill-building approach (8th ed.). John Wiley & Sons, Inc.
Brigham, E. F., & Houston, J. F. (2022). Fundamentals of financial management (16th ed.). Cengage.
Cobbinah, B. B., Yang, W., Sarpong, F. A., & Nyantakyi, G. (2024). From risk to reward: Unveiling the multidimensional impact of financial risks on the performance of Ghanaian banks. Heliyon, 10(23), e40777. https://doi.org/10.1016/j.heliyon.2024.e40777.
Damayanti, D. A., Taujiharrahman, D., & Fikri Ghozali, I. (2022). Liquidity ratio analysis in measuring company financial health at PT. Indofood CBP Sukses Makmur Tbk. Velocity: Journal of Sharia Finance and Banking, 2(1), 34–44. https://doi.org/10.28918/velocity.v2i1.5167.
Dang, T. H.-N., Balli, F., Balli, H. O., & Nguyen, H. (2024). Firm productivity in the energy-electricity sector over the last two decades with crisis: The role of cross-listing. Energy Economics, 130, 107309. https://doi.org/10.1016/j.eneco.2024.107309.
Dratwińska-Kania, B., Ferens, A., & Kania, P. (2023). Transparent reporting on financial assets as a determinant of a company’s value—A stakeholder’s perspective during the SARS-CoV-2 pandemic and beyond. Sustainability, 15(3), 2065. https://doi.org/10.3390/su15032065.
Gudo, J. (2024). Civil society organisations and state-owned enterprises in South Africa: Promoting accountability and corporate governance (1st ed.). Routledge. https://doi.org/10.4324/9781003390701.
Halıcı, A., & Erhan, D. U. (2013). Structuring strategic management with ratio analysis method: A case study in the transition to SME TFRS process. Procedia - Social and Behavioral Sciences, 99, 947–955. https://doi.org/10.1016/j.sbspro.2013.10.568.
Harinurdin, E. (2023). The influence of financial ratio and company reputation on company stock prices in the financial sector. ICVEAST, 47. https://doi.org/10.3390/proceedings2022083047.
Hermanto, Y. B., Lusy, L., & Widyastuti, M. (2021). How financial performance and state-owned enterprise (SOE) values are affected by good corporate governance and intellectual capital perspectives. Economies, 9(4), 134. https://doi.org/10.3390/economies9040134.
Im, C., Rong, X., Kim, M.-I., & Bae, J.-C. (2025). Does state-owned enterprises’ performance evaluation detect earnings manipulation? Sustainability, 17(9), 3827. https://doi.org/10.3390/su17093827.
Johan, S., & Ginting, A. M. (2022). Determinasi konsumsi listrik di Indonesia. Media Ekonomi, 30(1), 106–117. https://doi.org/10.25105/me.v30i1.10662.
Keputusan Menteri Badan Usaha Milik Negara Nomor: Kep-100/Mbu/2002 Tentang Penilaian Tingkat Kesehatan Badan Usaha Milik Negara, Pub. L. No. Kep-100/Mbu/2002 (2002). https://www.regulasip.id/regulasi/2745.
King, M., Popp, M., Anderson, J., Connor, L., & Kee, J. (2025). Solar investment analysis: Effects of electricity rate structure and financing terms on financial leverage, after-tax cash flow, and profitability. Agricultural Finance Review, 85(3), 397–415. https://doi.org/10.1108/AFR-01-2024-0003.
Mahrani, M., & Soewarno, N. (2018). The effect of good corporate governance mechanism and corporate social responsibility on financial performance with earnings management as a mediating variable. Asian Journal of Accounting Research, 3(1), 41–60. https://doi.org/10.1108/AJAR-06-2018-0008.
Mastoi, M. S., Munir, H. M., Zhuang, S., Hassan, M., Usman, M., Alahmadi, A., & Alamri, B. (2022). A comprehensive analysis of the power demand–supply situation, electricity usage patterns, and the recent development of renewable energy in China. Sustainability, 14(6), 3391. https://doi.org/10.3390/su14063391.
Medeline Effendie, J., Henny A. Manafe, & Stanis Man. (2022). Analysis of the effect of liquidity ratios, solvency, and activity on the financial performance of the company. Dinasti International Journal of Economics, Finance & Accounting, 3(5), 541–550. https://doi.org/10.38035/dijefa.v3i5.1507.
Meidawati, N., & Ramadhani, A. (2025). Determinants: Kinerja keuangan perusahaan sebuah studi di pasar modal Indonesia. Proceeding of National Conference on Accounting & Finance, 24–36.
Mouzas, S., & Bauer, F. (2022). Rethinking business performance in global value chains. Journal of Business Research, 144, 679–689. https://doi.org/10.1016/j.jbusres.2022.02.012.
Nam, N. H. P., & Tuyen, T. T. M. (2024). Impact of liquidity on capital structure and financial performance of non-financial listed companies in the Vietnam stock market. Future Business Journal, 10(1), 126. https://doi.org/10.1186/s43093-024-00412-7.
Otoo, F. N. K. (2024). Assessing the influence of financial management practices on organizational performance of small- and medium-scale enterprises. Vilakshan - XIMB Journal of Management, 21(2), 162–188. https://doi.org/10.1108/XJM-09-2023-0192.
Park, C. (2021). Enhancing the transparency and accountability of state-owned enterprises. In F. Taghizadeh-Hesary, N. Yoshino, C. J. Kim, & K. Kim (Eds.), Reforming state-owned enterprises in Asia (pp. 21–39). Springer Singapore. https://doi.org/10.1007/978-981-15-8574-6_2.
Pratiwi, R. I., Ah, H., & Kusumawati, A. (2024). The influence of transparency, governance, and financial accountability in managing financial reporting in the public sector. International Journal of Educational and Life Sciences, 2(10), 1165–1180. https://doi.org/10.59890/ijels.v2i10.2571.
Ramdhan, A. N., Yulianti, N. A., & Parlina, N. D. (2025). Profitability ratio analysis to measure the financial performance of food and beverage companies for the period of 2020 – 2023. IJEBD (International Journal of Entrepreneurship and Business Development), 8(2), 315–330. https://doi.org/10.29138/ijebd.v8i2.3234.
Rejison, P. (2025). Identifying the importance of financial statements in strategic decision making. SSRN. https://doi.org/10.2139/ssrn.5083705.
Restrepo, N., & Uribe, J. M. (2023). Cash flow investment, external funding, and the energy transition: Evidence from large US energy firms. Energy Policy, 181, 113720. https://doi.org/10.1016/j.enpol.2023.113720.
Safi, S. K., Dorgham, M. M., & Allaloul, S. A. (2024). Impact of senior management’s financial intelligence on the financial performance of banks and insurance companies in the Gaza Strip. Discover Sustainability, 5(1), 84. https://doi.org/10.1007/s43621-024-00232-3.
Schnackenberg, A. K., & Tomlinson, E. C. (2016). Organizational transparency: A new perspective on managing trust in organization-stakeholder relationships. Journal of Management, 42(7), 1784–1810. https://doi.org/10.1177/0149206314525202.
Seretidou, D., Billios, D., & Stavropoulos, A. (2025). Integrative analysis of traditional and cash flow financial ratios: Insights from a systematic comparative review. Risks, 13(4), 62. https://doi.org/10.3390/risks13040062.
Sofian, S. C., & Handoyo, S. E. (2025). Pengaruh kepercayaan, kepuasan, pengalaman, dan kualitas layanan terhadap loyalitas pelanggan pada nasabah bank digital di Jakarta. Jurnal Manajemen Bisnis Dan Kewirausahaan, 9(1), 71–82. https://doi.org/10.24912/jmbk.v9i1.33836.
Strielkowski, W., Civín, L., Tarkhanova, E., Tvaronavičienė, M., & Petrenko, Y. (2021). Renewable energy in the sustainable development of the electrical power sector: A review. Energies, 14(24), 8240. https://doi.org/10.3390/en14248240.
Subramanyam, K. R. (2014). Financial statement analysis (11th ed.). McGraw-Hill Education.
Sukardi. (2022). Analisis kinerja keuangan perusahaan BUMN bidang konstruksi bangunan yang listed di Bursa Efek Indonesia sebelum dan selama pandemi Covid-19. Jurnal Aplikasi Bisnis, 19(2), 298–311. https://doi.org/10.20885/jabis.vol19.iss2.art10.
Topyan, K., Wang, C.-J., & Boliari, N. (2025). The impact of ownership structure on financing of U.S. energy utilities: An empirical investigation. Corporate Ownership and Control, 22(2), 141. https://doi.org/10.22495/cocv22i2art13.
Wang, F., & Liao, H. (2022). Unexpected economic growth and oil price shocks. Energy Economics, 116, 106430. https://doi.org/10.1016/j.eneco.2022.106430.
Warongan, M. S. J., Ilat, V., & Gerungai, N. (2018). Analisis rasio arus kas dalam menilai kinerja keuangan pada PT. PLN (Persero) wilayah Suluttenggo. Going Concern: Jurnal Riset Akuntansi, 13(02). https://doi.org/10.32400/gc.13.02.19643.2018.
Wiryawan, I., Pratama, S. B. A. Y., Lestari, H. S., & Margaretha, F. (2024). The effect of operational efficiency on the financial performance of banks in Indonesia. Jurnal Ekonomi, 13(03), 1806–1813.
Yeo, H. (2016). Solvency and liquidity in shipping companies. The Asian Journal of Shipping and Logistics, 32(4), 235–241. https://doi.org/10.1016/j.ajsl.2016.12.007.
Yu, J. (2024). Factors affecting return on assets in the renewable energy sector during supply chain disruptions. Journal of Risk and Financial Management, 17(6), 253. https://doi.org/10.3390/jrfm17060253.
Yusuf, W. E., & Hariani, S. (2024). The effect of receivables turnover, inventory turnover, and current ratio on profitability. Jurnal Ilmiah Manajemen Dan Bisnis, 10(1), 1. https://doi.org/10.22441/jimb.v9i3.18482.
Zeb, K., Ali, S. M., Khan, B., Mehmood, C. A., Tareen, N., Din, W., Farid, U., & Haider, A. (2017). A survey on waste heat recovery: Electric power generation and potential prospects within Pakistan. Renewable and Sustainable Energy Reviews, 75, 1142–1155. https://doi.org/10.1016/j.rser.2016.11.096.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Aulya Putri Andini Nasution, Kartini Kartini
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
