Financial Performance Analysis Before and After Acquistion (Study at PT Indocement Tunggal Prakarsa Tbk)

This study aims to empirically examine whether a significant difference exists in the financial performance of PT Indocement Tunggal Prakarsa Tbk. (INTP) before and after the acquisition of PT Semen Grobogan. Financial performance was measured using four key ratios: Cash Ratio (CR), Debt to Equity Ratio (DER), Return on Assets (ROA), and Total Asset Turnover (TATO). The research employed a comparative verification method with a pre–post design. The sample consisted of quarterly financial data from 2022 (pre-acquisition) and 2024 (post-acquisition), selected through purposive time-based sampling. Data analysis was conducted using descriptive statistics and the non-parametric Wilcoxon Signed Ranks Test. The results indicated no statistically significant differences in CR (p = 0.068), DER (p = 0.068), ROA (p = 0.715), and TATO (p = 0.273) at an α = 5% significance level. Although not statistically significant, the descriptive analysis revealed a downward trend in CR and TATO, a moderate increase in DER, and a slight decrease in ROA. These findings suggest that the anticipated synergistic benefits of the acquisition have not yet fully materialized into significant performance improvements within the initial post-integration period, providing valuable insights for corporate strategy and future research. Future research should extend the observation period once newer post-acquisition financial data are released.