Dynamics of Financial Performance of PT Unilever Indonesia Tbk

Abstract

This study aims to analyse the financial performance dynamics of PT Unilever Indonesia Tbk (UNVR) for the period from 2021 to 2025, utilising a financial ratio analysis approach. The research data is secondary data in the form of financial reports. The analysis was conducted descriptively and quantitatively, covering liquidity, solvency, profitability, and activity ratios. The results show two contrasting phases. The first phase (2021–2024) was characterized by a consistent decline in almost all financial dimensions. The second phase (2025) showed a partial recovery following the divestment of the ice cream business, with CR increasing to 74.1%, DER correcting to 347.3%, and NPM recovering to 11.1%. However, TAT decreased for the first time to 1.60 times due to an enlarged asset base following the influx of divestment cash. The improvement in the 2025 ratio is due to a one-time divestment transaction, rather than sustained organic growth. The sustainability of this recovery depends heavily on management's ability to utilize divestment cash productively and to withhold profit distributions that exceed operational earning capacity. This research contributes to the literature on FMCG financial performance analysis in the context of multi-crisis and business transformation, and serves as a reference for investors, management, and regulators in interpreting post-divestment financial signals