Danantara COO: SOE Profits Rise 18.4% Thanks to Transformation

Chief Operating Officer of the Daya Anagata Nusantara Investment Management Agency (Danantara Indonesia) Dony Oskaria said the transformation of state-owned enterprise (SOE) management helped increase combined net profit by 18.4% to Rp214.9 trillion in January–August 2026.

Dony, who also serves as head of the State-Owned Enterprises Regulatory Agency (BP BUMN), presented the figures at the Danantara Technology Innovation Investment Forum (DTIIF) 2026 in Jakarta on Monday.

“Thus, the transformation we have carried out has delivered results,” Dony said during a C-Suite Danantara session.

Data presented by Danantara showed that combined SOE net profit rose from Rp181.5 trillion in January–August 2025 to Rp214.9 trillion in the same period this year, an annual increase of Rp33.4 trillion.

Profit growth was accompanied by an improvement in annualised return on equity (ROE), which reached 8.0% in the first eight months of 2026, compared with 7.4% in the same period a year earlier.

Combined SOE ROE therefore rose by 0.6 percentage points, reflecting improved returns on shareholders’ capital.

Dony said the transformation involved reviewing business models, revenue sources and composition, cost structures, and company profitability, with reference to global industry best practice.

One SOE recording particularly strong profit growth was PT Semen Indonesia (Persero) Tbk (SIG), whose net profit rose 427% year on year in January–August 2026.

“You can see that Semen Indonesia posted a 427% increase in profit,” Dony said.

Danantara’s presentation also showed profit growth of 233% at Pupuk Indonesia, 110% at Danareksa and 55% at PTPN III compared with the same period a year earlier.

Other SOEs also reported higher profits: Pertamina rose 48%, Pelindo 45%, Bank Tabungan Negara (BTN) 35% and Bank Mandiri 16% year on year.

Dony linked the improved performance to the gradual overhaul of business models and corporate management, including stronger financial discipline and SOE governance.

“Our companies are now being managed with good governance,” he said.

According to Dony, better SOE performance is important to Danantara Indonesia’s sustainability because its investment funding relies on dividends generated by state-owned companies.

Improving SOE profitability is therefore an important part of strengthening Danantara’s capacity to finance investment in strategic sectors, which is expected to boost incomes and create jobs in Indonesia.