A pharmacy, aside from being a pharmaceutical care provider is also a functioning business. Thus, in the scope of business, pharmacy performance can be analysed using liquidity, activity, and profitability ratios. This study aimed to determine the performance of Pharmacy X based on a financial perspective before and during the COVID-19 pandemic. This research is a descriptive cross-sectional study that employed data obtained from sales and purchase records. The data were analysed using financial ratio analysis methods, including liquidity, activity, and profitability ratios. This study was conducted at Pharmacy X based on the amount of prescription and non-prescription income from before the COVID-19 pandemic (in 2019) and during the pandemic (in 2020). The results showed that Pharmacy X was not good at managing its current assets and current liabilities during the COVID-19 pandemic. Based on the results for the ratios of total asset turnover and fixed asset turnover, asset utilisation was less efficient. Analysis of the probability ratios and net profit margin showed a decrease in Pharmacy X’s profit during the pandemic. The Return on Assets (ROA), Return on Equity (ROE), and Return on Investment (ROI) values indicated that the business was less able to generate profits and net income from its invested capital.


Arafat, S. M. Y., Kar, S. K., Menon, V., Alradie-Mohamed, A., Mukherjee, S., Kaliamoorthy, C., & Kabir, R. (2020). Responsible factors of panic buying: An observation from online media reports. Frontiers in Public Health, 8. DOI: https://doi.org/10.3389/fpubh.2020.603894

Asmi, A. S., & Haris, A. (2020). Analysis of the performance of health workers on the quality of health services to the community. Jurnal Ilmiah Kesehatan Sandi Husada, 12(2), 953–959. DOI: http://doi.org/10.35816/jiskh.v10i2.447

Chuzairi, A., Kamaruzaman, Sidik, M. A., Rahman, A., & Susanti, R. (2021). Analysis of the impact of the COVID-19 outbreak on the souvenir UMKM economy in Sei Enam, Kijang-Bintan. JPPM Kepri: Jurnal Pengabdian dan Pemberdayaan Masyarakat Kepulauan Riau, 1(1), 44-55. DOI: https://doi.org/10.35961/jppmkepri.v1i1.171

Gavrikova, E., Volkova, I., & Burda, Y. (2020). Strategic aspects of asset management: An overview of current research. Sustainability (Switzerland), 12(15). DOI: https://doi.org/10.3390/su12155955

Gunawan, & Rakhmat, K. (2020). The impact of COVID 19 on the sale of masks and hand sanitizers in Kabupaten Sumenep. Eco-Entrepreneurship, 6(1), 25-33.

Hamdani. (2016). Good Corporate Governance. Jakarta: Mitra Wacana Media.

Jang, S. W., & Ahn, W. C. (2021). Financial analysis effect on management performance in the Korean logistics industry. Asian Journal of Shipping and Logistics, 37(3). DOI: https://doi.org/10.1016/j.ajsl.2021.06.003

Murtizanah, D. (2015). Analysis of financial statements: The effect of liquidity ratio and activity ratio on KPRI “Makmur” KRIAN profitability. Jurnal Akuntabel, 5(1).

Naeem, M. (2021). Do social media platforms develop consumer panic buying during the fear of COVID-19 pandemic. Journal of Retailing and Consumer Services, 58. https://doi.org/10.1016/j.jretconser.2020.102226

Kaplan, F. (2019). Liquidity analysis. Kaplan Financial Knowledge Bank. Retrieved from http://kfknowledgebank.kaplan.co.uk/financial-reporting/interpretation-of-financial-steatment/liquidity-analysis.

Kasmir. (2018). Financial Statement Analysis (1st ed.). Jakarta: PT. Raja Grafindo Persada.

Kustiyono, Rachmawati, M & Aziz, A. (2022). COVID 19 pandemic: Its effect on retail business growth in Indonesia. International Journal of Economics, Business and Accounting Research (IJEBAR), 6(1), 515-520.

Malden K., & Stephens, S. (2020). Cascading economic impacts of the COVID-19 outbreak in China. U.S.-China. U.S-China Economic and Security Review Commission Staff Research Report. Retrieved from https://www.uscc.gov/sites/default/files/2020-04/Cascading_Economic_Impacts_of_the_Novel_Coronavirus_April_21_2020.pdf

Nugroho, Y. D. & Pratiwi, K. A. (2021). Analysis of changes in mobility on the remediation process for the impact of COVID-19 in Indonesia using Google Mobility data. National Seminar of Official Statistics (2021). DOI: https://doi.org/10.34123/semnasoffstat.v2020i1.675

Rahmani, N. A. B. (2020). Effect of RoA (Return On Asset), RoE (Return On Equity), NPM (Net Profit Margin), GPM (Gross Profit Margin) and EPS (Earning Per Share) on stock prices and profit growth at banks listed on the Indonesia Stock Exchange in 2014-2018. Human Falah: Jurnal Ekonomi dan Bisnis Islam, 7(1), 104-116.

Raymond. (2017). Effect of liquidity and solvency on profitability at PT. Indosat Tbk. Jurnal Prodi Manajemen, Universitas Putera Batam, 5(1), 110-118

Regmi, S. D. (2020). Business Impact of COVID-19 Pandemic on pharmacy shops of Dharan-18: A sample survey. Dristikon: A Multidisciplinary Journal, 10(1). DOI: https://doi.org/10.3126/dristikon.v10i1.34559.

Rokhmah, D., Ali, K., Putri, S. M. D., & Khoiron, K. (2020). Increase in public interest concerning alternative medicine during the COVID-19 pandemic in Indonesia: A Google Trends study. F1000Research, 9. DOI: https://doi.org/10.12688/f1000research.25525.1

Saini, N., & Bansal, S. (2020). Pharmaceutical companies and liquidity analysis: A review. International Journal of Economics and Financial Issues, 10(5). DOI: https://doi.org/10.32479/ijefi.10465

Sari, R.M (2015). Accountability for management of the village income and expenditure budget (APBDes) in Bendosari Village Ngantru District Tulungagung Regency. Jurnal Kompilek, 7(2).

Veronica, V., & Koto, S. K. (2020). The Influence of factor of motivation, discipline, and welfare antesedents on employee performance. Jurnal Pengembangan Wiraswasta, 22(01), 57. DOI: https://doi.org/10.33370/jpw.v22i01.392

World Health Organization, (2020). Report of the WHO-China Joint Mission on Coronavirus Disease 2019, 2019(February).

Yamali, F. R., & Putri, R. N. (2020). The impact COVID-19 on the Indonesian economy. Ekonomis: Journal of Economics and Business, 4(2), 384-388. DOI: https://doi.org/10.33087/ekonomis.v4i2.179

Yuliana, L. (2020). The impact of pandemic conditions in Indonesia on sales trends (study case on PD. Sumber Jaya Aluminium). Jurnal Riset Bisnis, 4(1), 27-38.

Zheng, S. Q., Yang, L., Zhou, P. X., Li, H. B., Liu, F., & Zhao, R. S. (2021). Recommendations and guidance for providing pharmaceutical care services during COVID-19 pandemic: A China perspective. Research in Social & Administrative Pharmacy : RSAP, 17(1), 1819–1824. https://doi.org/10.1016/j.sapharm.2020.03.012



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.