ANALISIS STRATEGI HEDGING TERHADAP RISIKO KURS PADA PT. GARUDAFOOD PUTRA PUTRI JAYA TBK PERIODE 2024

Abstrak

Fluktuasi nilai tukar mata uang asing (foreign exchange rate) merupakan salah satu risiko utama yang memengaruhi kinerja keuangan perusahaan dengan eksposur transaksi internasional. PT. Garudafood sebagai perusahaan multinasional yang aktif melakukan impor bahan baku, menghadapi risiko kurs yang berpotensi mengurangi profitabilitas. Penelitian ini bertujuan untuk menganalisis serta membandingkan efektivitas empat strategi hedging, yaitu Non Hedging, Forward Contract, Money Market Hedging, dan Currency Option dalam memitigasi risiko nilai tukar. Metode penelitian menggunakan pendekatan deskriptif kuantitatif dengan studi kasus pada laporan keuangan PT. Garudafood periode 2024. Data sekunder diperoleh dari Bursa Efek Indonesia, Bank Indonesia, serta sumber literatur terkait kurs, suku bunga, dan instrumen derivatif. Hasil penelitian menunjukkan bahwa perusahaan berisiko mengalami kerugian jika tidak melakukan hedging. Dari empat strategi yang dianalisis, Currency Option dinilai sebagai strategi paling ekonomis, efisien, dan fleksibel, diikuti oleh Money Market Hedging dan Forward Contract, sementara Non Hedging terbukti paling merugikan. Kesimpulannya, pemilihan strategi hedging yang tepat sangat krusial untuk melindungi perusahaan dari volatilitas nilai tukar dan menjaga kinerja keuangan secara berkelanjutan.

Fluctuations in foreign exchange rates are one of the main risks affecting the financial performance of companies with international transaction exposure. PT. Garudafood as a multinational company that actively imports raw materials, faces exchange rate risks that have the potential to reduce profitability. This study aims to analyze and compare the effectiveness of four hedging strategies, namely Non-Hedging, Forward Contract, Money Market Hedging, and Currency Option in mitigating exchange rate risk. The research method uses a quantitative descriptive approach with a case study of PT. Garudafood 2024 financial statements. Secondary data was obtained from the Indonesia Stock Exchange, Bank Indonesia, and related literature on exchange rates, interest rates, and derivative instruments. The results show that companies risk incurring losses if they do not hedge. Of the four strategies analyzed, Currency Option is considered the most economical, efficient, and flexible strategy, followed by Money Market Hedging and Forward Contract, while Non Hedging proved to be the most detrimental. In conclusion, choosing the right hedging strategy is crucial to protect companies from exchange rate volatility and maintain sustainable financial performance.