ASSESSING THE IMPACT OF COVID-19 ON THE FINANCIAL PERFORMANCE OF PT KAI INDONESIA: A FINANCIAL STATEMENT ANALYSIS (2019–2024)

Abstract

This research intends to assess how the Covid-19 pandemic affected the financial outcomes of PT Kereta Api Indonesia (PT KAI) between 2019 and 2024, using analysis of financial statements. The outbreak, which commenced in early 2020, caused major disruptions across different economic sectors, especially within the transportation field. As a government-run organization that is crucial for offering rail public transport services, PT KAI faced a drop in operational functions due to travel restrictions and limits on movement imposed by the government. The study utilizes a quantitative descriptive methodology, relying on secondary data sourced from PT KAI’s yearly financial reports available on the company’s website and through the Ministry of State Owned Enterprises (BUMN). The focus of the analysis is on important elements of the financial statements such as revenue, operating costs, net income, and cash flow by examining the situations before, during, and after the pandemic. The results indicate that the Covid-19 pandemic negatively influenced PT KAI’s financial performance from 2020 to 2021, especially regarding revenue and profit margins. Nevertheless, starting in 2022, the company began to experience a slow recovery, aided by the relaxation of mobility restrictions, enhanced cost management, and revenue diversification via the logistics sector. By 2024, PT KAI’s financial health had become stable, showcasing the organization's resilience and capacity to handle post-pandemic hurdles. In summary, this research adds to the academic discourse surrounding financial management while offering useful perspectives for state-owned enterprises to develop enduring financial strategies that can withstand economic downturns