Profitability Ratios to Assess the Financial Performance of PT Fore Kopi Indonesia Tbk for the 2023-2024 Period

Abstract

Indonesia's coffee chain industry is experiencing rapid growth but is characterized by intense competition, particularly in the Food and Beverage (F&B) sector. Despite the growing interest in pre-IPO financial analysis, empirical studies that combine profitability ratio comparison with an explicit expansion strategy context remain scarce, especially for recently listed Indonesian F&B companies. This study fills that gap by analyzing the financial performance of PT Fore Kopi Indonesia Tbk. immediately prior to its April 2025 IPO, a period marked by massive outlet expansion across 2023–2024. The academic contribution lies in providing a multi-ratio, pre-IPO performance snapshot for an under-researched firm, and in contextualizing the findings within Signaling Theory and operating leverage theory. The method employed is descriptive quantitative with a comparative study approach based on secondary data from Audited Financial Statements in the company's IPO Prospectus. Analysis focuses on five key ratios: Gross Profit Margin (GPM), Operating Profit Margin (OPM), Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE). Results indicate substantial improvement in four of five ratios OPM rose from 0.01% to 6.39%, NPM from 0.24% to 5.61%, ROA from 0.34% to 9.09%, and ROE from 1.49% to 23.00% while GPM declined marginally by 1.56 percentage points. Benchmarked against the Indonesian F&B sector median, Fore Kopi's GPM notably exceeds the sector average, while its ROA and ROE surpassed median levels by 2024, suggesting an improving competitive position. These findings support Signaling Theory and align with documented pre-IPO performance optimization patterns in Indonesian F&B companies.