Analisis Perbandingan Laporan Keuangan Menggunakan Teknik Horizontal dan Vertikal: Studi Komparatif Pada PT Cisadane Sawit Raya Tbk, PT Astra Agro Lestari Tbk, dan PT Sawit Sumbermas Sarana Tbk Periode 2023–2024
DOI:
https://doi.org/10.35870/jemsi.v12i5.7100Keywords:
Horizontal Analysis, Vertical Analysis, Financial Statements, CPO, Financial PerformanceAbstract
This study aims to analyze and compare the financial performance of PT Cisadane Sawit Raya Tbk (CSRA), PT Astra Agro Lestari Tbk (AALI), and PT Sawit Sumbermas Sarana Tbk (SSMS) for the 2023–2024 period amid sustained global CPO price pressure. A quantitative descriptive method was employed using secondary data in the form of audited annual consolidated financial reports sourced from the Indonesia Stock Exchange (IDX). Horizontal and vertical analysis techniques were applied to the balance sheet and income statement of each company. The results show that all three issuers responded to falling CPO prices through divergent strategies: CSRA pursued aggressive asset expansion, AALI implemented cost consolidation, and SSMS executed active deleveraging that drove a 62.97% surge in net profit despite a slight revenue decline. Vertical analysis further reveals structural disparities, with CSRA recording the highest net margin (20.14%), SSMS achieving the largest gross margin improvement (+5.02 percentage points), and AALI bearing the highest structural COGS burden (84.69%) owing to the complexity of cross- island operations. This study concludes that uniform external pressures do not produce homogeneous financial adaptation patterns; outcomes are instead strongly determined by each company’s capital structure, operational scale, and strategic priorities. These findings offer practical guidance for investors and company management in evaluating palm oil issuers beyond conventional ratio analysis.
Downloads
References
Anggraini, M., Maharani, V., Mahadharma, D. A. C., & Sujarno, A. A. (2022). Analisis kinerja keuangan perusahaan sawit di Indonesia dengan menggunakan time series dan cross section. Inisiatif: Jurnal Ekonomi, Akuntansi dan Manajemen, 2(1), 121–144. https://doi.org/10.30640/inisiatif.v2i1.461.
De Angel, D. P., Farrensyah, I. E., Adii, L. Y., Putri, N., & Wardhani, R. S. (2024). Penggunaan rasio keuangan untuk membandingkan kinerja keuangan perusahaan kelapa sawit pada PT Astra Agro Tbk dengan PT Provident Agro Tbk periode 2018–2022. Jurnal Ilmiah Akuntansi, Manajemen dan Ekonomi Islam (JAM-EKIS), 7(1), 88–105.
Farida, I., Suharti, T., & Yudhawati, D. (2019). Analisis metode common size untuk mengukur kinerja keuangan pada perusahaan. Manager: Jurnal Ilmu Manajemen, 2(2), 56. https://doi.org/10.32832/manager.v2i2.2561.
Gunadi, J., Ivada, E. P., Kurniawan, G. O., & Cahyasari, D. (2025). Analisis laporan keuangan kinerja dan pertumbuhan dalam industri perhotelan dengan metode analisis vertikal dan horizontal pada PT Hotel Sahid Jaya Internasional. AKUA: Jurnal Akuntansi dan Keuangan, 4(1), 77–86. https://doi.org/10.54259/akua.v4i1.3697.
Harahap, S. S. (2009). Analisis kritis atas laporan keuangan (Edisi 1). RajaGrafindo Persada.
Kasmir. (2018). Analisis laporan keuangan (Edisi Revisi). RajaGrafindo Persada.
Kennedy, P. S. J. (2023). Analisis laporan keuangan: Bab 8 analisis tren dan perbandingan industri. Jakarta: Universitas Kristen Indonesia Press.
Mulyana, A., Susilawati, E., Phety, D. T. O., Setiajatnika, E., Ikhram, F., Lesmana, K. K., & Kurniawan, R. (2024). Analisa laporan keuangan. TOHAR MEDIA.
Olayinka, A. A. (2022). Financial statement analysis as a tool for investment decisions and assessment of companies' performance. International Journal of Financial, Accounting, and Management, 4(1), 49–66. https://doi.org/10.35912/ijfam.v4i1.852.
Purwasih, R., & Munandar, A. (2023). Analisis laporan keuangan menggunakan metode vertikal dan horizontal untuk mengevaluasi kinerja keuangan pada PT Mandom Indonesia Tbk. Jurnal Manajemen dan Bisnis Ekonomi, 1(4), 196–221.
Sari, P. A., & Hidayat, I. (2022). Analisis laporan keuangan. Penerbit Akademia.
Sari, R. K., Wati, F. F., & Kuhon, F. (2021). Analisis laporan keuangan menggunakan metode vertikal horizontal untuk mengevaluasi kinerja keuangan pada PT Mandom Indonesia Tbk. Jurnal Sistem Informasi Akuntansi (JASIKA), 1(1), 11–17.
Sukamulja, S. (2024). Analisis laporan keuangan sebagai dasar pengambil keputusan investasi (Edisi Revisi). Penerbit Andi.
Wahlen, J. M., Baginski, S. P., & Bradshaw, M. T. (2022). Financial reporting, financial statement analysis, and valuation: A strategic perspective (9th ed.). Cengage Learning.
Yap, B. W., Munuswamy, S., & Mohamed, Z. (2012). Evaluating company failure in Malaysia using financial ratios and logistic regression. Asian Journal of Finance & Accounting, 4(1), 330–344. https://doi.org/10.5296/ajfa.v4i1.1752.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Laila Laila, Sri Suartini, Carolyn Lukita
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.
