SOE Profits Surge Significantly, Danantara Says Transformation is Bearing Fruit

CEO of Danantara Indonesia and Minister of Investment and Downstreaming/Head of BKPM, Rosan Roeslani, stated that the strength of state-owned enterprises (SOEs) is not only measured by the size of their assets or profits, but also by their contribution to national development. Rosan noted that the combined market capitalisation of the State-Owned Banks Association (Himbara) currently stands at approximately Rp 1,100 trillion, equivalent to about 10 per cent of the total value of all companies in Indonesia. “The Himbara banks are valued at around Rp 1,100 trillion, reflecting 10 per cent of the entire capital market or the total value of Indonesian companies. Banking also does not solely pursue profit, but its presence must be felt by the public through providing equal opportunities for all levels, from MSMEs to commercial and corporate clients,” Rosan said in a written statement in Jakarta on Wednesday (1/7/2026). Rosan noted that a number of strategic SOEs recorded significant profit growth during the period from April 2025 to April 2026. PT Pupuk Indonesia, for example, managed to increase its consolidated profit from Rp 1.59 trillion to Rp 4.82 trillion. In the same period, PT Pertamina (Persero) also recorded an increase in consolidated profit from Rp 13.9 trillion to Rp 24.97 trillion. Growth also occurred in various other sectors, ranging from banking and logistics to manufacturing. “This pattern of growth spread across various sectors shows that the performance improvement is not partial or dependent on a single policy,” Rosan continued. Instead, Rosan said there are indications that the transformation of governance and consolidation of SOE management has begun to produce more systemic results. One of the most interesting stories in the year-long journey of SOE transformation actually comes from companies that previously faced financial pressure. PT Krakatau Steel, for example, managed to reverse a loss of Rp 981 billion into a profit of Rp 635 billion. Rosan said this achievement was in line with the company’s success in reducing its debt burden from around US$1.7 billion to US$1.1 billion. Meanwhile, PT Danareksa transformed from a loss of Rp 72 billion to a profit of Rp 43 billion. Rosan conveyed that similar improvements were also seen at PT Kimia Farma, which shifted from a loss of Rp 160 billion to a profit of Rp 108 billion, PT Len Industri which turned a loss of Rp 228 billion into a profit of Rp 314 billion, and PT Semen Indonesia which recorded an increase from a loss of Rp 66 billion to a profit of Rp 106 billion.