Musytari : Jurnal Manajemen, Akuntansi, dan Ekonomi

Vol. 25 No. 10 (2026): Musytari: Neraca Manajemen, Akuntansi, dan Ekonomi, ISSN 3025-9495
Articles

Analisis Rasio Profitabilitas dalam Menilai Kinerja Keuangan Perusahaan pada PT Victoria Care Indonesia Tbk

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  • Laila Kamal,
  • Queenanda Bintang Az-Zahra,
  • Annastika Defi Kurniawati,
  • Risky Budianto
Laila Kamal
Universitas Negeri Surabaya
Queenanda Bintang Az-Zahra
Universitas Negeri Surabaya
Annastika Defi Kurniawati
Universitas Negeri Surabaya
Risky Budianto
Universitas Negeri Surabaya

Published 2026-10-01

Keywords

  • Profitability,
  • Financial Performance,
  • PT Victoria Care Indonesia Tbk

How to Cite

Analisis Rasio Profitabilitas dalam Menilai Kinerja Keuangan Perusahaan pada PT Victoria Care Indonesia Tbk. (2026). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 25(10). https://journal.cib.institute/index.php/musytari/article/view/4714

Abstract

This study aims to analyze the profitability trends of PT Victoria Care Indonesia Tbk from 2021 to 2025, linking them to cost management, profit, and sales activities. A descriptive quantitative approach with a case study design was employed. Data were sourced from the company's financial statements and annual reports and analyzed using ratios such as Gross Profit Margin (GPM), Operating Profit Margin (OPM), Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE), alongside GPM by business segment. The results indicate fluctuating profitability: it peaked in 2021, driven by a surge in demand for antiseptic products during the pandemic; hit a low in 2022 due to post-pandemic normalization and rising sales expenses; improved in 2023; and subsequently weakened again in 2024–2025. While GPM remained relatively stable above 49%—indicating efficient production costs—OPM, NPM, ROA, and ROE were pressured by operating expenses growing faster than revenue. The Body Care & Antiseptic segment recorded the highest GPM, and the Hair Care segment showed greater stability, whereas the Others segment exhibited the most volatility.
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References

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