Liquid Ratio Research Articles

Forecasting Bank Default Risk with Interpretable Machine Learning: The Study of Chinese Banks

ABSTRACT Bank occupies an important position in the financial system. The stable operation of the banking industry is not only one of the important factors in achieving sustainable economic growth but also related to the stability of the entire financial system. This research collects data from 507 banks in China from 2000 to 2021, uses the non-performing loan ratio as the measurement indicator of bank risk, and selects indicators from five levels (macroeconomic environment, industry economic environment, economic policy uncertainty, financial openness and bank financial status) On this basis, we use interpretable machine learning models to predict the bank’s default risk, analyze and compare the interpretable machine learning model and the post-hoc explainable methods. The results indicate that Provision Coverage (PC), Loan Provision Coverage (LPC), Liquidity Ratio (LR), and KOF Financial Globalization Index (KOFFiGI) have strong predictive capability for bank default risk. Our research can provide a reference for banks, government and financial regulatory authorities to construct the prediction model and indicator monitoring platform for bank default risk.

Investigation of dissolution kinetics of colemanite in propionic acid solutions

ABSTRACT Colemanite is one of the raw materials used to produce boron compounds which have a constituent of the richest composition ratio boron trioxide ( B 2 O 3 ) . The main purpose of this study is to investigate the dissolution kinetics of colemanite in a propionic acid solution. Reaction temperature, solid–liquid ratio, propionic acid concentration, stirring speed, and particle size were chosen as relevant parameters in the dissolution. According to the results of the study, the dissolution rate was directly proportional to the rise in the reaction temperature and inversely proportional to the increase in the solid–liquid ratio, acid concentration, and particle size. Additionally, it was observed that stirring speed did not significantly effect. Experiment results were correlated with the use of the Statistica10 software programme for linear regression. For the dissolution kinetics of colemanite, a model that can control the reaction was obtained by using homogeneous and heterogeneous reaction models. It was determined that the dissolution rate of the process was controlled by diffusion through the product film (ash) and the Activation energy was calculated as 37.51 kJ . mo l − 1 . Experimental data were analyzed with graphical and statistical methods, and a semi-empirical mathematical model was determined, which included the parameters of the study.

Mechanistic insights on stabilization and destabilization effect of ionic liquids on type I collagen fibrils

Tuned assembly of collagen has tremendous applications in the field of biomedical and tissue engineering owing to its targeted biological functionalities. In this study, ionic liquids choline dihydrogen citrate (CDHC) and diethyl methyl ammonium methane sulfonate (AMS) have been used to regulate the self-assembly of collagen at its physiological pH by probing the assembled systems at certain concentration ratios of ionic liquids and the systems were studied using various characterization methods. Due to interaction with collagen, choline dihydrogen citrate causes delay in the collagen fibrillisation process showing no binding interactions with collagen. In contrast, diethyl methyl ammonium methane sulfonate shows crosslinking effect on collagen fibrillisation due to the electrostatic interaction with the tetrahedral hydration shell of collagen moieties. From rheological studies it was observed that the AMS treated collagen fibril at 1:1 % (w/v) has highest linear viscoelastic range, this can bear the stress under high strain compare to native collagen fibril as well as all CDHC composites. For a sustainable biomaterial or bio-scaffold, mechanical property plays pivotal role on it and from our experimental analysis we found certain composites of ionic liquid treated collagen fibrillar assembly which may act as a sustainable biomaterial or bio-scaffold. It was also evolved that, how the structure-function relationship of ionic force modulated fibrillar assembly controlling the mechanical properties of the tuned system. This self-assembled, ionic-liquid treated collagen-fibrillar system would accelerate various force modulated fibrillar network study, for mimicking the ECM and tissue engineering application.

Covid-19 Pandemic: Is there any impact on the Agribusiness Index?

This study aims to determine if there was an increase in financial performance among companies in the Agri sector listed on the Indonesia Stock Exchange during the COVID-19 pandemic. A quantitative descriptive approach was used, analyzing secondary data from financial reports of Agri index companies for 2019 (pre-pandemic) and 2020 (during the pandemic). The research variables include the liquidity ratio (current ratio), leverage (debt-to-equity ratio), profitability (return on assets), and activity ratio (receivable turnover). The study found both increases and decreases in the financial performance of the sample companies across these variables. The findings provide insights for investors and stakeholders regarding the opportunities and risks in Indonesia's Agribusiness sector during the pandemic.

Comparison and Optimization of Three Extraction Methods for Epimedium polysaccharides

Epimedium is used in traditional Chinese medicine. Epimedium polysaccharides have a variety of physiological properties. This study compared three different processes for the extraction of polysaccharides from Epimedium spp., including ultrasonic, aqueous enzymatic, and microwave extraction, to optimize the extraction conditions and determine the optimal extraction method. The optimal parameters for each method were analyzed. The results showed that the optimal process for ultrasonic extraction was an ultrasonic power of 250 W, an extraction time of 60 min, a temperature of 50 °C, and a solid–liquid ratio of 1:35. The optimal conditions for the aqueous enzymatic method were a papain concentration of 70 U/mL, extraction time of 70 min, a temperature of 50 °C, and a material-to-liquid ratio of 1:30, while those for microwave extraction were a microwave power of 650 W, an extraction time of 50 min, a temperature of 40 °C, and a material-to-liquid ratio of 1:25. The polysaccharide yields were 4.85%, 4.72%, and 3.98% for the three methods, respectively, indicating that ultrasonic extraction resulted in the highest yield of polysaccharides from Epimedium brevicornum. After purification with DEAE-cellulose, the polysaccharide yields were 4.13%, 3.67%, and 3.12%, respectively. A comprehensive comparison demonstrated the superiority of the ultrasonic extraction method in terms of both extraction yield and purification efficiency. Characterization of the extracted Epimedium polysaccharides showed the presence of five monosaccharides, i.e., glucose, galactose, mannose, galacturonic acid, and rhamnose, and a number average molecular weight Mn of 1.65 × 105 Da and weight average molecular weight Mw of 6.61 × 105 Da. These results provide a scientific basis for the in-depth study and application of Epimedium polysaccharides.

Analysis of Financial Performance in Cosmetics Industry Companies Listed on the Indonesian Stock Exchange

This study aimsto assess the financial performance of cosmetic companies listed on the Indonesia Stock Exchange during the 2017-2022 period using financial ratios with a quantitative method. The data used is secondary data. The sample consists of 5 companies selected using purposive sampling technique based on certain criteria. The results of the study show that the liquidity ratios (Current Ratio and Quick Ratio) are in good condition, while the solvency ratios (Debt To Asset and Debt To Equity), activity ratios (Fixed Asset Turnover and Total Asset Turnover), and profitability ratios (Return On Asset and Return On Equity) are in poor condition. Keywords: Financial Statements, Financial Performance, Financial Ratios.

A Financial Analysis and Valuation of Shell

In todays era of global energy transition, the strategic choices made by energy giants like Shell carry immense significance, shaping not only their own future blueprint but also profoundly influencing the overall energy sectors trends. The article provides a comprehensive analysis of Shell plc with liquidity, solvency, profitability, and valuation analysis of 2023 with its main competitors in the oil and gas industry. Despite facing challenges from fluctuating commodity prices and regulatory changes, Shell maintains a competitive advantage and favorable market position. The company demonstrates robust financial health, with strong liquidity, solvency, and profitability ratios compared to industry peers. Nevertheless, the analysis reveals the companys profitability ratios lag behind competitors, indicating room for improvement. Although facing uncertainties in future commodity prices and regulatory environments, the analysis highlights Shells commitment to balancing environmental goals with shareholder value, as evidenced by its energy transition strategy. Shells stock is still fairly valued according to the analysis, presenting a compelling investment opportunity with its well-constructed financial framework. Overall, Shells strategic plans and adjustments aim to ensure resilience and adaptability, promising investors sustainable development amidst evolving market dynamics.

The Impact of Solvency and Liquidity on Going Concern Audit Opinion

Purpose: This research aims to examine how a company's ability to meet its financial obligations and maintain adequate cash flows influences an auditor's assessment of going concern uncertainty for manufacturers listed on the Indonesia Stock Exchange.Method: A quantitative analysis of secondary data was performed using financial information from 228 randomly selected manufacturing firms traded on the Indonesia Stock Exchange. Logistic regression was used to analyze the effect of solvency metrics and liquidity ratios on going concern audit opinions.Findings: The study uncovered that both decreasing solvency and dwindling liquidity have a statistically significant negative correlation with avoiding a going concern flag. Lower ratios for meeting debt obligations and maintaining cash were associated with a higher likelihood of an auditor expressing doubt about a company's ability to continue as a going concern.Novelty: This research provides new insights into the role of solvency and liquidity in shaping auditors' decisions within the context of manufacturing companies in Indonesia, contributing to the broader literature on financial stability and audit practices in emerging markets.Implications: The study’s findings suggest that companies should prioritize maintaining strong solvency and liquidity positions to avoid receiving going concern audit opinions. For auditors, the research underscores the need to closely monitor these financial metrics when assessing a company’s ability to sustain operations, particularly in emerging economies like Indonesia.

Extraction, Characterization, and Antioxidant Activity of Eucommia ulmoides Polysaccharides.

Herein, the ultrasound-assisted extraction conditions affecting the yield of EUPS (Eucommia ulmoides polysaccharide) were analyzed using a Box-Behnken response surface design. The alleviation effect of EUPS on diquat-induced oxidative stress in mice was also studied. A maximum EUPS yield of 2.60% was obtained under the following optimized conditions: an extraction temperature of 63 °C, extraction time of 1 h, and ratio of liquid to raw materials of 22:1. EUPS exhibited strong 1,1-diphenyl-2-picryl-hydrazyl (DPPH) radical-scavenging ability (87.05%), 2'-Azinobis-(3-ethylbenzthiazoline-6-sulphonate) (ABTS) radical-scavenging ability (101.17%), and hydroxyl radical-scavenging ability (62.92%). The administration of EUPS increased the activities of superoxide dismutase, catalase, and glutathione peroxidase and decreased malondialdehyde levels in the livers of mice exposed to diquat. EUPS may inhibit the downregulation of NAD(P)H:quinoneoxidoreductase 1 and heme oxygenase 1 mRNA expression in the livers of diquat-administered mice through the Nrf2-Keap1 signaling pathway. Moreover, the abundance of Firmicutes and Ligilactobacillus was enhanced, whereas that of Helicobacter decreased in the gut of the remaining groups of mice compared with that of the diquat-treated mice. Therefore, EUPS exhibited an antioxidant effect and improved oxidative stress and intestinal flora abundance in mice.

An Evaluation of Assets Quality of Selected Public and Private Sector Banks in India

The banks performance within a nation needs to be thoroughly assessed, as it plays a crucial role in influencing the country's economic health. This study aims to analyse and evaluate the asset quality of sample Indian public and private sector banks over a ten-year period, from the year 2013-14 to 2023. Banks were chosen based on their market capitalization and net profit, including major public sector banks such as SBI, BOB, and PNB, alongside leading private sector banks like HDFC, ICICI, and KOTAK Bank. The financial performance analysis employs the CAMEL rating model, focusing on the acronym "E." The CAMEL model parameters include Capital Adequacy Ratios (C), Asset Quality Ratios (A), Management Efficiency Ratios (M), Earnings Quality Ratios (E), and Liquidity Ratios (L). The results are analyzed using descriptive statistics. Data for this study were gathered from bank websites, and the CAMEL Model Asset Quality Ratios were applied after processing and organizing this information. Hypothesis testing involved calculations using simple averages and One-way ANOVA. The analysis of the data indicated that private banks excelled in all the ratios of the Asset Quality Parameter than the public banks. Hypothesis testing showed that there is no significant difference between the performance of public and private sector banks when it comes to the asset quality parameter.

Financial Performance Analysis Reviewed from Liquidity, Solvency and Profitability Aspects

This research was conducted to analyze the financial ratios of PT Berlina Tbk during the period 2019 to 2022 see the company’s ability to use ratios. This research uses secondary data by utilizing financial reports and company reports. The analytical tool used in this research is liquidity, solvency, and profitability ratios. Based on the results of this research, it can be seen that the level of PT Berlina Tbk liquidity ratio, which is assessed by the average current ratio of 71,04%, cash ratio of 6,06%, and quick ratio of 44,16%, is considered illiquid. The solvency level of PT Berlina Tbk, which is assessed from the average debt to assets ratio of 59,57%, debt to equity ratio of 147,80%, and long-term debt to equity of 64,38%, is also considered not solvable, where the average calculation results the ratio is in poor condition and does not meet industry ratio standards. And for PT Berlina Tbk profitability level which is assessed from an average gross profit margin of 3,43%, net profit margin of 15,43%, and return on assets of 8,40%, which is considered less efficient, there needs to be a policy so that the profits obtained are more efficient.

Utilization of circulating fluidized bed coal ash in autoclaved aerated concrete manufacture by mineral carbonation

Using circulating fluidized bed combustion (CFBC) ash discharged from thermal power plants, we identified factors affecting mineral carbonation to sequester CO2 and produced autoclaved aerated concrete (AAC). To use CFBC ash as a raw material for AAC, free-CaO, which causes volume expansion, was replaced through hydration and carbonation. During the raw material replacement process, carbonation behavior was confirmed through pH and temperature. A Ca(OH)2 to liquid ratio similar to a fly ash to liquid ratio of 0.25 is considered to provide sufficient diffusion distance, and the reaction rate may increase due to the rise in water temperature caused by Ca2+ leaching. Additionally, the results of XRD, XRF, TG-DTA, and SEM analyses indicate that hydration and carbonation reactions were stably achieved in the materials, suggesting that CO2 sequestration allows the materials to be used as alternative raw materials. After identifying the characteristics of the CFBC ash and the substituted material, AAC was manufactured through pressurized carbonation. The weight change rate, carbonation depth, ventilation rate, pore structure, and compressive strength of the manufactured AAC were measured. As a result, the alternative raw material exhibited higher permeability and a larger pore size range in the specimens compared to the original material, indicating easier CO2 penetration into the specimens. Consequently, this experiment suggests the potential of using the material in AAC production by providing a theoretical basis for solving volume expansion issues associated with concrete admixtures and CO2 sequestration in waste materials.

Digitalization and diversification strategies for effective bank liquidity management in emerging markets

The purpose of this study is to examine the impact of income, assets, and geographic diversity on bank liquidity in the Indonesian banking sector. This study uses purposive sampling and multiple regression analysis (MRA) to investigate the impact of digital banking on bank liquidity, as measured by the loan-to-deposit ratio (LDR) and liquidity ratio. The sample used is 87 banks in Indonesia, which include state-owned banks, commercial banks, regional development banks, and Islamic banks. The key findings of this study indicate that income and asset diversification significantly affect bank liquidity, with income diversification having a negative effect on the Loan-to-Deposit Ratio (LDR). The use of digital banking simplifies the relationship between diversification strategy and liquidity, thereby improving banks' ability to manage liquidity. However, despite digital integration, asset diversification continues to show an adverse correlation with liquidity, indicating limitations in its effectiveness. The study concludes that while digital banking enhances the effect of income diversification on liquidity management, it limits its effect on asset diversification. This suggests that digital utilization is a strategic resource for increasing liquidity, although it requires focused implementation. These findings offer important insights for bank management and policymakers in formulating digital transformation plans that enhance efficient cash management and financial stability, particularly in developing countries like Indonesia. Keywords: income diversification, asset diversification, digital banking, bank liquidity, financial stability.

Determinant state earnings qualities better than Private Pharmaceutical Companies

Purpose: Comparative Earning Quality of State and privately pharmaceutical companies listed on Indonesian Stock Exchange (BEI) between 2019-2023 period with liquidity, profitability, solvency and efficiency ratio. Methodology/approach: After collecting the necessary data, appropriate financial ratios and descriptive statistical techniques are used to analyze, interpret and provide a brief overview of the data collected. the comparison involves two state-owned and two privately-owned pharmaceutical discretionary accruals and earnings persistence for earnings quality, and net profit margin, current ratio, debt-to-equity ratio, and total asset turnover for financial performance measurements. Findings: net profit margin, current ratio, debt to equity ratio, dan total asset turnover have significant differences in the variables private are superior to those of state pharmaceutical companies. This recommends the importance of improving earnings quality of State pharmaceutical companies Practical implications: these companies should refrain from earnings manipulation to foster strong and high-quality financial performance, particularly within Indonesia's pharmaceutical sector. Originality/value: This comparison aims to contribute to financial management research by providing insights into the performance of different types of pharmaceutical companies based on earnings quality and financial statement ratios, thus offering academic contributions to the field.

Natural surfactant used as an additive in the enzymatic-homogenate synergistic extraction of piceatannol, resveratrol, and myricetin from the myrtle (Rhodomyrtus tomentosa) fruit

In this study, three different target analytes from the fruit of myrtle (Rhodomyrtus tomentosa) were extracted via an enzymatic-homogenate synergistic extraction (EHSE) process, and 10 different aqueous solutions of natural surfactants were selected as extraction solvents, thus enabling the simultaneous extraction of piceatannol, resveratrol, and myricetin from the fruit of myrtle (Rhodomyrtus tomentosa). Important factors affecting the yield of piceatannol, resveratrol, and myricetin, including enzyme type, enzyme concentration, pH, surfactant type and dosage, homogenization time, liquid‒solid ratio, incubation and extraction time, incubation time and extraction temperature, were optimized via single-factor experiments. Three important parameters were optimized via the Box‒Behnken design: the liquid‒solid ratio, the incubation–extraction time, and the reaction temperature. The final optimum extraction process conditions were as follows: β-glucosidase concentration, 3.0%, homogenate; time, 3 min; pH, 5; tea saponin concentration, 0.8%; liquid‒solid ratio, 45 mL/g; incubation–extraction time, 2.5 h; and temperature, 67.5 °C. With the optimized experimental parameters, the piceatannol, resveratrol, and myricetin yields were 742.12 ± 37.11 μg/g, 18.58 ± 0.94 μg/g, and 24.83 ± 1.25 μg/g, respectively. Methodological validation and comparison experiments with traditional solvents demonstrated that EHSE is a successful, green, and safe method for extracting active plant components. This approach employs an ecologically benign water-based solution of tea saponin as the extraction solvent, and it combines enzymatic and homogenate procedures to increase extraction efficiency. This study provides a reasonable basis for the application and research of synergistic extraction technology and suggests that more diverse solvent choices should be considered.

Optimization of ultrasound assisted extraction of the Sea buckthorn leaves, characterization of the phenolic compounds, and determination of bioactive properties of the extracts

Sea buckthorn leaves are known to be rich in antioxidants and phenolic compounds. However, non-proper processing methods can result in a decrease of the beneficial properties. To address this, response surface methodology (RSM) was used in the modelling and optimizing of the ultrasound assisted extraction of the sea buckthorn leaves to obtain high yields of total phenolics content in the extract. The alike obtained extracts were subjected under investigations of bioactivities such as the antioxidant activities (FRAP and ORAC), antibacterial properties against Staphylococcus aureus and Escherichia coli and anti-inflammatory characteristics. The results indicated that the extracts obtained under the optimal process conditions of 30 min, continuous pulse, and solid to liquid ratio of 0.2 showed antioxidant activity, and antibacterial activity against both Gram+ and Gram– bacteria at a moderate level. The extracts are rich in polyphenolic compounds, such as ellagic acid and flavonoids. The in vitro anti-inflammatory tests with THP-1 promonocyte model indicated that the sea buckthorn leaf extract obtained by ultrasound assisted extraction has powerful anti-inflammatory properties. These results prove that the ultrasound assisted extraction of sea buckthorn leaves provides a good source of phenolic compounds that have versatile bioactive properties and can generally be regarded as health promoting food compounds.

Thermodynamic stability and component heterogeneity of CO2/N2 mixed hydrates: Implications for hydrate-based CO2 capture and sequestration

Injecting CO2/N2 into marine sediments to form gas hydrates for CO2 storage is an emerging Carbon Capture and Storage (CCS) technology, holding the potential to significantly reduce the costs of CCS while simultaneously enhancing environmental persistence. However, there is currently a lack of comprehensive investigation into the critical parameters and stability evaluations of CO2/N2 mixed hydrates (Mix-H) formation. This study delves into the impact of gas–liquid ratios, pressure–temperature gradients, and hydrate formation degree on the phase equilibrium, formation kinetics, and thermodynamic stability of Mix-H. Experimental findings elucidate the excess water significantly enhances CO2 dissolution, increasing the thermodynamic barrier for Mix-H formation. Consequently, this leads to weakened kinetics and reduced total CO2 composition within the Mix-H (54.2%–96.4%). Raman spectroscopy confirmed varying heterogeneous compositions and thermodynamic stability of hydrate crystals within the bulk Mix-H. The heterogeneity is quantitatively assessed using a novel test – stepwise depressurization, which revealed increased heterogeneity with decreasing initial pressure–temperature as well as increasing gas–liquid ratios and hydrate formation degree. The heterogeneity of Mix-H significantly impacts the CO2 capture efficiency and long–term stability of CO2 sequestration under environmental disturbances. The results also pave the way for evaluating the performance of mixed hydrate application in hydrate–based chemical engineering and CCS technology.

Experimental investigation on product and temperature distribution in a continuous flow packed-bed reactor for dodecahydro-N-ethylcarbazole dehydrogenation

The dehydrogenation of dodecahydro-N-ethylcarbazole (H12-NEC) generates enormous gas accompanied by intense heat absorption, affecting heat and mass transfer in porous catalysts. A packed-bed reactor equipped with a temperature measurement device was designed to investigate the continuous flow dehydrogenation of H12-NEC. The effects of weight hourly space velocity (WHSV), reaction temperature, catalyst particle size, and pressure were evaluated. The results reveal that the volume flow rate of hydrogen will increase with the increase of WHSV. And the reduction of gas–liquid ratio and catalyst particle size facilitates heat transfer causing a more uniform axial temperature distribution within the reactor. As the temperature rises, the hydrogen yield increases along with more by-products. 456 K and 2 mm of catalyst particle size are determined to be the optimal reaction conditions in the study, achieving the hydrogen production rate of 9.61 molH2·gPd-1·h-1. With pressure increasing, the hydrogen yield gradually decreases, but the decreased evaporation of H12-NEC results in a smaller temperature difference between the reactor and heating wall. A comparison with the thermodynamic equilibrium model reveals that the effect of pressure on chemical equilibrium may be more significant than the temperature.

Analisis Kinerja Keuangan Untuk Mengukur Tingkat Kesehatan Perusahaan Manufaktur Sub Sektor Farmasi pada Bursa Efek Indonesia Periode Tahun 2018-2022

The aim of this research is to analyze the company’s financial performance to measure the health level of pharmaceutical sub-sector manufacturing companies listed on the IDX in terms of liquidity, solvency, profitability and activity ratios for the 2018-2022 period. The sample used was 9 pharmaceutical sub-sector companies. The data analysis method used is quantitative descriptive. The research results show that the average ratio of liquidity, solvency, profitability and activity for pharmaceutical sub-sector companies fluctuates. Based on the liquidity ratio, Kimia Farma Tbk has the highest average value of the current ratio, Sido Muncul Herbal & Pharmaceutical Industry Tbk has a quick ratio and Indofarma Tbk has a cash ratio so it is classified as a company with the highest level of health. The solvency ratio in the debt to equity ratio and debt to asset ratio of the Sido Muncul Herbal & Pharmaceutical Industry Tbk has the lowest average value ratio, while the long-term debt to equity ratio of Darya Varia Laboratoria Tbk is classified as a company with the highest level of health. Tempo Scan Pacific Tbk’s profitability ratio has the highest average ratio value for net profit margin and return on assets and Pyridam Farma Tbk for return on equity so it is classified as a company with the highest level of health. The activity ratio in the inventory turnover ratio and the fixed asset turnover ratio of Darya Varia Laboratoria Tbk and Organon Pharma Indonesia Tbk in the total asset turnover ratio each have the highest average ratio values so they are classified as companies with the highest level of health.

Comparison of Financial Performance in Pharmaceutical Industry Companies

This research aims to evaluate the financial performance of PT Kimia Farma (Persero) Tbk, PT Indofarma (Persero) Tbk, and PT Kalbe Farma (Persero) Tbk during the 2016-2022 period using liquidity, profitability, leverage, activity, and efficiency ratios as comparison metrics. The research applies quantitative descriptive analysis through ratio calculations, and is classified as explanatory research with a quantitative approach. The DuPont System Analysis, which highlights the Net Profit Margin, is also employed. The findings reveal that PT Kalbe Farma (Persero) Tbk and PT Kimia Farma (Persero) Tbk showed improved financial performance in 2016-2022, characterized by an increasing liquidity ratio, indicating better debt management. In contrast, PT Indofarma (Persero) Tbk experienced a decline in its liquidity ratio, signifying poorer debt management. Additionally, all three companies—PT Kalbe Farma (Persero) Tbk, PT Indofarma (Persero) Tbk, and PT Kimia Farma (Persero) Tbk—saw declining profitability ratios during this period, reflecting lower profits, which can be considered unfavorable. Overall, while PT Kalbe Farma (Persero) Tbk and PT Kimia Farma (Persero) Tbk had relatively stable financial performance, PT Indofarma (Persero) Tbk's performance was less favorable throughout 2016-2022.