Profitability Analysis Using Return on Assets and Return on Equity at PT Unilever Indonesia

Syerliana Saragih; Hidayat; Arfianti Novita  Anwar

doi:10.68376/MANTRA.v1.i1.a85

Authors

Syerliana Saragih Management Study Program, Faculty of Economics, University of Pasir Pengaraian, Indonesia Author
Hidayat Management Study Program, Faculty of Economics, University of Pasir Pengaraian, Indonesia Author
Arfianti Novita Anwar Management Study Program, Faculty of Economics, University of Pasir Pengaraian, Indonesia Author

DOI:

https://doi.org/10.68376/MANTRA.v1.i1.a85

Keywords:

Profitability, Return on Assets, Return on Equity

Abstract

This study aims to analyze the profitability of PT Unilever Indonesia Tbk during the 2020–2024 period using the Return on Assets (ROA) and Return on Equity (ROE) ratios. This study is motivated by the importance of profitability analysis in understanding a company's ability to generate profit through the utilization of its assets and equity, particularly as PT Unilever Indonesia Tbk experienced changes in net income, total assets, and total equity that affected its profitability level. This study employed a descriptive method with a case study approach. The data used consist of secondary data obtained from the annual financial statements of PT Unilever Indonesia Tbk for the 2020–2024 period. Data were collected through documentation and analyzed descriptively by interpreting the results of the ROA and ROE calculations. The results show that Return on Assets tended to decline over the period, while Return on Equity remained relatively strong despite fluctuating. It is concluded that the profitability level of PT Unilever Indonesia Tbk during the 2020–2024 period fluctuated and was influenced by changes in net income, total assets, and total equity.

References

Agustina, H. C., Arum, A. S., Fatimah, I. N., Akil, A. N., & Pamasuntingtyas, T. S. (2024). Literature review: Pengaruh return on assets (ROA), return on equity (ROE), dan return on investment (ROI) terhadap nilai perusahaan. Jurnal Mirai Management, 9(2), 493–507.

Akbar, R., Sukmawati, U. S., & Katsirin, K. (2024). Analisis data penelitian kuantitatif. Jurnal Pelita Nusantara, 1(3), 430–448.

Barney, J. B., Ketchen, D. J., Jr., & Wright, M. (2021). Resource-based theory and the value creation framework. Journal of Management, 47(7), 1936–1955.

Brigham, E. F., & Houston, J. F. (2018). Fundamentals of financial management. Cengage Learning.

Dewi, P. K., Puspitasari, D., Waluyo, D. E., & Oktavia, V. (2024). Peran profitabilitas (ROA) dalam memoderasi hubungan struktur modal (DER) dan ukuran perusahaan (size) terhadap nilai perusahaan (PBV) sektor properti & real estate di BEI 2020–2024. Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis, 6(2), 972–984.

Dewi, R. P., & Dailibas. (2026). Analisis rasio likuiditas dan rasio profitabilitas untuk menilai kinerja keuangan pada PT Unilever Tbk periode 2020–2022. Jurnal Ilmiah Wahana Pendidikan, 12(1), 157–172.

Ferriswara, D., Sayidah, N., & Buniarto, E. A. (2022). Do corporate governance and capital structure predict financial performance and firm value? Empirical study of the Jakarta Islamic Index. Cogent Business & Management, 9(1), 2147123.

Fuadhina, A. K., & Agustin, R. (2025). Analisis return on assets, return on equity, net profit margin dan gross profit margin untuk mengukur kinerja keuangan PT Unilever Indonesia Tbk. EKONOMIKA45: Jurnal Ilmiah Manajemen, Ekonomi Bisnis, Kewirausahaan, 13(1), 687–699.

Harahap, S. S. (2015). Analisis kritis atas laporan keuangan. Rajawali Pers.

Hartanti, S. N., & Apriadi, D. (2025). Pengaruh profitabilitas terhadap kinerja keuangan PT Bank Central Asia Tbk terdaftar di Bursa Efek Indonesia periode 2021–2024. Jurnal Riset Manajemen dan Akuntansi (JURIMA), 5(2), 16–25.

Heryanti, & Supriyanto. (2026). The effect of net income and net cash flow on market capitalization. Gorontalo Accounting Journal, 9(1), 96–104.

Ismayani. (2025). Analisis rasio profitabilitas untuk menilai kinerja keuangan PT Unilever Indonesia Tbk yang terdaftar di Bursa Efek Indonesia periode 2021–2023. Journal Economic Excellence Ibnu Sina, 3(2), 70–92.

Jaeng, T. Y., & Jaeng, W. M. Y. (2025). Evaluasi kinerja keuangan selama pandemi Covid-19 pada perusahaan sub sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2020–2023. Projemen Unipa, 12(2), 162–169.

Kasmir. (2019). Analisis laporan keuangan (Edisi revisi). Rajawali Pers.

Latif, A. N., Alianita, M., Musaadah, W., & Hidayat, R. (2026). Mengatasi tantangan dan memanfaatkan peluang industri halal kosmetik dan obat-obatan menuju wajib halal 2026: Analisis SWOT. Indonesian Journal of Halal, 7(2), 146–155.

Lubis, N. W. (2022). Resource based view (RBV) in improving company strategic capacity. Research Horizon, 2(6), 587–596.

Matruty, D. J. (2025). Menganalisis kinerja keuangan PT Unilever Indonesia, Tbk periode 2021–2024 menggunakan ratio keuangan. Knowledge: Jurnal Inovasi Hasil Penelitian dan Pengembangan, 5(2), 112–124.

Munawir, S. (2013). Analisa laporan keuangan. Liberty Offset.

Oktavia, K., Pudyaningsih, A. R., & Oktafiah, Y. (2025). Analisis rasio keuangan untuk menilai kinerja keuangan pada PT Unilever Indonesia Tbk periode 2021–2023. JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi), 11(2), 696–705.

Rachman, A., Yochanan, E., Samanlangi, A. I., & Purnomo, H. (2024). Metode penelitian kuantitatif, kualitatif dan R&D. CV Saba Jaya Publisher.

Sari, P. A., & Hidayat, I. (2022). Analisis laporan keuangan. Eureka Media Aksara.

Sari, T. A. M., & Ainun, M. B. (2024). Financial resources and firm performance. Owner: Riset dan Jurnal Akuntansi, 8(3), 2092–2102.

Singh, R., Gupta, C. P., & Chaudhary, P. (2024). Defining return on assets (ROA) in empirical corporate finance research: A critical review. Empirical Economics Letters.

Sitompul, P. N., Wijaya, S. F., & Sihaloho, E. A. S. (2025). Pengaruh return on assets (ROA) dan return on equity (ROE) terhadap harga saham PT Unilever Indonesia Tbk periode 2018–2022. Jurnal Ekonomika, Manajemen dan Bisnis (JEMB), 4(1), 99–104.

Sudana, I. M. (2015). Manajemen keuangan perusahaan: Teori & praktik. Erlangga.

Sugiyono. (2023). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.

Suyono, N. R., Sevendy, T., Putri, J. Y., & Sitompul, Y. S. (2021). The influence of ROA, DER on firm size and value of food and beverage companies. Balança: Jurnal Ilmiah Akuntansi, 5(3), 308–317.