Prabowo Optimistic State-Owned Enterprise Dividends Will Reach Rp 200 T, Here's the 6-Year Data

President Prabowo Subianto has revealed that dividends from state-owned enterprises (SOEs) have increased significantly. SOE dividends reached Rp 142.3 trillion in 2025 and are projected to rise further to Rp 200 trillion in 2026.

This achievement is far higher than the realised SOE dividends of several previous years. Data from the Ministry of SOEs shows that dividends from state-owned companies declined during the pandemic before surging from 2023 onwards.

SOE dividends fell from Rp 43.9 trillion in 2020 to Rp 29.5 trillion in 2021. However, the figure gradually recovered to Rp 39.7 trillion in 2022 and more than doubled to Rp 81.2 trillion in 2023.

The upward trend continued in 2024 with a realisation of Rp 85.5 trillion. A year later, SOE dividends soared 66.4% to Rp 142.3 trillion. If the Rp 200 trillion target is achieved, 2026 dividends will increase by around 40.5% compared with 2025.

Why did Prabowo mention Rp 53 trillion and Rp 138 trillion?

The figures of Rp 53 trillion for 2024 and Rp 138 trillion for 2025 cited by Prabowo represent the contribution after taking into account PMN, or State Capital Participation.

In 2024, SOEs paid dividends of around Rp 85.5 trillion, but the government still provided PMN to a number of state-owned companies. After this component was taken into account, the net contribution was said to be around Rp 53 trillion.

In 2025, total dividends reached Rp 142.3 trillion, while the contribution excluding PMN was said to be Rp 138 trillion. The difference between the two is around Rp 4.3 trillion.

The Rp 200 trillion target for 2026 is projected to be achieved without PMN. Therefore, all of these dividends can become a net contribution managed within the state wealth ecosystem through Danantara.