Saputra, Bayu Akbar and Faizah, Iva and Carmidah, Carmidah (2026) Dupont System Analysis dalam Mengukur Kinerja Keuangan PT. Antam Tbk Pra dan Pasca Bullion Bank. Al-Mashrof : Journal of Islamic Banking and Finance, 7 (1). ISSN 2774 – 7166

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Abstract

Changes in the dynamics of the national gold industry and the implementation of the Bullion Bank policy require an evaluation of the financial performance of mining companies, particularly PT Aneka Tambang Tbk as a strategic state-owned enterprise in the precious metals sector. This study aims to analyse the financial performance of PT Aneka Tambang Tbk before and after the implementation of Bullion Bank using the DuPont System approach, which focuses on Net Profit Margin, Total Asset Turnover, Equity Multiplier, and Return on Equity. The research method used is a descriptive quantitative approach with data collection techniques in the form of secondary data sourced from the 2024 and 2025 first to third quarter financial reports of PT Aneka Tambang Tbk as the object of research. The analysis was carried out by comparing financial performance before and after the implementation of Bullion Bank and referring to industry standards as a benchmark. The results of the study indicate that after the implementation of Bullion Bank, there was an increase in Net Profit Margin, Total Asset Turnover, Equity Multiplier, and Return on Equity, which was mainly driven by increased asset utilisation effectiveness. However, all DuPont ratios are still below industry standards, indicating that the company's financial performance is not yet optimal. This research contributes to the development of financial management studies, particularly regarding the impact of Bullion Bank policies on the financial performance of gold mining companies.

Keywords: Financial Performance, DuPont System, PT ANTAM Tbk, Bullion Bank

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