FINANCIAL TAKE – OFF: FINANCIAL RATIO ANALYSIS OF PT PELITA AIR SERVICE IN IMPROVING FINANCIAL PERFORMANCE 2022-2024

Abstract

This study aims to analyze the financial performance of PT Pelita Air Service for the 2022–2024 period using a financial ratio analysis approach as a tool to evaluate the effectiveness and efficiency of the company's financial management. PT Pelita Air Service is a subsidiary of PT Pertamina (Persero) engaged in aviation services. During the study period, the company faced challenges in maintaining financial stability due to increasing operational costs, intense competition in the aviation industry, and high financial burdens. The research method used was descriptive quantitative with a case study approach. The data used were the company's annual financial reports from 2022 to 2024, obtained from official sources. The analysis was conducted using financial ratios, including liquidity ratios (current ratio, quick ratio, cash ratio), solvency ratios (debt to equity ratio, debt to asset ratio), and profitability ratios (return on assets, return on equity). The results indicate that, in general, PT Pelita Air Service's financial performance was still suboptimal and experienced losses during the 2022–2024 period. The liquidity ratios indicate the company's relatively good ability to meet its short-term obligations. However, the solvency ratio has seen an increase in debt-to-equity ratio, indicating a reliance on external funding sources. The profitability ratio is negative, indicating the company has not yet achieved its expected profit level. However, there are signs of improvement in 2024, with increased revenue and emerging cost efficiencies. These findings indicate that PT Pelita Air Service is in the financial take-off phase, the initial stage of financial recovery that requires restructuring strategies and strengthened financial management to enable the company to achieve sustainable growth. This research is expected to serve as a reference for management, investors, and stakeholders in assessing the company's financial condition and formulating corrective actions to enhance its financial performance