FINANCIAL RECOVERY STRATEGY OF PT PEMBANGUNAN JAYA ANCOL TBK IN FACING THE COVID-19 PANDEMIC CRISIS

Abstract

This research seeks to examine the financial recovery strategies undertaken by PT Pembangunan Jaya Ancol Tbk to overcome the crisis triggered by the COVID-19 pandemic during the 2020–2024 period. The pandemic severely affected Indonesia’s tourism industry, with social restrictions and the temporary closure of tourist destinations leading to a sharp decline in revenue. As one of the nation’s largest tourism operators, PT Pembangunan Jaya Ancol Tbk faced substantial challenges in sustaining its financial stability and operations. A descriptive quantitative approach was employed in this study, utilizing secondary data derived from the company’s annual financial reports published by the Indonesia Stock Exchange (IDX). Financial ratio analysis—including liquidity (Current Ratio), profitability (Net Profit Margin and Return on Assets), and solvency (Debt to Equity Ratio)—was conducted to evaluate the effectiveness of the company’s recovery initiatives. The results reveal that in the early phase of the pandemic (2020–2021), the company recorded losses characterized by negative profitability ratios. However, starting in 2022, a notable recovery trend emerged. Efforts such as cost reduction, debt management, digital ticketing implementation, and aggressive promotional strategies significantly contributed to financial improvement. The Current Ratio increased from 1.25 to 1.67, indicating enhanced liquidity, while the Debt to Equity Ratio declined from 1.35 to 0.68, reflecting decreased dependency on debt financing. Overall, the findings demonstrate that PT Pembangunan Jaya Ancol Tbk’s recovery strategies were effective in revitalizing its financial performance and reinforcing organizational resilience amid the crisis