The Impact of the Covid-19 Pandemic on Financial Performance: Evidence from State-Owned Infrastructure and Non-Infrastructure Companies Listed on the Indonesia Stock Exchange
Keywords:
Covid-19; Financial Performance; SOEs; Capital Market
Abstract
This study aims to analyze and compare the performance of SOEs in the infrastructure and non-infrastructure sectors listed on the Indonesia Stock Exchange (IDX) for the 2019–2021 period. The method used is quantitative descriptive with secondary data in the form of annual performance values and corporate health predicates based on the assessment set. The results show that the performance of infrastructure SOEs fluctuated with a significant decrease in 2020 (50.68) due to the COVID-19 pandemic, then recovered in 2021 (55.05) in line with government stimulus and the acceleration of strategic projects. Meanwhile, non-infrastructure SOEs also recorded a sharp decline in 2020 (43.75) and experienced a slower recovery in 2021 (49.82), not yet reaching pre-pandemic levels. Comparatively, infrastructure SOEs consistently have higher performance values than non-infrastructure throughout the observation period. Based on a three-year average, both sectors are in the "Less Healthy" category, with the predicate BBB for infrastructure and BB for non-infrastructure. The study's conclusions confirm that although both sectors faced pressures during the crisis, infrastructure SOEs showed better resilience and recovery, so different policy interventions are needed to strengthen the performance of each sector going forward.
References
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Marginingsih, R. (2017). Assessment of company performance using financial ratio analysis in telecommunication companies in Indonesia. Horizon - Journal of Humanities, 17(1), 21.
Masri, H. A. Z. (2020). Analysis Of Financial Health, State-Owned Enterprises (Case Study At Pt Aneka Tambang Tbk). Journal of Applied Business and Economics (JABE). 6(4): 287-299.
Muhamad A. (2022). Analysis of the Assessment of the Health Level of SOEs Based on Financial Aspects at Pt Telkom Indonesia (Persero) Tbk in 2016 – 2020. Journal of Economics and Business, E-QIEN. 10(2):526-534.
Munawir, S. (2014). Analysis of Financial Statements (4th ed.). Liberty.
Munda N. N., Illat V., and Runtu T. (2021). Analysis of Financial Performance in State-Owned Companies in the Cement Subsector Listed on the Indonesia Stock Exchange for the 2017-2019 Period. EMBA Journal. 9(2): 696-706.
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Nugrahanti T. (2015). Financial Ratio Analysis to Assess the Performance of SOEs in Pt Adhi Karya (Persero) Tbk. in 2012-2014. Thesis. Yogyakarta State University, Yogyakarta.
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Nurmala. (2016). Analysis of the Health Level of SOEs and the EVA Method (Economic Value Added) in Assessing the Financial Performance of Pt. Bukit Asam Tbk. for the 2011-2015 Period. Journal of Media Vehicle Economics. 13(3): 170-183.
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Prihastuti H. A., Agusti R., and Al-Sukri S. (2021). Analysis of Financial Ratios in SOEs during the Covid 19 Pandemic. JCI Journal of Scientific Horizons. 1(4):523-534.
PT. Semen Baturaja (Persero) Tbk. (2021). Laporan Tahunan 2020 Annual Report, Rising To The Challenge.
Purba, R., Hasibuan, R., and Syam, P. A. (2021). Financial Ratio Analysis to measure financial performance at PT. Port of Indonesia I (Persero) Period 2013-2017: (Based on the Decree of the Minister of SOEs Number: KEP-100/MBU/2002). Owner, 5 (2), 545–555.
Putri A. R., Martini R., Armaini R., and Wahyudi R. (2018). Financial Health Level of Pt Indofarma (Persero) Tbk. ACSY Polytechnic Journal. 7(2):1-11.
Putri J. Q., Damanik P. O. E., and Purba F. (2022). Financial Ratio Analysis to Assess the Company's Financial Performance at PT Kimia Farma (Persero) Tbk for the 2016-2020 Period (Based on the Decree of the Minister of SOEs Number: KEP-100/MBU/2002). Journal of Economics and Business Science. 10(2): 567–580.
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Sari A.D., Nuringwahyu S., and Zunaida D. 2019. Financial Ratio Analysis as an Assessment of Financial Health Level (Study on Pt. Semen Indonesia, Tbk Listed on the Indonesia Stock Exchange). SHARE. 8(2): 100–104.
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Sucipto, R. H. (2022). Analysis of the Financial Performance of PT Waskita Karya (Persero) Tbk Before and During the Covid-19 Pandemic. Journal Of Management Small and Medium Enterprises (SMEs), 15(2):271–288.
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Suripto, and Prasetya V. (2022). Analysis of the Health Level of Financial Aspects in State-Owned Companies in the Construction Sector of Building Construction Listed on the Indonesia Stock Exchange Before and During the Covid 19 Pandemic. Tambusai Education Journal. 6(2): 15457-15472.
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Zainudin, Anggarani D., Riduan W. N. (2021). Financial Ratio Analysis to Measure the Company's Financial Performance Before and During the Covid 19 Pandemic at Pt Semen Indonesia Persero Tbk. Conference on Economic and Business Innovation, 1(1):1-11.
Afifah, L, A., Saroh, S., and Zunaida, D. (2021). The Company's Financial Performance on the Indonesia Stock Exchange. Jiagabi, 10(1), 13–22.
Agustin E. (2016). Financial Ratio Analysis for Financial Performance Assessment at Pt Indofarma (Persero) Tbk (Based on the Decree of the Minister of SOEs Number: KEP-100/MBU/2002). eJournal of Business Administration Sciences. 4(1):103-115.
Ahmad, F. I. N. and M. (2019). Financial Performance Analysis Based on the Decree of the Minister of SOEs Number: KEP-100/MBU/2002 (Study on State-Owned Companies in the Mining Sector Listed on the Indonesia Stock Exchange). Journal, Faculty of Economics and Business, Universitas Brawijaya, 8(1).
Anthony, R. N., Hawkins, R., Merchant, K., and Singh, P. (2019). Accounting: Text and Cases (Thirteenth). McGraw-Hill.
Ardianto, I. T. (2018). The Influence of Financial Performance and Good Governance on Company Value. Journal of Accounting Science and Research (JIRA), 7(1), 1–20.
Arifin A. M., Saladin H, and Lestari R. J. (2022). Analysis of the assessment of the health level of SOEs at PT. Waskita Karya (Persero) Tbk is listed on the Indonesia Stock Exchange. Journal of Mediation. ISSN 2685-6530 E-ISSN 2722-5577. 4(2): 213-223.
Aspirandi M. R., and Sumowo S. (2021). Health Assessment of SOEs Listed on the Indonesia Stock Exchange (IDX) during the Covid-19 Pandemic. Journal of Axiom Accounting Research. 20(2):128-143.
Asriani. 2015. Analysis of the Company's Financial Health Level at Pt. Semen Indonesia (Persero) Tbk. Thesis. State Islamic University (UIN) Alauddin Makassar. Makassar.
Asyikin, J., and Tanu, V. S. (2011). Comparative analysis of financial performance between government-owned pharmaceutical companies (SOEs) and private pharmaceutical companies listed on the Indonesia Stock Exchange. Journal of Spread, 1(1), 36–48.
Atmaja, H. Y. M., and Daviant A. (2022). Financial Performance of SOE and Non-SOE Pharmaceutical Companies Before and During the Pandemic. Owner: Research and Accounting Journal. 6(3): 2721- 2739.
Barus, M. A., Sudjana, N., and Sulasmiyati, S. (2017). The Use of Financial Ratios to Measure the Company's Financial Performance (Study on PT. Astra Otoparts, Tbk and PT. Goodyer Indonesia, Tbk which goes public on the Indonesia Stock Exchange). Journal of Business Administration S1 Universitas Brawijaya, 44(1), 154–163.
Dau Y. A., and Ludfi R. (2021). An analysis of the financial performance of PT. Bukit Asam Tbk 2015-2019 Based on the Decree of the Minister of SOEs Number: KEP-100/MBU/2002. FRIDAY: Journal of Management and Accounting. 22(2):101-110.
Dikri P., Putra P. P., Hidayati F. N. R., and Irawan F. (2022). Analysis of the financial performance of pharmaceutical companies before and during the Covid-19 pandemic. Creative Commons Attribution 4.0 International License. 1(4): 269-280.
Doerachman, D., Tommy, P., and Rate, P. Van. (2016). Comparative Analysis of Financial Performance in Pharmaceutical Companies Listed on the Indonesia Stock Exchange for the Period 2011-2014. Scientific Periodic Journal of Efficiency, 16(3), 27–37.
Fadzilatunisa R., and Kiswara E. (2022). Comparison of Cost Efficiency and Financial Performance of Pharmaceutical Companies Involved in the Procurement of Covid-19 Vaccines in Indonesia Before and During the Covid-19 Pandemic (Case Study on Pt Bio Farma (Persero), Pt Kimia Farma Tbk, and Pt Indofarma Tbk). Diponegoro Journal Of Accounting. 11(4):1-16.
Fahmi, I. (2012). Analysis of Financial Statements. Alphabet.
Fahmi, I. (2014). Analysis of Financial Statements (4th ed.). Alphabet.
Gunawan Z. S., Maulida S., and Fauziah I. (2022). Analysis of Financial Statements to Assess Financial Performance at Pt Aneka Tambang Tbk for the 2014-2018 Period. JUVA : Vocational Journal of Accounting. 1(1): 1-28
Harahap, S. S. (2011). Accounting Theory. Rajawali.
Harahap, S. S. (2015). Critical Analysis of Financial Statements (Print to). Eagle press.
Hopefully, Soyan Syafri. (2015). Critical Analysis of Financial Statements. Editions 1-10 Jakarta: Rajawali Pers.
Harun S., Herdiana P. F., Heikal J., and Suharko A. (2021). Financial Ratio Analysis to Measure the Financial Performance of Pt. Jasa Marga. Tbk, to the Toll Road Service Provider Industry for the 2019-2020 Period. Bakrie University, Jakarta. 1(1):1-11.
Hasan A., Mas N., and Sopanah A. (2022). Financial Performance Before and During the Covid-19 Pandemic in State-Owned Companies. Owner: Research and Accounting Journal. 6(4): 3836- 3847.
Helisa Noviarty, Y. E. (2021). The Impact of the Covid-19 Pandemic on Social Responsibility Disclosure in the Pharmaceutical Sector. Journal of Audit and Accounting, Faculty of Economics, 10(2), 11–39.
Herdady, M. R., and Muchtaridi, M. (2020). COVID-19: Alarm for the Pharmaceutical Industry's Supply Chain System. Pharmaceutical Magazine, 5(4), 146–155. https://doi.org/10.24198/mfarmasetika.v5i4.27076
Hery, and Adipramono. (2018). Analysis of Integrated and Comprehensive Financial Statements (third). PT Grasindo.
Indonesian Institute of Accountants (IAI). (2016). Financial Accounting Standards revised 2016. Salemba Four. Jakarta.
Irmasari. 2017. Analysis of Financial Statements to Assess the Financial Performance of Kimia Farma Company Listed on the Indonesia Stock Exchange (on Pt.Kimia Farma Tbk). Thesis. University of Muhammadiyah Makassar, Makassar.
Juniati R. (2022). Comparative Analysis of Financial Performance in Pt. Kimia Farma Tbk and Pt. Indofarma Tbk. Thesis. University of Muhammadiyah Makassar Makassar.
Cashmere. (2010). Introduction to Financial Management (2nd ed.). Prenademia Group.
Cashmere. (2012). Financial Statement Analysis. Raja Grafindo Persada.
Cashmere. (2015). Analysis of Financial Statements, First Edition, Eighth Edition. PT Raja Grafindo Persada.
Cashmere. (2016). Financial Statement Analysis. PT. Raja Grafindo Persada.
Cashmere. (2018). Analysis of Financial Statements (11th Printing). Rajawali Press.
Cashmere. (2019). Financial Statement Analysis. Jakarta: PT. Raja Grasindo Persada.
Ministry of SOEs. (2002). Decree of the Minister of SOEs No.Kep-100/Mbu/2002, concerning the Assessment of the Health Level of SOEs.
Krismonica I., Hendri E., and Sinarti T. (2021). Comparison of Return on Investment (ROI) and Economic Value Added (EVA) as a measurement tool to assess the financial performance of the pharmaceutical industry listed on the IDX. Journal of Muhammadiyah Business Management. 2(2):93-98.
Lessambo, F. I. (2018). Financial Statements Analysis and Reporting. Palgrave Macmillan.
Lobo R. E. K., Ndoen M. W., and Jati H. (2022). Assessment of the level of financial performance using the Du Pont System analysis method at Pt Telkom Indonesia (Persero) Tbk listed on the Indonesia Stock Exchange for the period 2017–2021. Journal Of Management Small and Medium Enterprises (SME's). 15(3): 425-443.
Marginingsih, R. (2017). Assessment of company performance using financial ratio analysis in telecommunication companies in Indonesia. Horizon - Journal of Humanities, 17(1), 21.
Masri, H. A. Z. (2020). Analysis Of Financial Health, State-Owned Enterprises (Case Study At Pt Aneka Tambang Tbk). Journal of Applied Business and Economics (JABE). 6(4): 287-299.
Muhamad A. (2022). Analysis of the Assessment of the Health Level of SOEs Based on Financial Aspects at Pt Telkom Indonesia (Persero) Tbk in 2016 – 2020. Journal of Economics and Business, E-QIEN. 10(2):526-534.
Munawir, S. (2014). Analysis of Financial Statements (4th ed.). Liberty.
Munda N. N., Illat V., and Runtu T. (2021). Analysis of Financial Performance in State-Owned Companies in the Cement Subsector Listed on the Indonesia Stock Exchange for the 2017-2019 Period. EMBA Journal. 9(2): 696-706.
Njotoprajitno, S. R., and Louis W. (2022). Analysis of Financial Performance of Pt. Bukit Asam (Persero) Tbk Tanjung Enim for the Period of 2015-2019. Scientific Journal of the Faculty of Economics, University of Flores: Analysis. 12(1): 46–59.
Nugraha, N., and Mertha, I. (2016). Liquidity as a moderator of the influence of profitability and capital structure on the stock return of manufacturing companies. E-Journal of Accounting, 15(1), 407–432.
Nugrahanti T. (2015). Financial Ratio Analysis to Assess the Performance of SOEs in Pt Adhi Karya (Persero) Tbk. in 2012-2014. Thesis. Yogyakarta State University, Yogyakarta.
Nurhikmah. (2017). Analysis of Financial Performance in Measuring the Company's Health Level at Pt. Telkom (Persero) Tbk Makassar City. Thesis. University of Muhammadiyah Makassar. Makassar.
Nurmala. (2016). Analysis of the Health Level of SOEs and the EVA Method (Economic Value Added) in Assessing the Financial Performance of Pt. Bukit Asam Tbk. for the 2011-2015 Period. Journal of Media Vehicle Economics. 13(3): 170-183.
Pinangkaan R., Gamaliel H., and Pusung R. (2022). Analysis of ROA, ROE and NPM on Metal and Mineral Mining Companies Listed on the Indonesia Stock Exchange during the Covid-19 Pandemic in 2020. Going Concern : Journal of Accounting Research. 17(2): 123-132.
Pratiwi I. K., Nurdin A. A., and Djuwarsa T. (2021). Assessment of the Company's Financial Health Level Based on Ministerial Decree No. KEP-100/MBU/2002 (Case Study of PT Jasa Marga (Persero) Tbk for the Period 2014 – 2018). Indonesian Journal of Economics and Management. Department of Accounting, Bandung State Polytechnic. 1(2):454-464.
Prihastuti H. A., Agusti R., and Al-Sukri S. (2021). Analysis of Financial Ratios in SOEs during the Covid 19 Pandemic. JCI Journal of Scientific Horizons. 1(4):523-534.
PT. Semen Baturaja (Persero) Tbk. (2021). Laporan Tahunan 2020 Annual Report, Rising To The Challenge.
Purba, R., Hasibuan, R., and Syam, P. A. (2021). Financial Ratio Analysis to measure financial performance at PT. Port of Indonesia I (Persero) Period 2013-2017: (Based on the Decree of the Minister of SOEs Number: KEP-100/MBU/2002). Owner, 5 (2), 545–555.
Putri A. R., Martini R., Armaini R., and Wahyudi R. (2018). Financial Health Level of Pt Indofarma (Persero) Tbk. ACSY Polytechnic Journal. 7(2):1-11.
Putri J. Q., Damanik P. O. E., and Purba F. (2022). Financial Ratio Analysis to Assess the Company's Financial Performance at PT Kimia Farma (Persero) Tbk for the 2016-2020 Period (Based on the Decree of the Minister of SOEs Number: KEP-100/MBU/2002). Journal of Economics and Business Science. 10(2): 567–580.
Rachmi L. B., Nurdin A. A., and Laksana B. (2021). Analysis of Financial Performance Based on Financial Ratios at PT Kimia Farma Tbk in 2016-2020. Indonesian Journal of Economics and Management. 2(1):95-107.
Rangkuti, F. (2015). SWOT Balanced Scorecard: Techniques for Developing an Effective Corporate Strategy Plus How to Manage Performance and Risk. PT Gramedia Pustaka Umum.
Editor. (2020). The Impact of Covid-19, Antam's Rating Prospects Become Negative. The Energy World [online]: https://www.dunia-energi.com/dampak-covid-19-prospek-peringkat-antam-jadi-negatif/
Rojabiyah, S. (2021). Financial Ratio Analysis to Measure the Financial Performance of Cooperatives Before and During the Covid-19 Pandemic (Case Study on Tidar University Student Cooperatives). 1(4), 489–499.
Sari A.D., Nuringwahyu S., and Zunaida D. 2019. Financial Ratio Analysis as an Assessment of Financial Health Level (Study on Pt. Semen Indonesia, Tbk Listed on the Indonesia Stock Exchange). SHARE. 8(2): 100–104.
Sartika. (2018). Evaluation of the Level of Financial Health in Pt Adhi Karya (Persero) Tbk. in 2014-2016. Brawijaya University, East Java, Malang.
Sucipto, R. H. (2022). Analysis of the Financial Performance of PT Waskita Karya (Persero) Tbk Before and During the Covid-19 Pandemic. Journal Of Management Small and Medium Enterprises (SMEs), 15(2):271–288.
Sugiyono. (2016). Administrative Research Methods Equipped with R and D Methods (23rd ed.). Alphabet.
Suripto, and Prasetya V. (2022). Analysis of the Health Level of Financial Aspects in State-Owned Companies in the Construction Sector of Building Construction Listed on the Indonesia Stock Exchange Before and During the Covid 19 Pandemic. Tambusai Education Journal. 6(2): 15457-15472.
Wardiyah, M. L. (2017). Analysis of Financial Statements. Pustaka Setia.
Zainudin, Anggarani D., Riduan W. N. (2021). Financial Ratio Analysis to Measure the Company's Financial Performance Before and During the Covid 19 Pandemic at Pt Semen Indonesia Persero Tbk. Conference on Economic and Business Innovation, 1(1):1-11.
Published
2026-04-29
How to Cite
Muhammad Yunus Kasim, Muslimin, Husnah, Vitayanti Fattah, Munawarah, & Adriyani Marwah. (2026). The Impact of the Covid-19 Pandemic on Financial Performance: Evidence from State-Owned Infrastructure and Non-Infrastructure Companies Listed on the Indonesia Stock Exchange. International Journal of Health, Economics, and Social Sciences (IJHESS), 8(2), 1535~1543. https://doi.org/10.56338/ijhess.v8i2.10941
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Copyright (c) 2026 Muhammad Yunus Kasim, Muslimin, Husnah, Vitayanti Fattah, Munawarah, Adriyani Marwah
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