State-Owned Enterprises' Net Profit Soars Fourfold in the First Half of 2021

State-Owned Enterprises (SOEs) in Indonesia have shown significantly improved financial performance this year. In a presentation on "SOE Transformation Increasing Revenue and Net Profit," these state-owned companies achieved a net profit of Rp 26.36 trillion in the first half of 2021.

This figure surged by 356%, or four times, compared to the net profit of Rp 5.78 trillion in the first half of 2020. It also represents a 98% increase, almost double, compared to the full-year 2020 (audited) achievement of Rp 13.29 trillion.

The surge in SOE profits was supported by an increase in revenue for these government-owned companies, reaching Rp 96.5 trillion in the first half of this year compared to the first half of the previous year.

SOEs in the energy sector recorded a 13% revenue growth, reaching Rp 60.05 trillion in the first half of 2021 compared to the first half of 2020. Similarly, SOEs in the financial services sector achieved a 7% revenue growth, reaching Rp 13.69 trillion in the first half of this year compared to the first half of last year.

Furthermore, SOEs in the mining sector increased their revenue by 34% to Rp 9.94 trillion during the January-June 2021 period compared to the same period in 2020. Likewise, SOEs in the healthcare sector recorded a 163% increase in revenue, reaching Rp 9.48 trillion in the first half of this year compared to the first half of 2020.

Next, SOEs in the manufacturing sector achieved revenue of Rp 7.97 trillion in the first half of 2021, up 55% compared to the first half of 2020. Similarly, SOEs in the plantation and forestry sector achieved revenue of Rp 6.28 trillion during the January-June 2021 period, up 37% from the same period the previous year.

Government-owned companies in the insurance sector also increased their revenue by 13% to Rp 2.83 trillion in the first half of 2021 compared to the first half of 2020. State-owned companies in the telecommunications sector recorded a 4% revenue growth, reaching Rp 2.62 trillion in the first half of this year compared to the first half of last year.

SOEs in the fertilizer sector recorded a 2% revenue growth, reaching Rp 1.08 trillion in the first half of 2021 compared to the first half of 2020. Meanwhile, SOEs in the logistics sector also recorded a 2% revenue growth, reaching Rp 643 billion in the first half of 2021 compared to the first half of 2020.

Similarly, SOEs managing assets (National Asset Management Company/Namco) recorded a 12% profit growth, reaching Rp 507 billion during the January-June 2021 period compared to the same period in 2020.