Analisis Profitabilitas Berdasarkan Biaya, Laba, dan Pelanggan untuk Menilai Kinerja pada PT Waskita Karya (Persero) Tbk

Abstract

PT Waskita Karya (Persero) Tbk has reported a net loss every year despite an increase in gross profit, so the sources of its profitability pressures need to be further investigated. This study aims to analyze the company’s profitability for the 2021–2025 period based on costs, profits, and customers. The method used is quantitative descriptive analysis with secondary data from the company’s financial statements and annual reports. Cost analysis employs cost proportions, efficiency ratios for cost of goods sold and operating expenses, the profit-to-cost ratio, and trend analysis. Profit analysis uses gross profit margin, net profit margin, return on assets, and return on equity. Customer analysis uses revenue composition by customer group, concentration of major customers, and the ratio of accounts receivable to revenue. The results show that all cost ratios are negative, with the worst conditions occurring in 2023 and improving in 2024–2025. The average Gross Profit Margin remains positive, but the Net Profit Margin, Return on Assets, and Return on Equity are all below industry standards. On the customer side, revenue is concentrated in the Ministry of Public Works and Public Housing (PUPR) and affiliated toll road entities, while the accounts receivable-to-revenue ratio rose from 12.20% in 2022 to 27.79% in 2025. Pressure on profitability stems primarily from expenses outside of gross profit, while customer concentration and slow accounts receivable collection are reducing the quality of earnings. The company needs to strengthen cost controls, manage financial expenses, and diversify its customer base.