Kurniawan, Fikri Edriko (2026) ANALISIS KINERJA KEUANGAN PERUM PERHUTANI MENGGUNAKAN METODE DUPONT ANALYSIS DAN ECONOMIC VALUE ADDED (EVA) PERIODE 2021–2025. Undergraduate thesis, UPN Veteran Jawa Timur.
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Abstract
Financial performance evaluation plays a crucial role in assessing the sustainability and accountability of state-owned enterprises (BUMN), particularly those operating in strategic sectors such as forestry. These enterprises are required to balance economic performance with environmental and social responsibilities, making comprehensive financial Analysis essential for measuring efficiency, profitability, and long-term value creation. Perum Perhutani, as a state-owned forestry enterprise, demonstrates a paradoxical financial condition where the company maintained relatively high revenue levels while profitability indicators such as Net Profit Margin (NPM) and Return on Equity (ROE) have consistently declined. Prior studies often examine DuPont Analysis or EVA separately and focus on profit-oriented firms, with limited integration of these methods in evaluating BUMN performance in forestry contexts. This study aims to analyze and evaluate the financial performance of Perum Perhutani during the 2021–2025 period by integrating DuPont Analysis and Economic Value Added (EVA), as well as identifying the root causes of value destruction using Root Cause Analysis. ROE decreased from its peak 4.61% to 0.66%, primarily driven by declining NPM, while Total Asset Turnover and Equity Multiplier remained relatively stable. EVA was negative in most years, indicating that returns did not exceed the cost of capital, largely due to declining operating profits and increasing capital employed. This study integrates DuPont Analysis and EVA to provide a more comprehensive evaluation of financial and economic performance in a forestry-based state-owned enterprise. The results suggest that companies should incorporate EVA as a complementary performance metric alongside traditional profitability ratios. Managerial actions should focus on improving operational efficiency, optimizing asset utilization, and accelerating business diversification beyond primary commodities. From a policy perspective, adjustments may be required to account for the dual economic and social roles of BUMN in performance evaluation frameworks.
| Item Type: | Thesis (Undergraduate) | ||||||||
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| Subjects: | H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management H Social Sciences > HG Finance > HG4001-4285 Finance management. Business finance. Corporation finance H Social Sciences > HG Finance > HG4501-6051 Investment, capital formation, speculation |
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| Divisions: | Faculty of Engineering > Departement of Industrial Engineering | ||||||||
| Depositing User: | Fikri Edriko Kurniawan | ||||||||
| Date Deposited: | 29 May 2026 07:01 | ||||||||
| Last Modified: | 29 May 2026 08:05 | ||||||||
| URI: | https://repository.upnjatim.ac.id/id/eprint/53214 |
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