Comparative Analysis of the Financial Performance of Coal Mining Business License (IUP) and Mining Services Business License (IUJP) Companies from 2018 - 2024

The coal mining sector is a key contributor to Indonesia’s economy, significantly impacting state revenue and exports. According to Law No. 3 of 2020, mining business licenses are divided into two categories: Mining Business License (IUP) for exploration and production, and Mining Services Business License (IUJP) for supporting services such as contracting, transportation, and technical operations. These license types create distinct operational characteristics and risk profiles, warranting comparative financial analysis. This study analyzes the financial performance of IUP and IUJP companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2024, focusing on liquidity, profitability, solvency, activity, and growth ratios. Using a quantitative approach with purposive sampling, six IUP and four IUJP companies with complete annual financial reports were examined. Data were analyzed through financial ratios and tested with normality, homogeneity, Mann–Whitney, and two-way ANOVA tests. The findings indicate significant differences in ROA, ROE, DER, DAR, ARTO, EPS, and PER between IUP and IUJP companies, reflecting disparities in capital efficiency, capital structure, and growth potential. In contrast, liquidity ratios (Current Ratio and Quick Ratio), asset efficiency (TATO), and inventory turnover (ITO) showed no significant differences, suggesting similar short-term solvency and asset management across the two groups. This study contributes theoretically by expanding the literature on financial performance in the mining sector based on license types. Practically, it offers guidance for investors in decision-making, supports management in financial strategy formulation, and provides regulators with insights for developing effective policies in the coal mining industry.