DAMPAK HOLDING ULTRA MIKRO TERHADAP KINERJA KEUANGAN PT PERMODALAN NASIONAL MADANI

Abstrak

This study analyzes the impact of the Ultra Micro Holding (Holding UMi) on the financial performance of PT Permodalan Nasional Madani (PNM) and identifies strategic factors that influence PNM’s performance in empowering the ultra-micro segment after joining the holding ecosystem. A mixed-methods approach with a post-positivist paradigm is employed, combining descriptive-comparative analysis of PNM’s financial statements for 2017–2025 (ROA, ROE, BOPO, DER, COF, and NPL) with qualitative analysis through interviews, observations, and document reviews. The Wilcoxon Signed-Rank Test shows that ROA, ROE, BOPO, DER, and COF changed significantly after the establishment of Holding UMi, while NPL did not differ significantly. Qualitative findings and the Resource-Based View (VRIO) framework indicate that the PNM Mekaar business model, extensive service network, data integration and colocation within the Holding UMi ecosystem, and referral mechanisms among entities form valuable capabilities and, in part, sustainable competitive advantages. The study concludes that PNM’s integration into Holding UMi strengthens financial performance through improved efficiency and funding structure, while leaving operational efficiency and credit risk challenges that must be managed to balance the social mission of ultra-micro empowerment with commercial sustainability.