FINANCIAL PERFORMANCE ANALYSIS, EVALUATION, AND FINANCIAL HEALTHINESS OF PT GARUDA INDONESIA TBK (GIAA) BEFORE AND DURING COVID IN THE 2016-2023 PERIOD THESIS By Dian Utami Wulaningsih 22232014 Thesis Supervisor:

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Wulaningsih, Dian Utami (2024) FINANCIAL PERFORMANCE ANALYSIS, EVALUATION, AND FINANCIAL HEALTHINESS OF PT GARUDA INDONESIA TBK (GIAA) BEFORE AND DURING COVID IN THE 2016-2023 PERIOD THESIS By Dian Utami Wulaningsih 22232014 Thesis Supervisor:. Graduate thesis, institute ipmi.

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Abstract

The COVID-19 pandemic has affected every sector in the world, particularly the economy. One sector that is closely related to tourism is the transportation sector. In Indonesia, the biggest air transport that has been affected by the pandemic is Garuda Indonesia. Garuda Indonesia flew 10.81 million passengers, down 66.11% in 2020 compared to 31.89 million passengers in 2019. This study aimed to measure and analyze PT Garuda Indonesia Tbk's (GIAA) financial performance and financial health before and during the COVID-19 pandemic. A quantitative research methodology is employed in this study, which makes use of secondary data from 28 GIAA quarterly financial statements covering the years 2016 2023. Evaluating the company's financial health based on Altman Z-Score was also carried out in 2016 2023. The methodology for measuring and analyzing financial performance is based on eight financial ratios and a statistical one-tailed two-dependent samples test was applied to validate significance. Key financial ratios such as ROE, Total Asset Turnover Ratio, Cash Ratio, and Debt to Equity Ratio, Total Equity to Total Asset Ratio, and Current Ratio, showed marked declines, indicating severe financial distress. While ROA and Collection Period ratios did not exhibit differences, Altman Z-Score demonstrated that Garuda's financial health was notably better before the pandemic. The Altman Z-Score, reflecting overall financial stability, also worsened during the pandemic, with a significant drops. This analysis underscores the pandemic's severe impact on Garuda Indonesia's financial stability. Keywords: Airline Company; Altman Z-Score, Financial Performance, COVID-19

Item Type: Thesis (Graduate)
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Thesis > Master of Business Administration
Depositing User: sandra margaretha
Date Deposited: 18 Jul 2025 06:55
Last Modified: 18 Jul 2025 06:55
URI: http://repository.ipmi.ac.id/id/eprint/2776

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