THE IMPACT OF THE COVID-19 CRISIS ON THE FINANCIAL HEALTH OF INDONESIAN CONSTRUCTION FIRMS: EVIDENCE FROM 2020 TO 2022

The Covid-19 pandemic has had a significant impact on Indonesia's economic sector, including construction companies, which have experienced declines in stock prices and financial performance. This study aims to analyze the financial performance of five construction firms listed on the Indonesia Stock Exchange from 2020 to 2022. The analysis employs financial ratios covering liquidity, solvency, return on investment, asset utilization, and operational performance. The results show that although there were improvements in liquidity and asset utilization ef iciency, companies continue to face challenges in solvency and profitability. High dependence on debt and a decline in net profit margins were major obstacles for construction firms during the pandemic. This study contributes to the development of literature on financial management in the construction sector during crisis conditions, providing strategic guidance for management to enhance financial stability. The findings recommend reducing reliance on debt by diversifying funding sources to improve solvency.