Comparative Analysis of Financial Performance Through Mergers by Health Service Companies in Indonesia

— In strengthening and developing itself, a company can employ a strategy namely business expansion. This expansion, particularly through the acquisition and merger of companies, is prevalent. PT Sejahteraraya Anugrahjaya (SRAJ), operating in the healthcare sector, merged with PT Bogor Medical Center (BMC). Therefore, it is necessary to analyze whether any differences or not in the financial performance of SRAJ following the merger. This research applies a comparative quantitative analysis method. The financial performance of the firm is measured using six financial ratios: ROA, ROE, FATO, TATO, DER, and CR. Financial data is obtained from annual reports from the mayapadahospotal.com and idx.co.id websites for 5 years beforehand the merger (2013-2017) and 5 years following the merger (2018-2022). All data are normally distributed according to the One-Sample Kolmogorov-Smirnov Test. However, the Paired Sample t-test result indicates that the TATO variable changes beforehand and following the merger with a significance value of 0.025. Meanwhile, the variables ROA, ROE, FATO, DER, and CR do not change between beforehand and following the merger. Thus, the merger conducted by PT Sejahteraraya Anugrahjaya Tbk (SRAJ) with PT Bogor Medical Center (BMC) has a less significant impact through the studied ratio indicators.