Influence Capital Structure, Operational Efficiency, and Asset Growth to Profitability at PT Sumber Alfaria Trijaya Tbk (Alfamart) Period 2019 – 2024

Nur Ahmad Fahrurozi; Abdurrohim Abdurrohim

doi:10.55927/fjmr.v5i9.194

Authors

Nur Ahmad Fahrurozi Universitas Jenderal Achmad Yani
Abdurrohim Abdurrohim Universitas Jenderal Achmad Yani

DOI:

https://doi.org/10.55927/fjmr.v5i9.194

Keywords:

Capital Structure, Operational Efficiency, Asset Growth, Profitability, Return on Assets

Abstract

This study examines the effects of capital structure, operational efficiency, and asset growth on the profitability of PT Sumber Alfaria Trijaya Tbk during 2019–2024. An explanatory design was applied using secondary data from the company’s annual financial statements. Debt-to-equity ratio, operating expenses to operating income ratio, asset growth, and return on assets represented the study variables. Data were analysed using descriptive statistics, classical assumption tests, multiple linear regression, t-tests, F-tests, and the coefficient of determination. The results show that none of the independent variables has a significant partial effect on profitability, although they jointly have a significant effect. Profitability therefore depends on the combined management of financing, operating costs, and asset expansion rather than any single factor.Keywords: Capital Structure; Operational Efficiency; Asset Growth; Profitability; Return on Assets.

References

Aishwarya, R., Kumar, S., & Sharma, P. (2022). Capital structure and firm profitability: Evidence from emerging markets. International Journal of Financial Studies, 10(3), 1–18. https://doi.org/10.3390/ijfs10030058

Jannah, N., Hidayat, T., & Putri, R. (2025). The effect of asset growth on profitability in trading sector companies in Indonesia. Journal of Economics and Management, 27(1), 45–58.

Munawar, A., Sari, DP, & Nugroho, A. (2025). The effect of operational efficiency on the profitability of companies listed on the Indonesia Stock Exchange. Journal of Business Management, 12(1), 88–101.

Nguyen, T.H., Tran, P.Q., & Le, H.M. (2022). Capital structure and firm performance: Evidence from ASEAN listed companies. Journal of Risk and Financial Management, 15(7), 1-19. https://doi.org/10.3390/jrfm15070293

PT Sumber Alfaria Trijaya Tbk. (2019). 2019 Annual Report.https://alfamart.co.id

PT Sumber Alfaria Trijaya Tbk. (2020). 2020 Annual Report.https://alfamart.co.id

PT Sumber Alfaria Trijaya Tbk. (2021). 2021 Annual Report.https://alfamart.co.id

PT Sumber Alfaria Trijaya Tbk. (2022). 2022 Annual Report.https://alfamart.co.id

PT Sumber Alfaria Trijaya Tbk. (2023). 2023 Annual Report. https://alfamart.co.id

PT Sumber Alfaria Trijaya Tbk. (2024). Annual Report 2024.https://alfamart.co.id

Rahmawati, I., & Wijayanti, D. (2024). Analysis of factors influencing the profitability of retail companies in Indonesia. Indonesian Journal of Accounting and Finance, 21(2), 134–149.

Yuniati, E., Pratama, F., & Saputra, A. (2025). Determinants of corporate profitability viewed from operational efficiency and capital structure. Journal of Management and Business Research, 10(1), 15–29.