A Comparative Study of Financial Performance in Property Companies on the Indonesia Stock Exchange Post-IFRS 15 (PSAK 115) Adoption: A Review of 17 Firms (2022–2024)

Abstract

This study conducts a comparative analysis of the financial performance of 17 property sector issuers listed on the Indonesia Stock Exchange (IDX) for the period 2022-2024,following the full implementation of PSAK 115 on Revenue for contracts with customers. Using a descriptive-comparative research design with secondary data source from annual financial reports, this study examines four key financial ratios: Current Ratio (CR), Return on Assets (ROA), Total Asset Turnover (TAT), and Debt to Asset Ratio (DAR). The result reveal significant disparities in financial performance across issuers. PT Metropolitan Land Tbk (MTLA) recorded the highest ROA at 27% in 2023, while PT Puradelta Lestari Tbk (DMAS) demonstrated the most balanced and consistent performance across all four indicators throughout the observation period. Industry wide averages indicate improving profitability (ROA rising from 4% to 6%) and declining leverage (DAR declining from 43% to 38%), suggesting a positive adaptation trend following the adoption of PSAK 115. Revenue recognition patterns varied considerably across issuers, reflecting differences in contract structures, project completion timelines, and product segment characteristics. These findings underscore the importance of olistic financial ratio analysis in evaluating property issuers under the new revenue recognition standard.