No Longer a State-Owned Enterprise, How is Pegadaian Performing?

PT Pegadaian recorded a profit of Rp2.43 trillion in 2021. This profit grew by 19.99% from the previous year's Rp2.02 trillion.

The profit growth of this subsidiary of PT Bank Rakyat Indonesia (Persero) Tbk was achieved thanks to operating expenses falling faster than company revenue.

Company revenue in 2021 decreased by Rp1.32 trillion (6.03%) to Rp20.64 trillion.

Company expenses also decreased by Rp1.77 trillion (9.23%) to Rp17.4 trillion. As a result, Pegadaian's net profit increased last year.

Pegadaian's status is no longer a State-Owned Enterprise (SOE), but a subsidiary of Bank BRI with 99.99% ownership. One share is still owned by the Indonesian Government.

Pegadaian's assets decreased by 7.96% to Rp65.77 trillion at the end of 2021 compared to the end of 2020.

Similarly, its liabilities decreased by 15.68% to Rp39.52 trillion at the end of 2021, compared to Rp46.87 trillion the previous year.

Meanwhile, its equity increased by 6.723% to Rp26.26 trillion in 2021, compared to Rp24.56 trillion the previous year.

Previously, the Ministry of SOEs formed the Ultra Micro Holding by merging PT Pegadaian (Persero), PT Permodalan Nasional Madani (Persero) or PNM with Bank BRI in September 2021. The value of the share transfer reached Rp54.7 trillion.