SOE Profits Surge Significantly, Danantara Says Transformation is Bearing Fruit
The CEO of Danantara Indonesia, who also serves as the Minister of Investment and Downstreaming/Head of BKPM, Rosan Roeslar, stated that the strength of State-Owned Enterprises (SOEs) is measured not only by the size of their assets or profits but also by their contribution to national development.
According to Rosan, the combined market capitalisation of the State-Owned Bank Association (Himbara) currently reaches approximately Rp 1,100 trillion, equivalent to about 10 per cent of the total value of all companies in Indonesia.
“The value of Himbara banks is roughly Rp 1,100 trillion, reflecting 10 per cent of the entire capital market or the total value of Indonesian companies. Banking is not solely about pursuing profit; its presence must be felt by the community through providing equal opportunities for all levels, from MSMEs and commercial sectors to large corporations,” Rosan said in a written statement in Jakarta on Wednesday (1/7/2026).
Rosan noted that several strategic SOEs showed significant profit growth during the period from April 2025 to April 2026. PT Pupuk Indonesia, for instance, managed to increase its consolidated profit from Rp 1.59 trillion to Rp 4.82 trillion.
During the same period, PT Pertamina (Persero) also recorded an increase in consolidated profit from Rp 13.9 trillion to Rp 24.97 trillion. Growth was also observed in various other sectors, ranging from banking and logistics to the manufacturing industry.
“This pattern of growth spread across various sectors shows that performance improvements are not partial or dependent on a single policy,” Rosan continued.
On the contrary, Rosan stated that there are indications that the transformation of governance and the consolidation of SOE management are beginning to produce more systemic impacts. One of the most compelling stories in the SOE transformation journey over the past year comes from companies that previously faced financial pressure.
PT Krakatau Steel, for example, successfully reversed a loss of Rp 981 billion into a profit of Rp 635 billion. Rosan said this achievement aligns with the company’s success in reducing its debt burden from approximately 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 noted that similar improvements were also seen in PT Kimia Farma, which moved from a loss of Rp 160 billion to a profit of Rp 108 billion; PT Len Industri, which changed from a loss of Rp 228 billion to a profit of Rp 314 billion; and PT Semen Indonesia, which booked an increase from a loss of Rp 66 billion to a profit of Rp 106 billion.