Du Pont System Analysis in Measuring Financial Performance of the Infrastructure Sector
Keywords:
Du Pont system, Financial Performance, Covid-19 Pandemic, Infrastructure Sector, ROEAbstract
This study aims to analyze the differences in financial performance of infrastructure sector companies listed on the Indonesia Stock Exchange between the pandemic period (2020-2022) and the post-pandemic period (2023-2024) using the Du Pont System approach. The variables analyzed include Net Profit Margin (NPM), Total Asset Turnover (TATO), Equity Multiplier (EM), and Return on Equity (ROE). This study uses secondary data in the form of annual financial reports from 26 companies selected through purposive sampling and cleaned from outliers using the Interquartile Range (IQR) method. Data analysis used a paired sample t-test after the data met the assumption of normality. The results showed that there were no statistically significant differences in NPM, TATO, and ROE between the two periods. However, there was a significant difference in EM with a significance value of 0.006 (<0.05), indicating a shift in corporate funding strategies from a high-debt capital structure to a more conservative equity-based capital structure post-pandemic. These findings provide implications for management to maintain operational efficiency and leverage prudence, as well as for investors to make the infrastructure sector a defensive investment option.
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