Kharisma Fitri Hapsari

Net Profit Margin sebagai Indikator Kinerja Keuangan Industri Agrifood Subsektor Peternakan Unggas Terintegrasi di Bursa Efek Indonesia

Introduction

Net profit margin sebagai indikator kinerja keuangan industri agrifood subsektor peternakan unggas terintegrasi di bursa efek indonesia . Analisis Net Profit Margin (NPM) kinerja keuangan industri peternakan unggas terintegrasi di BEI (2019-2024). Temukan faktor stabilitas profitabilitas di tengah gejolak harga pakan.

Abstract

The integrated poultry agrifood subsector plays a strategic role in Indonesia’s national economy and food security. However, it faces significant challenges arising from fluctuations in feed raw material prices, particularly corn and soybean meal, which directly affect corporate profitability. This study aims to analyze and compare the profitability performance of integrated poultry agrifood companies listed on the Indonesia Stock Exchange during the 2019–2024 period, using Net Profit Margin (NPM) as the primary indicator. The research adopts a descriptive quantitative approach through financial ratio analysis, utilizing secondary data obtained from the financial statements and annual reports of five companies: PT Charoen Pokphand Indonesia Tbk, PT Japfa Comfeed Indonesia Tbk, PT Malindo Feedmill Tbk, PT Sreeya Sewu Indonesia Tbk, and PT Widodo Makmur Unggas Tbk. The results indicate that companies with larger business scale and higher levels of vertical integration tend to achieve higher and more stable NPM values throughout the observation period. Firms such as CPIN and JPFA were able to maintain positive NPM despite rising feed cost pressures during the 2021–2023 period, while companies with lower cost efficiency exhibited more volatile and even negative NPM. These findings highlight that efficient feed cost management, reflected in NPM stability and supported by value chain integration and technology-based operational efficiency, is a key determinant of sustainable profitability in the integrated poultry agrifood subsector amid volatile input prices.

Review

This study critically examines the financial performance of integrated poultry agrifood companies listed on the Indonesia Stock Exchange, a subsector deemed strategic for national food security and economic stability. The research effectively leverages Net Profit Margin (NPM) as the primary indicator to analyze and compare profitability across five major players—PT Charoen Pokphand Indonesia Tbk, PT Japfa Comfeed Indonesia Tbk, PT Malindo Feedmill Tbk, PT Sreeya Sewu Indonesia Tbk, and PT Widodo Makmur Unggas Tbk—over the 2019–2024 period. Utilizing a descriptive quantitative approach based on financial ratio analysis of secondary data, the methodology is sound for its stated objective of assessing profitability in the face of significant challenges such as fluctuating feed raw material prices. The findings offer valuable insights into the determinants of sustainable profitability within this volatile industry. The study convincingly demonstrates a correlation between business scale, vertical integration, and NPM stability, highlighting that larger, more integrated firms like CPIN and JPFA are better positioned to maintain positive NPM even amidst severe cost pressures (e.g., during 2021–2023). Conversely, companies with less efficient cost management strategies exhibit more volatile or negative NPMs, underscoring the critical impact of feed cost fluctuations on profitability. The analysis effectively pinpoints efficient feed cost management, supported by robust value chain integration and technology-driven operational efficiency, as the cornerstone for resilience against input price volatility. While the study provides a robust snapshot of profitability dynamics, focusing on NPM offers a clear but singular lens. Future research could benefit from incorporating a broader set of financial ratios, such as Gross Profit Margin, Return on Assets, or liquidity ratios, to provide a more holistic understanding of financial health and operational efficiency. Additionally, while the descriptive quantitative approach effectively highlights trends, exploring econometric models could help establish causal relationships between integration levels, technology adoption, and profitability with greater statistical rigor. Nonetheless, this research offers significant practical implications for industry stakeholders and policymakers, emphasizing the strategic importance of integration and advanced operational management in ensuring the long-term viability of Indonesia's integrated poultry agrifood subsector.

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