State-Owned Financial Services and Insurance Companies Achieve Highest Net Profit in 2020

State-owned enterprises (SOEs) in the financial services and insurance sector achieved the highest profit. The Central Bureau of Statistics (BPS) recorded that the net profit of SOEs in the financial services and insurance sector reached Rp 40.94 trillion in 2020, although this was a 47.48% decrease compared to 2019, which reached Rp 77.95 trillion.

The information and communication category ranked second, with a net profit of Rp 29.58 trillion last year. This figure increased by 7.14% from the previous year's Rp 27.61 trillion.

Meanwhile, the SOEs that experienced the smallest profit in 2020 were in the water supply, waste management, and recycling sector, reaching Rp 0.19 trillion. This figure decreased by 31.05% from 2019's Rp 0.27 trillion.

The SOEs in the transportation and warehousing sector experienced the largest loss, reaching Rp 38.97 trillion in 2020. This figure surged by 411.56% from the previous year, which recorded a net profit of Rp 12.51 trillion.

Cumulatively, the development of SOEs' net profit by business sector experienced a decrease in 2020. Recorded net profit of SOEs fell by 73.60%, from Rp 161.29 trillion in 2019 to Rp 42.58 trillion in 2020.

The largest decrease in net profit was recorded in the accommodation and food and beverage sector. In this category, net profit plummeted by 552.27%, from a profit of Rp 0.04 trillion in 2019 to a loss of Rp 0.18 trillion in 2020.