Several SOEs Record Profit Growth in First Half of 2026, Here's the List
A number of State-Owned Enterprises (SOEs) recorded profit growth in the first half of 2026 compared to the same period the previous year. This performance was observed across various sectors, including mining, fertiliser, cement, plantations, financial services, logistics, banking, and energy.
This was conveyed by Toto Pranoto, Managing Partner of the BUMN Research Group at LM FEB UI. He said the positive performance was evident among top-tier SOEs, which demonstrated stable results.
“In my view, solid performance is still being shown by blue-chip SOEs, which have long been the engine driving total SOE revenue and profit. For example, the performance of Himbara in the banking sector, the mineral and mining products sector, the telecommunications sector, and Pertamina,” Toto stated on Wednesday, 12 August 2026.
According to Toto, the performance of SOEs under Danantara still has significant potential to soar further. This is in line with the SOE streamlining measures, which are pushing for greater efficiency and effectiveness by reducing the number of state companies.
He assessed that improvements in SOE performance need to be continuously encouraged through the process of streamlining, or the restructuring and consolidation of state companies. “My hope is that the SOE streamlining process can be accelerated so that performance improvements can be implemented more quickly,” Toto added.
Based on first-half 2026 financial reports, PT Timah recorded the highest profit growth on the list. The mining company posted a net profit of Rp2.71 trillion, an increase of 804.7 per cent compared to Rp300 billion in the first half of 2025.
PT Pupuk Indonesia also recorded significant growth. The company’s net profit reached Rp8.51 trillion, growing 253 per cent from Rp2.41 trillion in the same period the previous year.
Furthermore, PT Semen Indonesia booked a profit increase of 196.5 per cent, from Rp65.24 billion to Rp193.46 billion. In the plantation sector, PT Agrinas Palma Nusantara recorded a profit growth of 150 per cent to Rp890 billion.
Growth was also recorded in the financial services and logistics sectors. PT Pegadaian booked a profit increase of 84.6 per cent to Rp6.59 trillion. Meanwhile, PT Pelindo recorded growth of 60.4 per cent with a profit of Rp2.57 trillion.
PTPN IV PalmCo also recorded a profit increase of 54 per cent to Rp3.23 trillion. Bank Tabungan Negara (BTN) booked a profit growth of 40.8 per cent to Rp2.40 trillion.