Danantara Financial Report Still Unpublished, Economists Raise Concerns
President Prabowo Subianto has presented the performance of state-owned enterprises under Danantara Indonesia during his State Address at the DPR building ahead of the 81st anniversary of the Republic of Indonesia. In his speech, Prabowo highlighted the surge in profits and dividends of state-owned companies over the past year.
This statement drew mixed reactions from a number of economists. Executive Director of the Center of Economic and Law Studies (CELIOS) Bhima Yudhistira Adhinegara highlighted the absence of a comprehensive financial performance report on SOEs by Danantara.
“It is difficult to measure Danantara’s performance if the report does not exist. This is only a small portion of hundreds of SOEs and their subsidiaries,” Bhima said when contacted by Republika in Jakarta on Thursday (20/8/2026).
Bhima, who also serves as Minister of Finance and Budget Governance in the Shadow Cabinet, believes the public still lacks sufficient basis to test claims regarding the performance and consolidation process of SOEs under Danantara. According to Bhima, the public cannot verify the performance of SOEs being consolidated without a comprehensive financial report.
“But the reality is that to this day, the public cannot test the statements regarding performance and the consolidation of SOEs under Danantara,” Bhima said.
Bhima stressed that Danantara has not yet published its financial report in full, so statements regarding SOE performance remain one-sided. Bhima also questioned the productivity of the consolidated assets and the position of workers in the scenario of reducing the number of SOEs.
“To this day, Danantara has not published its financial report, so the claims made by Prabowo Subianto are one-sided claims,” said the graduate of the International Undergraduate Program (IUP) at the Faculty of Economics and Business, Gadjah Mada University (UGM).
Bhima emphasised the importance of data transparency so that the public can objectively assess the ongoing consolidation process. According to Bhima, transparency is needed to determine whether the assets in the consolidation process are truly productive and how it impacts the workforce.
“Without the public being able to verify, without the public being able to test whether the assets being consolidated are indeed productive assets, and what about the workforce, in their position as part of the scenario of reducing the number of SOEs,” said the man born in Pamekasan, East Java.
Similarly, Senior Economist at Bright Institute Yanuar Rizky also highlighted the slow publication of Danantara’s financial report. Yanuar said the delay needs to be explained openly because financial reports are an important instrument for determining the exact value of assets, sources of capital, income, and Danantara’s position as an investment holding.
“So I do not know what is actually causing this delay; we are confused ourselves,” Yanuar said.
Yanuar believes the delay in publishing the financial report should not be explained solely from the perspective of the complexity of SOE consolidation. According to Yanuar, what is far more important is clarity regarding the accounting treatment of assets that have been transferred to Danantara and how the value of those assets will be reflected in the financial report.
Yanuar explained that the value of portfolio assets transferred by the government to Danantara may change after the transfer process. The value is not automatically the same as the acquisition value because there is a possibility of asset impairment, either due to changes in share prices or the results of a revaluation process.
According to Yanuar, this issue is important because Danantara’s financial report must clearly show the relationship between the value of managed assets and the financial position of the investment holding. Yanuar also reminded the public not to immediately equate the total SOE profits with the income that Danantara will receive.
Yanuar gave an example: before discussing the Danantara era, SOEs in total were said to have recorded profits of around Rp 300 trillion. However, the government took dividends worth around Rp 84 trillion.
“This means that not all SOE profits automatically become government revenue through dividends,” Yanuar said.
Yanuar questioned the basis for claims regarding the potential for very large income if all SOE profits were treated as income of the Danantara investment holding. Yanuar asked Danantara to provide a more comprehensive explanation regarding the capital structure, fair value of assets, accounting treatment of shares, and sources of income of the investment holding.
“The publication of the financial report will be an important moment to end speculation about the true value of Danantara while clarifying the state’s position in the investment management body,” Yanuar said.