SOEs' Profits in These Three Sectors Continue to Rise

The performance of several State-Owned Enterprises (SOEs) in Indonesia significantly improved in the 2021 fiscal year. According to data from the Ministry of SOEs, SOE profits increased to Rp 90 trillion in 2021, a nearly 600 percent rise from Rp 13 trillion in 2020.

The financial services sector saw the highest profit increase, reaching Rp 75 trillion in 2021, a 72 percent growth compared to Rp 44 trillion in 2020.

SOEs in the financial services sector include PT Bank Negara Indonesia (Persero) Tbk (BNI), PT Bank Rakyat Indonesia (Persero) Tbk (BRI), PT Bank Tabungan Negara (Persero) Tbk (BTN), PT Bank Mandiri (Persero) Tbk, Perusahaan Umum Percetakan Uang Republik Indonesia (Perum Peruri), and PT Bank Syariah Indonesia Tbk (BSI).

The telecommunications sector had the second-highest profit increase. Profits reached Rp 30 trillion in 2020 and increased by 15 percent to Rp 34 trillion in 2021.

SOEs in the telecommunications sector include Perum Lembaga Kantor Berita Nasional Antara (Perum LKBN Antara), Perusahaan Umum Produksi Film Negara (Perum PFN), and PT Telkom Indonesia (Persero) Tbk.

Finally, the mining sector also experienced a sharp surge in profits, reaching 683 percent. Profits were Rp 2 trillion in 2020 and increased to Rp 14 trillion in 2021.

Several companies in the mining sector are part of the Indonesian Mining Industry Holding (MIND ID). Its subsidiaries include PT Antam Tbk, PT Bukit Asam Tbk, PT Freeport Indonesia, PT Inalum (Persero), and PT Timah Tbk.

(See also: [Holding BUMN Tambang MIND ID Catat Laba Bersih Rp14,33 Triliun pada 2021](https://databoks.katadata.co.id/datapublish/2022/04/08/holding-bumn-tambang-mind-id-catat-laba-bersih-rp1433-triliun-pada-2021))

The profit increase in each sector is a positive impact of the SOE transformation process. Efforts included restructuring and refocusing on core businesses, divided into 12 clusters. This resulted in a reduction in the number of SOEs from 108 to 41.