Prabowo Highlights Sharp Surge in State-Owned Enterprise Profits
President Prabowo Subianto has revealed significant achievements in the performance of state-owned enterprises (SOEs) during the first half of 2026. In his address at the Annual Session of the People’s Consultative Assembly (MPR) and the Joint Session of the House of Representatives (DPR) and the Regional Representatives Council (DPD) in Jakarta on Friday (14/8), the President highlighted the surge in net profits of several state-owned companies, with PT Timah being one of the most striking.
PT Timah managed to book a profit of Rp2.7 trillion in the first six months of 2026. This figure represents an increase of 900 percent, or nine times, compared with the same period the previous year.
“Imagine, in the first six months of 2026, PT Timah has achieved a profit of Rp2.7 trillion. Nine times higher than the same period last year,” said Prabowo.
This surge in performance has had a direct impact on the market valuation of PT Timah as a publicly listed company (Tbk). As of August 2026, the company’s valuation was recorded to have increased by 280 percent compared with August 2025. The President even joked about the potential gains for shareholders and the role of BP Danantara in projecting the company’s value.
Besides PT Timah, a number of SOEs from various sectors also recorded significant net profit growth in the first half of this year.
The President also gave special attention to PT Garuda Indonesia. After going through a difficult period and a process of reactivating aircraft that had previously been grounded, the national airline is showing a positive trend. As of July 2026, 20 additional aircraft had been reactivated, bringing the total operating fleet to 140 units.
The government projects that Garuda Indonesia will begin to consistently book profits in early 2027. Prabowo mentioned that Garuda actually had the opportunity to record a profit in July 2026 had it not been hampered by the impact of the conflict in the Middle East.
In his presentation, the President stressed that these figures are the result of governance improvements and honest corrections to financial reports. The government is committed to not tolerating manipulation of figures or false reports.
Based on corrected data, total SOE profits in 2024 were recorded at Rp186 trillion with dividend payments of Rp85.5 trillion. This figure surged in 2025, with total profits reaching Rp326 trillion (up 75.3 percent) and dividends of Rp142.3 trillion.
The success indicator most emphasised is the value of net dividends after deducting State Capital Injections (PMN). In 2024, net dividends were recorded at Rp53 trillion, then surged to Rp138 trillion in 2025. For 2026, the government projects that SOE dividends without PMN will reach Rp200 trillion.
“This means that from 2024 to 2026, it rose from Rp53 trillion to Rp200 trillion, or one could say four times larger. A 400 percent increase without PMN,” concluded Prabowo.