Pharmaceutical State-Owned Enterprises Holding Formation Performance Assessment

Along with being a business focused on making a profit, State-Owned Enterprises (SOE) also have additional responsibilities to assist national economic progress and engage in accelerated development. There are many tactics that can be used to improve SOE performance, such as restructuring by creating a SOE holding. So that the management could operate as effectively as possible, several SOEs that were active in the same industry were reorganized into holding corporations. The goal of this study is to assess and examine the financial performance of SOE pharmaceutical firms using financial ratio analysis and SOE Financial Scoring of Healthiness level that include PT Bio Farma (BIOF), PT Kimia Farma (KAEF), PT Indofarma (INAF) and as Consolidation basis before and after restructuring through the establishment of a holding in 2017-2022. Calculations were also carried out employing the paired t-test statistical technique during the time prior to holding in 2017-2019 and after holding in 2020-2022 to determine significant differences. The findings show that the financial ratios of pharmaceutical SOEs during the period before and after the holding formation in 2017-2022 mostly are deteriorating and the healthiness level from healthy become less healthy. However, using paired t-test, the holding formation has no significant influence on financial performance profitability, leverage, or liquidity when it be analysed for each SOE. However, when viewed as a consolidation basis, the ROI before and after the holding configuration was significantly different.