THE RATIO ANALYSIS OF FINANCIAL STATEMENTS OF TOLL ROAD BUSINESS ENTITIES BEFORE AND DURING COVID-19

This study aims to determine financial performance of Toll Road Business Entities (PT Jasa Marga Tbk, PT Citra Nusaphala Persada and PT Hutama Karya), in the period of 2019 (before Covid-19), 2020 and 2021 (Covid-19 period). The influence of Covid-19 on financial performance ratios are examined using profitability ratios (especially on net profit margin) and activity ratios (especially on fixed asset turnover and total asset turnover) during the Covid-19 period (in 2020) for the three toll road business entities. The financial performance of the three companies in 2020 has decreased significantly compared to the period before Covid-19 (in 2019). In 2021 (the Covid-19 period), financial performance has decreased but not as big as in 2020. This is due to the government's policy of relaxing the Community Activities Restrictions Enforcement (CARE). However, the decline in the ratio at PT Hutama Karya was lower than in 2019.