Evaluasi Kinerja Keuangan Sebelum dan Sesudah Restrukturisasi Portofolio Bisnis pada PT. Unilever Indonesia TBK. Periode 2021-2025

Abstract

The purpose of this study is to analyze the financial performance of PT Unilever Indonesia Tbk over the period 2021-2025 and to assess the strategic implications of restructuring its business portfolio. The study focuses on analyzing liquidity, solvency, and profitability ratios, based on secondary data from audited financial statements and interim reports up to the first quarter of 2026. The results of the study reveal that the company faced significant liquidity and solvency pressures, peaking in 2024. Indeed, the current ratio fell to 44.6%, while the debt-to-equity ratio reached 646.6%. However, the strategic decision to restructure the portfolio, particularly through the divestment of the Ice Cream and Tea businesses in late 2025 and early 2026, has fundamentally transformed the balance sheet. In the first quarter of 2026, the current ratio saw a significant increase, reaching 87.0%. Simultaneously, the debt-to-equity ratio decreased noticeably to 211.5%. Furthermore, the net profit margin rose remarkably to 25.4%, thanks to substantial capital gains realized on disposals and rigorous operational optimization. This study highlights that the strategic disposal of non-strategic assets is an efficient mechanism for companies seeking to restore their margins and reduce their debt.