Comparative Profitability Analysis of PT Indofood CBP Sukses Makmur Tbk Before and After the Acquisition of Pinehill Company Limited (2018–2022)
DOI:
https://doi.org/10.65310/saxnb959Keywords:
Acquisition, Asset Turnover, Net Profit Margin, Return on Assets, Return on Equity.Abstract
This study examined changes in the profitability of PT Indofood CBP Sukses Makmur Tbk surrounding its acquisition of Pinehill Company Limited during 2018–2022. A quantitative descriptive-comparative single-case design was applied using secondary data from published annual financial reports. Net profit margin (NPM), return on assets (ROA), return on equity (ROE), and asset turnover were calculated annually. The analysis compared 2018–2019 with 2021–2022, while excluding 2020 from period averages because Pinehill's earnings were consolidated for only approximately four months. Average ROA declined from 13.70% to 5.83%, ROE from 20.31% to 12.18%, and NPM from 12.40% to 11.38%. The sharper decreases in ROA and ROE reflected a substantially expanded asset and equity base, including acquisition-related goodwill, relative to earnings growth. Increasing borrowing costs and unrealized foreign-exchange losses further constrained reported profitability in 2022 despite rising sales. Overseas sales represented approximately 27–29% of consolidated revenue in 2021–2022, indicating expanded international market exposure. The findings demonstrate that growth in operational scale was not accompanied by proportional improvements in capital-based returns during the initial post-acquisition years, and underscore the importance of examining underlying accounting components. Given the short observation period and absence of inferential testing, the results describe financial associations rather than establishing acquisition-related causality
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