Driving Development, Danantara Highlights Hutama Karya as Benchmark

Jakarta, CNBC Indonesia - The Chief Operating Officer (COO) of BPI Danantara, Dony Oskaria, has revealed that the debt consolidation of state-owned construction companies (BUMN Karya) is currently very large, reaching Rp 180 trillion. Dony even noted that some construction SOEs have debts exceeding their total asset value.

“Therefore, specifically for these construction companies, after more than six months of focusing on various scenarios, I hope that by the end of this year, the process can be completed because the scale of the problems faced by SOEs is quite massive, and each company faces different issues,” Dony told CNBC Indonesia, as quoted on Thursday (3/9/2026).

Dony detailed that out of the seven construction SOEs, only three are currently in a truly healthy condition: Nindya Karya, Brantas Abipraya, and Hutama Karya. Dony stated that these three healthy companies will be protected to ensure they do not encounter the same financial difficulties.

“However, the issues within our construction companies are very fundamental and deep, requiring time for us to carry out a transformation. The first issue relates to their financial situation. Aside from these three companies, they are facing quite deep financial problems,” D_ony explained.

Dony also expressed hope that these construction SOEs could become locomotives of development in the future. He identified Hutama Karya as a benchmark because it does not face financial issues, despite managing a significant number of toll roads. Consequently, Hutama Karya is expected to manage its toll roads and finances with great care.

“Because these are new toll roads, mostly located in Sumatra. This is what I expect from them—to manage the toll roads carefully so they do not fall into the same problems in the future. Although we are working on improvements, I do not want to implement repairs that are merely temporary,” Dony emphasised.

It is noted that there was a period when construction SOEs aggressively expanded into sectors outside of construction, such as fibre optics, water, property, hotels, and toll roads. This expansion trend ultimately caused these companies to lose focus on developing their core businesses.

In light of this, Danantara intends to overhaul the consolidation and transformation process of these construction SOEs so they can return to focusing on their core contracting business.

“In the past, perhaps because they had significant cash reserves, these construction companies felt the temptation to build businesses outside of their core. You can imagine that our construction companies have businesses in fibre optics, water, property, hotels, and toll roads; some have various businesses that deviate from their core business as contractors. We are addressing these one by one through the cleaning process following the consolidation and transformation of these construction companies,” said Dony.

So far, the efforts to transform the construction SOEs have not been fully realised due to the massive scale of the improvements required.