Analisis Kualitas Laba dan Resiliensi Finansial PT Bumi Serpong Damai Tbk: Pendekatan Akuntansi Forensik Periode 2020–2024
DOI:
https://doi.org/10.31004/joecy.v6i1.6692Keywords:
Earnings Quality; BSDE; Financial Performance; Organic Growth; Financial Statement Analysis.Abstract
The national property industry underwent significant structural adjustments during the transition from the pandemic crisis to economic normalization. This study aims to evaluate the earnings quality of PT Bumi Serpong Damai Tbk (BSDE) throughout the 2020-2024 fiscal period. Employing a quantitative descriptive approach, this research deconstructs financial statements using vertical and horizontal analyses, coupled with adjustments for non-recurring items. The findings reveal a surge in Net Profit of 124.06% in 2024, reaching IDR 4.36 trillion. However, an in-depth forensic analysis discloses that approximately 35% of this profit (IDR 1.55 trillion) stems from a one-off gain on bargain purchase (keuntungan pembelian diskon) related to subsidiary acquisitions. Fundamentally, the core business performance remains robust, evidenced by a 19.56% growth in Operating Revenue and cost structure optimization. This study concludes that while the headline profit figures are impressive, investors must distinguish between sustainable operational recovery and incidental strategic gains to assess long-term value accurately.
References
Badan Pusat Statistik. (2021). Pertumbuhan Ekonomi Indonesia Triwulan IV-2020. Berita Resmi Statistik No. 13/02/Th. XXIV. https://www.bps.go.id
Bank Indonesia. (2023). Laporan Perekonomian Indonesia 2023. Bank Indonesia.
Bank Indonesia. (2024). Tinjauan Kebijakan Moneter April 2024. Bank Indonesia.
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management (15th ed.). Cengage Learning.
Dechow, P. M., & Schrand, C. M. (2004). Earnings Quality. The Research Foundation of CFA Institute.
Esomar, M. J. F., & Christianty, R. (2021). Dampak Pandemi Covid-19 terhadap Kinerja Keuangan Perusahaan Sektor Properti dan Real Estate yang Terdaftar di BEI. Jurnal Manajemen Bisnis, 8(2), 227–245. https://doi.org/10.33096/jmb.v8i2.839
Hery. (2016). Analisis Laporan Keuangan: Integrated and Comprehensive Edition. Grasindo.
Hidayat, I. (2022). Analisis Financial Distress Pada Perusahaan Sub Sektor Properti Dan Real Estate Di Masa Pandemi Covid-19. Jurnal Ilmu Manajemen, 10(1), 235-246.
Kasmir. (2019). Analisis Laporan Keuangan. PT RajaGrafindo Persada.
Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 575–592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
PT Bumi Serpong Damai Tbk. (2020). Laporan Tahunan 2020: Transforming Experiences, Delivering a Progressive Future. Bursa Efek Indonesia.
PT Bumi Serpong Damai Tbk. (2021). Laporan Tahunan 2021: Building a Digital Ecosystem. Bursa Efek Indonesia.
PT Bumi Serpong Damai Tbk. (2022). Laporan Tahunan 2022: Rising to New Heights. Bursa Efek Indonesia.
PT Bumi Serpong Damai Tbk. (2023). Laporan Tahunan 2023: Sustaining Growth through Innovation. Bursa Efek Indonesia.
PT Bumi Serpong Damai Tbk. (2024). Laporan Tahunan 2024: Advancing to a New Level of Growth & Sustainability. Bursa Efek Indonesia.
Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23–40.
Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2022). Fundamentals of Corporate Finance (13th ed.). McGraw-Hill Education.
Sari, D. P., & Matusin, A. R. (2023). Analisis Perbedaan Kinerja Keuangan Sebelum Dan Sesudah Pandemi Covid-19 Pada Perusahaan Properti Dan Real Estate. Jurnal Ekonomi Dan Bisnis, 26(1), 1-14.
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Subramanyam, K. R. (2014). Financial Statement Analysis (11th ed.). McGraw-Hill Education.
Wijaya, A. (2023). Resiliensi Perusahaan Properti Berkapitalisasi Besar Pasca Pandemi: Sebuah Studi Komparatif. Jurnal Keuangan dan Perbankan, 17(2), 112-128.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Iwan Gunawan, Rei Adrianto, Sri Retnaning Sampurnaningsih
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
