Reading Profitability through Cost, Profit, and Customer Perspectives: Evidence from PT Siantar Top Tbk, 2021-2025
Keywords:
Cost-Volume-Profit Analysis, Customer Profitability Analysis, Earnings Quality, Profitability, Related-Party Transactions.Abstract
Profitability assessment requires distinguishing operating costs, earnings composition, and customer relationships rather than relying exclusively on reported profit. This study examined PT Siantar Top Tbk during 2021–2025 through integrated cost, profit, and customer perspectives. A descriptive quantitative single-case design used secondary data from publicly available consolidated financial statements and annual reports. Cost analysis evaluated expenditure structures and cost-volume-profit indicators under baseline and alternative cost classifications. Profit analysis assessed margins, returns on assets and equity, and the components of net earnings, while customer analysis examined distributor sales concentration and receivables. The cost-of-goods-sold ratio peaked at 79.12% in 2022, identifying the weakest operating year. The baseline margin of safety reached 67.6% in 2025, compared with 48.3% under the alternative classification. Gross profit margin increased to 31.62% in 2025, although net profit declined by 10.2% despite operating profit growth of 4.7%. Lower non-operating income, higher tax expense, and expanding liquid assets contributed to diverging profitability indicators. Related-party distributor PT Semestanustra Distrindo accounted for 56.84% of 2025 sales, with receivables equivalent to 52.0 days versus 36.3 days for third-party customers. Its individual profitability remained unmeasurable because customer-specific costs were undisclosed. These findings underscore the limitations of interpreting corporate profitability solely through isolated financial indicators.
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