State-Owned Enterprises Post Positive First Half 2026 Performance, Danantara Drives Transformation and Efficiency
The performance of a number of state-owned enterprises (SOEs) showed positive growth in the first half of 2026. Several companies recorded significant increases in net profit, with some even managing to reverse previous losses into gains.
Managing Partner of the BUMN Research Group at LM FEB UI, Toto Pranoto, stated that the solid performance was particularly evident among top-tier SOEs that have traditionally been the drivers of state corporate revenue and profit.
“In my view, solid performance is still being demonstrated by the blue-chip SOEs that have long been the engine of total BUMN 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 said in a statement on Tuesday (11/8).
According to Toto, SOE performance still has the potential to improve in line with the streamlining, restructuring, and consolidation process of state companies. This measure is considered capable of promoting efficiency in the number of SOEs while simultaneously improving corporate performance.
“My hope is that the SOE streamlining process can be accelerated so that performance improvements can be implemented more quickly,” Toto added.
Based on financial reports for the first half of 2026 compared to the same period the previous year, PT Timah recorded the highest net profit growth. The mining company posted a profit of Rp2.71 trillion, an increase of 804.7% from Rp300 billion in the first half of 2025.
PT Pupuk Indonesia also recorded a net profit increase of 253% to Rp8.51 trillion from Rp2.41 trillion. In the cement sector, PT Semen Indonesia posted a profit increase of 196.5% to Rp193.46 billion from Rp65.24 billion.
Meanwhile, PT Agrinas Palma Nusantara recorded profit growth of 150% to Rp890 billion. Growth also occurred in the financial services and logistics sectors.
PT Pegadaian recorded a profit increase of 84.6% to Rp6.59 trillion, while PT Pelindo grew 60.4% to Rp2.57 trillion. PTPN IV PalmCo posted a profit increase of 54% to Rp3.23 trillion, and Bank Tabungan Negara (BTN) grew 40.8% to Rp2.40 trillion.
Bank Mandiri also recorded profit growth of 24.3% to Rp30.41 trillion. Meanwhile, PT Pertamina Geothermal Energy posted profit growth of 15.5% to US$79.61 million.
A number of SOEs that previously recorded losses also managed to reverse their performance in the first half of 2026. PT Krakatau Steel swung from a loss of approximately Rp1.74 trillion to a profit of around Rp150 billion to Rp185 billion.
PT Kimia Farma also reversed its performance from a loss of Rp135.61 billion to a profit of Rp54.07 billion.
This series of results serves as a record for SOEs in the first half of 2026, including within the process of transformation and consolidation of state companies under Danantara.