Financial Performance Analysis Before and After the Acquisition of PT. Sarana Menara Nusantara Tbk. (TOWR)

Abstract

This study aims to analyze changes in the financial performance of PT Sarana Menara Nusantara Tbk (TOWR) before and after the acquisition of PT Solusi Tunas Pratama Tbk (SUPR) in 2021. This study focuses on evaluating financial ratios, including liquidity, leverage, and profitability, to determine the effectiveness of the acquisition strategy in increasing company value. The data used is secondary data obtained from the company's annual financial statements for the period 2019–2024. A descriptive comparative method was used, analyzing the Current Ratio (CR), Net Working Capital to Total Assets (NCWTA), Debt to Assets Ratio (DAR), Debt to Equity Ratio (DER), Return on Assets (ROA), and Return on Equity (ROE). The analysis shows that the company's liquidity performance post-acquisition has improved, although it
remains at a low level. The Current Ratio increased slightly compared to the preacquisition period, while the NCWTA showed a decrease in the working capital deficit, indicating a reduction in short-term liability pressure. In terms of leverage, the company remains reliant on debt financing, as reflected in its stable DAR, but its DER has declined, indicating a strengthening of its capital structure. In terms of profitability, ROA has been relatively stable, indicating consistent effective asset utilization, while ROE has tended to decline post-acquisition due to increased financial burdens and post-integration adjustments. Overall, the acquisition has had a positive impact in terms of asset expansion and business scale, but has not yet fully translated into significant increases in profitability and the ability to generate returns for shareholders. This research contributes to investors' and management's understanding of the implications of acquisitions on long-term financial performance and serves as a reference for other companies considering inorganic growth strategies through acquisitions.