SOE Performance Improves Under Danantara's First Year

The performance of state-owned enterprises (SOEs) has shown significant improvement, with officials stating that their strength is now measured not just by assets or profit, but by their contribution to national development. The combined market capitalisation of state-owned banks has reached approximately IDR 1,100 trillion, equivalent to about 10 percent of all listed companies in Indonesia.

Several strategic SOEs recorded significant profit growth throughout the April 2025 to April 2026 period. PT Pupuk Indonesia saw its consolidated profit rise from IDR 1.59 trillion to IDR 4.82 trillion. During the same period, PT Pertamina’s consolidated profit increased from IDR 13.9 trillion to IDR 24.97 trillion. Growth was also observed across other sectors, including banking, logistics, and manufacturing.

This widespread improvement indicates that the performance boost is not partial or dependent on a single policy. Instead, it suggests that the transformation of governance and the consolidation of SOE management are beginning to yield more systemic results. One of the most compelling turnaround stories comes from PT Krakatau Steel, which reversed a loss of IDR 981 billion into a profit of IDR 635 billion. This achievement was accompanied by a reduction in the company’s debt burden from approximately US$1.7 billion to US$1.1 billion. Similarly, PT Danareksa shifted from a loss of IDR 72 billion to a profit of IDR 43 billion.

Dony Oskaria, COO of Danantara Indonesia and Head of BP BUMN, stated that the positive performance of the banking sector must serve as a foundation for strengthening the national economy. He emphasised that financing support should be directed towards productive sectors that create jobs, enhance competitiveness, and provide a broader multiplier effect for the economy, while maintaining governance and risk management as prerequisites for sustainable transformation.

This view was echoed by Asep Wahyuwijaya, a member of the House of Representatives Commission VI. He asserted that SOEs must build their competitiveness through service quality, professionalism, and good governance, rather than relying on special treatment. “We certainly want SOEs to continue growing and competing with world-class companies. But that growth must be built through their own capabilities, service quality, and superior performance, not through a culture of asking for special treatment,” he said.