{
    "success": true,
    "data": {
        "id": 1828556,
        "msgid": "danantara-bhap-or-zhap-1782647558",
        "date": "2026-06-28 18:31:00",
        "title": "Danantara: Bhap or Zhap?",
        "author": "Fitriyan Zamzami",
        "source": "REPUBLIKA",
        "tags": "",
        "topic": "Economy",
        "summary": "The article examines whether the establishment of Danantara, Indonesia's new sovereign wealth fund and holding company for state-owned enterprises, represents genuine economic transformation or mere hype. It highlights significant financial improvements across various SOEs, including soaring profits at Pertamina and Pupuk Indonesia, as evidence that the initiative is delivering real results.",
        "content": "<p>In today\u2019s circles, whenever a new breakthrough or entity emerges,\nthe obligatory question is always the same. Borrowing a term popularised\nby Grind Boys: is it \u2018bhap\u2019 or \u2018zhap\u2019? Is it genuinely impressive and\ndelivering real impact, or just hype and discourse that ultimately\nfizzles out? This contemporary question is highly relevant when\nobserving the presence of Danantara. Since this institution was\nestablished to helm the transformation, has the performance of our\nstate-owned enterprises (SOEs) truly soared, or is it merely treading\nwater? To answer this, we must dissect the root context. Change is a\ncertainty in the business world. In today\u2019s dynamic environment, change\nis not merely a cycle but has become the new normal. Peter Drucker, the\nfather of modern management, once sharply stated, \u2018Innovation is the\nspecific instrument of entrepreneurship. It is the act that endows\nresources with a new capacity to create wealth.\u2019 A changing environment\nshould not always be viewed as a threat. On the contrary, as Drucker\nsuggests, change always contains opportunities to innovate and open new\npathways. However, looking back at Indonesia\u2019s history, there appears to\nbe an anomaly regarding change in the economic sector. Revisiting\nliterature from the 1980s, such as Richard Robison\u2019s magnum opus\n\u2018Indonesia: The Rise of Capital\u2019, reveals a bitter reality that the\nsystem of managing state wealth or our economy seemed stagnant. In fact,\naccording to Robison, our economic culture at the time was still\nidentical to the VOC era: extractive, elitist, and monopolistic.\nRobison\u2019s view serves as an accurate mirror for the condition of our\nSOEs before the transformation era. Many institutions that should have\nbeen the engines of a people\u2019s economy were instead trapped in\ninefficiency and operated with a colonial-era mentality that only\nbenefited a select few. Daron Acemoglu and James A. Robinson, in their\nbook \u2018Why Nations Fail\u2019, clearly narrate the paths of nations throughout\nhistory. They assert that prosperous and advanced nations are those\ncapable of managing their economies inclusively, not those that merely\nrely on natural resource exploitation, but those that build the quality\nof human resources to foster a climate of healthy, equitable, and\ninnovative competition. Since his inauguration as president, Prabowo has\nstated his commitment to ending the extractive and monopolistic culture\nin the Indonesian economy. Through his economic thinking, known as\nPrabowonomics, he offers a new idea via an instrument called Danantara.\nDanantara was born precisely to fight extractive and monopolistic\neconomic practices. Its existence is not to monopolise assets, but\nrather to serve as an instrument to break down the economic barriers\nthat have been monopolised all this time. Philosophically, Danantara is\nan original fruit of Prabowonomics, an idea that rests on efforts to\ncreate inclusivity through economic equality. The foundation of\nIndonesia\u2019s inclusive economy is actually clearly mandated in Article 33\nof the 1945 Constitution. Prabowo is fully aware that Danantara was not\nestablished with the spirit of strengthening the state\u2019s monopoly grip.\nIts primary spirit is to dismantle the extractive economic structure\nthat has been slowly eroding the nation\u2019s potential since the VOC era.\nOf course, changing a culture that has been rooted for hundreds of years\ncannot be done overnight. It requires strong affirmative action through\nDanantara with a purely business, professional, and rational approach.\nEvery change requires a process, and Danantara is no exception. As a\nholding company overseeing all SOEs and a sovereign wealth fund managing\nstate assets, Danantara needs time to consolidate its strength, reform\noutdated practices, and dismantle old cultures. Now, under more focused\ncommand, the achievements and transformation of SOEs are showing\nundeniable results. So, back to the initial question: \u2018bhap\u2019 or \u2018zhap\u2019?\nThe following figures validate that SOE performance has indeed soared.\nThis performance improvement is directly reflected in the surge of SOE\ndividends, which reached Rp131.4 trillion in 2025, a significant\nincrease from the Rp85.6 trillion achieved in 2024. From a profitability\nperspective as of April 2026, the banking sector, as a major\ncontributor, posted excellent results. Bank Mandiri recorded a profit of\nRp21.3 trillion (up 13 percent) and BRI recorded a profit of Rp21.2\ntrillion (up 15 percent). This dynamism is not confined to the financial\nsector. In the energy sector, Pertamina posted a record profit of Rp24.9\ntrillion, an 80 percent jump compared to April 2025, thanks to\nconsolidation in its upstream sector involving Patra Niaga, Pertamina\nInternational Shipping, and its refineries. The most phenomenal growth\nwas shown by Pupuk Indonesia (PIHC), which recorded a profit of Rp4.8\ntrillion, skyrocketing by 202 percent. Even more impressive, this\ntransformation success has managed to revive entities that were\npreviously bleeding. Krakatau Steel, once burdened by heavy debt,\nsuccessfully reduced its debt from USD 1.7 billion to USD 1.1 billion,\ndrastically lowered its interest burden, and by April 2025 managed to\nreturn to profitability with a profit of Rp635 billion. This success was\nachieved through four measurable transformation stages: Fundamental\nBusiness Review, Business Consolidation, Transformation Journey, and\nValue Creation. At PIHC, for instance, the subsidy scheme was changed\nfrom cost-plus to mark-to-market, providing agility to capture profits\nwhile managing global commodity fluctuations. In the Industrial Estate\nline, the new management recorded a record land provision of 142\nhectares in 2025. As a result, revenue soared to Rp3.81 trillion and\nprofit reached Rp1.3 trillion.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/danantara-bhap-or-zhap-1782647558",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}