IMPROVING ANALYSIS OF FINANCIAL DISTRESS USING THE SPRINGATE SCORE METHOD AT PT PERTAMINA PATRA NIAGA PERIOD 2019–2023
DOI:
https://doi.org/10.62567/micjo.v3i1.1641Keywords:
Financial distress, Springate Score, PT Pertamina Patra Niaga, financial analysisAbstract
This study aims to analyze the financial distress condition of PT Pertamina Patra Niaga during 2019–2023 using the Springate Score (S-Score) model. Financial distress is a critical stage preceding potential bankruptcy, commonly detected through declining liquidity, profitability, and operational capability. This study employed a quantitative descriptive approach using secondary data sourced from audited financial statements. The Springate model, consisting of four key ratios (working capital to total assets, EBIT to total assets, EBT to current liabilities, and sales to total assets), was applied to evaluate the company’s financial stability. The results show fluctuating financial performance. PT Pertamina Patra Niaga was categorized as financially healthy (safe zone) in 2019, 2020, 2021, and 2023, but experienced financial distress in 2022 due to severe liquidity pressure and increased short-term liabilities. The overall average S-Score of 0.9453 places the company in the grey area, indicating potential vulnerability to financial instability. The findings highlight the importance of improving liquidity management, strengthening working capital, and increasing operational efficiency to prevent future distress. Distress dengan Metode Springate Score pada PT Pertamina Patra Niaga Periode 2019–2023
Downloads
References
Abdurahman, M., Zulfikar, A., & Haris, F. (2023). Financial performance and distress prediction in Indonesian state-owned enterprises. Journal of Economic Studies, 14(2), 112–124.
Creswell, J. W. (2018). Research design: Qualitative, quantitative, and mixed methods approaches (5th ed.). Sage Publications.
Fitriani, D., & Huda, M. (2020). Analysis of financial distress in energy companies using Springate and Altman models. Jurnal Akuntansi dan Keuangan, 8(1), 45–56.
Harahap, R., Sihombing, E., & Lubis, N. (2022). The effect of liquidity and profitability on financial distress in Indonesian corporations. International Journal of Business and Finance, 5(3), 77–89.
Indriani, R., Putra, A. W., & Nugroho, S. (2023). Liquidity pressure and bankruptcy risk during post-pandemic recovery. Jurnal Manajemen dan Bisnis Indonesia, 10(1), 22–36.
Lathifah, N. (2024). Validity of the Springate Model for predicting financial distress in non-financial firms. Jurnal Ilmu Ekonomi, 12(1), 55–67.
Nur Tiyas, S., Abdullah, R., & Saputra, Y. (2023). Determinants of corporate financial distress in Indonesia. Jurnal Akuntansi Multiparadigma, 14(2), 87–101.
Oliviana, M., & Maria, S. (2023). Profitability fluctuations and distress potential in state-owned enterprises. Jurnal Keuangan Korporasi, 6(2), 134–148.
Priyanti, L., & Ikhsan, M. (2019). The accuracy of Springate and Z-Score models in detecting financial distress. Jurnal Riset Akuntansi Aksioma, 18(3), 201–212.
PT Pertamina Patra Niaga. (2019–2023). Annual financial statements. PT Pertamina Patra Niaga.
Riesmiyantiningtias, A., Widodo, B., & Zamzami, S. (2023). Financial distress and macroeconomic pressures in Indonesian corporations. Journal of Applied Finance Studies, 9(1), 65–78.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Salmi Qauly K. Pakaya, Sahmin Noholo, Muliyani Mahmud
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
