Financial Health Analysis of PT Jasa Marga Tbk. According to Altman Z - Score in Period of 2018 – 2022

Enhancing connectivity, particularly in land transportation, has been a key priority for the Indonesian government under President Jokowi's administration. However, the implementation of lockdowns and large-scale social restrictions during the COVID-19 pandemic has significantly curtailed people's mobility and resulted in struggling businesses, including toll road operators. Simultaneously, the government, aiming to sustain the economy, has shifted its focus towards COVID-19 response initiatives, impacting the financial performance and operations of numerous state-owned enterprises (SOEs), including PT Jasa Marga Tbk. This study aims to analyze the financial distress experienced by PT Jasa Marga Tbk from 2018 to 2022, employing the Altman Z-Score model to predict the likelihood of corporate bankruptcy. Annual financial reports were utilized to conduct a comprehensive evaluation of the company's financial health. By calculating financial risk and examining the ratios associated with corporate bankruptcy, this study provides valuable insights into the financial strength of PT Jasa Marga Tbk.