Analisis Restrukturisasi Perusahaan dalam Meningkatkan Kinerja Keuangan pada PT Waskita Karya (Persero) TBK Periode 2022-2025

Abstract

This study aims to analyze the effectiveness of financial and operational restructuring in improving the financial performance of PT Waskita Karya (Persero) Tbk during the 2022–2025 period. The study uses a quantitative descriptive method utilizing secondary data sourced from audited consolidated financial statements, annual reports, and the company's investor relations publications. The analysis was conducted using financial ratios including the Current Ratio (CR), Debt to Equity Ratio (DER), Return on Assets (ROA), Return on Equity (ROE), and Gross Profit Margin (GPM). The research results show that the restructuring program, implemented through the Rp26.3 trillion Master Restructuring Agreement (MRA) and the Rp5.3 trillion Working Capital Guarantee Loan (KMKP) restructuring, successfully reduced the company's total liabilities from Rp83.99 trillion in 2022 to Rp67.06 trillion in 2025. Furthermore, operational efficiency increased Gross Profit Margin from 5.60% in 2023 to 17.92% in 2025. However, the company still experienced profitability pressures, as evidenced by persistent negative ROA and ROE and a decline in the Current Ratio to 0.51 in 2025. The research findings indicate that the restructuring has had a positive impact on improving the financial structure and operational efficiency, but has not yet resulted in a full recovery in profitability. Therefore, successful restructuring requires support from increased operating income, strengthened cash flow, and sustained control of financial expenses.