Danantara Says Transformation Boosted SOE Profits by 18.4%
Jakarta (ANTARA) – Dony Oskaria, Chief Operating Officer of Indonesia’s Daya Anagata Nusantara Investment Management Agency (Danantara), said changes to the management of state-owned enterprises (SOEs) had helped raise their combined net profit by 18.4% to Rp214.9 trillion in January–August 2026.
Dony, who also heads the SOE Regulatory Agency (BP BUMN), presented the figures at the Danantara Technology Innovation Investment Forum (DTIIF) 2026 in Jakarta on Monday.
“The transformation we have carried out has produced results,” Dony said during a C-suite session at the forum.
Data presented by Danantara showed combined SOE net profit rising from Rp181.5 trillion in January–August 2025 to Rp214.9 trillion over 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, up from 7.4% in the corresponding 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.
PT Semen Indonesia (Persero) Tbk (SIG) was among the SOEs recording the strongest profit growth, with net profit up 427% year on year in January–August 2026. “You can see that Semen Indonesia recorded a 427% increase in profit,” Dony said.
Danantara’s presentation also showed profits rising by 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 results to the gradual overhaul of business models and corporate management, including stronger financial discipline and governance. “Our companies are now being managed with good governance,” he said.
He said stronger SOE performance was important to Danantara’s sustainability because its investment funding relies on dividends generated by state-owned companies.
Improving SOE profitability is therefore central to strengthening Danantara’s capacity to finance investment in strategic sectors, which is expected to increase incomes and create jobs in Indonesia.
On 8 October 2026, Dony said Danantara was improving SOE governance, including by establishing an investment committee to ensure each investment was aligned with the company’s purpose and business plan.
Finance Minister Suahasil Nazara has said Danantara’s dividends were not included as state budget revenue for 2026 or 2027. He said Danantara’s contribution could also be measured by its ability to create jobs, increase production and attract private investment.
President Prabowo Subianto officially launched Danantara on 24 February 2025 as the national strategic investment management agency. Its establishment is based on Law No. 1 of 2025 and Government Regulation No. 10 of 2025, aimed at strengthening the management of state assets and investment.