Working capital is an important element in the company, thus requiring management effective in order to maintain the ongoing activities of the company. This research aims to determine the effectiveness of working capital management to improve liquidity and profitability. This type of research is descriptive research. The results showed that working capital management implemented by PT Japfa Comfeed Indonesia Tbk overall effective, as evidenced by the increased liquidity and the profitability of the company, except the quick ratio is still declining in the last three years. But the company still had to pay attention to inventory management and current debts that have not been effective, because of the large amount of inventory and current liabilities which are owned. The conclusion from this study is that effective management of working capital ensure the company's liquidity, so Perusahaa n can remain in operation and achieving the optimal level of profit. Suggestions on this research is to inventory management so that the spins faster and reduce costs for storage, as well as the planning of the debt as a funding source to avoid increasing increase the obligations of the company and reduce corporate profits.