SOE Profit of Rp39.92 Trillion Becomes Capital for Danantara to Strengthen National Economy
The transformation of state-owned enterprise (SOE) management through Danantara opens opportunities for state profits and assets to generate broader economic impact. Economist Satria Aji Imawan assesses that the change in SOE governance approach can encourage state assets to be managed more professionally, productively, and with a focus on long-term value creation.
Satria said the combined profit of the Association of State-Owned Banks (Himbara) of Rp39.92 trillion in the first quarter of 2026 is a positive signal for SOE transformation. According to him, this performance can serve as capital to strengthen the contribution of SOEs to the national economy. “For SOEs, what is more appropriate is value maximisation for the state and society,” Satria said in a statement received on Thursday (20/6/2026).
Satria assesses that the Danantara approach brings a shift from a previously more administrative asset management pattern towards portfolio governance and value creation. With this approach, SOEs are no longer seen merely as state-owned entities, but as strategic assets that can be optimised to create economic and social value.
According to Satria, SOE profits can become an instrument to enlarge the state’s capacity to drive the real sector, strengthen national competitiveness, and expand economic benefits for society.
“Therefore, profit should be positioned as an instrument, not an end goal, to enlarge the state’s capacity to drive the real sector, strengthen national competitiveness, and ensure that economic benefits can be felt more widely,” he said.
This view aligns with the momentum of President Prabowo Subianto’s speech when delivering the 2027 State Budget Draft (RAPBN) and Financial Note on Friday (14/8), which emphasised economic transformation and strengthening national capacity to achieve higher growth. Optimising state assets through SOEs has room to strengthen that agenda through investment, productivity, and the development of strategic sectors.
Satria said the measure of success for SOE transformation going forward is not only seen from profit growth. Performance can also be reflected in increasingly productive assets, expanded access to financing, the development of priority sectors, job creation, and increased economic benefits for society.
“The benchmark for Danantara’s success is not only balance sheet measures, but also changes in the quality of state governance in managing public assets,” he said.
In its management, Satria assesses that a centralised strategy, decentralised execution approach can maintain a balance between corporate strategy and operational flexibility. Danantara can set the broad direction, including capital allocation, risk management, efficiency, digital transformation, and business synergy, while operational execution remains tailored to the characteristics of each SOE.
Going forward, Satria sees the financial sector governance pattern as a benchmark for SOE transformation in other sectors, including energy and infrastructure. Principles such as professionalism, performance-based management, asset optimisation, capital allocation discipline, digitalisation, transparency, and cross-SOE synergy are considered capable of strengthening state corporate performance.
With this approach, SOE transformation through Danantara has the opportunity not only to improve company performance, but also to enlarge the contribution of state assets to economic growth. The ultimate target is to build SOEs that are increasingly productive and competitive while being able to generate broader economic benefits for the state and society.