Financial Health Analysis of PT Indo Tambangraya Megah Tbk. According to Altman Z-Score in Period of 2018 – 2022

The Covid-19 pandemic brought forces that disrupted the supply chain of the global economy. Coal as one of the main commodities in the energy-producing electricity sector has also been affected by the global lockdown and supply chain disruptions. This major phenomenon occurs globally for at least three full years, from 2020 to 2022, coal prices fluctuate significantly due to scarcity in all global markets. Indonesia as one of the largest coal producers takes advantage of this market shift. On the Indonesia Stock Exchange there are 29 listed coal mining companies, these companies have different health conditions based on their financial performance. This paper examines the development of the financial health of PT Indo Tambangraya Megah Tbk. (ITMG stock symbol/code on IDX), one of the coal mining companies listed on the Indonesia Stock Exchange, during the pre-pandemic - pandemic - increase in coal prices and the aftermath of the pandemic, from fiscal year 2018 to 2022, using the financial distress analysis model Altman Z-score. This study aims to determine the condition of ITMG's financial health amidst the current condition of coal price volatility. The study finds that there is strong recovery in coal market after covid-19 pandemic that was beneficial for the firm, thus this information can be used as input and consideration for stakeholders to make decisions.