Danantara Chief Refutes Claim that State-Owned Enterprises Never Turn a Profit; Here Are the Figures

Yogyakarta, CNBC Indonesia — Danantara Chief Operating Officer (COO) Dony Oskaria said state-owned enterprises (SOEs) contribute significantly to government revenue, including through tax payments and dividends. According to Dony, the SOE contribution to the Anggaran Pendapatan dan Belanja Negara (APBN) accounts for almost one-third of total state revenue, in the form of dividends and taxes.

‘This first quarter, we have paid to the state taxes of around Rp215 trillion. So our SOEs are very powerful,’ he said at Jogja Financial Festival (Finfest) 2026 in Yogyakarta, on Friday (22/5/2026).

He also dismissed the notion that many red-state companies do not earn profits. ‘The profits of SOEs in 2025 are expected to reach Rp335 trillion and may rise to Rp360 trillion this year,’ he said.

He revealed the government is now making major governance changes in BUMN through Danantara, which functions as a sovereign wealth fund based on consolidation of state-owned companies. Under the new model, several large SOEs such as PT Bank Mandiri (Persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk, PT Pertamina (Persero), PT PLN (Persero), PT Garuda Indonesia (Persero) Tbk, and PT Krakatau Steel (Persero) Tbk are under one holding company.

‘With a single holding company now, it is easier for us to undertake the turnaround process of our companies,’ he said. Previously, SOEs stood independently, making cross-subsidising between groups difficult when a company faced financial problems. ‘The profits of BRI, Bank Mandiri and others could not be used to help other companies,’ he added.

He expressed hope that governance reform through Danantara can accelerate national economic growth while creating more jobs for Indonesia’s youth. ‘Danantara really is a driver of growth for our economy going forward,’ he concluded.