5 Indonesian State-Owned Enterprises Make TIME's 2024 List of Best Companies: What Are Their Profits?

At least five Indonesian companies are included in the 2024 list of the world's 1,000 best companies, according to *TIME* magazine and Statista. Citing *Katadata*, these five companies consist of two state-owned enterprises (SOEs) in the banking sector and three private companies.

These five companies are PT Astra International Tbk (ranked 435 globally); PT Bank Negara Indonesia (892); PT Adaro Energy Tbk (908); PT Bank Mandiri Tbk (914); and PT Charoen Pokphand Indonesia Tbk (961).

*TIME* created the ranking based on employee satisfaction, revenue growth, and Environmental, Social, and Governance (ESG) transparency. Employee satisfaction was determined using survey data from employees worldwide. The survey was conducted in over 50 countries, collecting data from approximately 170,000 participants.

This evaluation includes assessments of companies across all dimensions of image, atmosphere, working conditions, salary, and equity by verified employees, as well as direct and indirect recommendations.

The revenue growth dimension was assessed using data from Statista's revenue database and targeted research, containing company growth data over the past three years.

The evaluation was conducted specifically on an international scale with a minimum revenue of US$100 million in the last available fiscal year and showing positive revenue growth from 2021 to 2023.

The profits of these Indonesian companies are also quite substantial. *Databoks* summarizes the performance reports of each company for the first half of 2024 based on the highest nominal value.

* PT Adaro Energy Tbk (908)

The revenue of the issuer with the stock code ADRO reached US$2.97 billion or Rp45.66 trillion in the first half of 2024 (assuming an exchange rate of Rp15,359 per US$). This is down 14.55% year-on-year (yoy) from US$3.47 billion or Rp53.44 trillion in the first half of 2023.

The net profit attributable to the parent entity's owners reached US$778.77 million or Rp11.96 trillion in the first half of 2024. This figure is down 10.87% (yoy) from the previous US$873.83 million or Rp13.42 trillion.

According to *Katadata*, one of the causes of the decline in revenue and profit is the decline in coal prices. Although the company recorded a 7% increase in production volume to 34.94 million tons in the first half of 2024, ADRO's revenue decreased due to a 19% drop in the average selling price (ASP) as a result of weakening coal prices.

* PT Bank Mandiri Tbk (914)

Bank Mandiri's net interest and sharia income amounted to Rp49.08 trillion in the first half of 2024. This income increased by 3.75% (yoy) from the previous Rp47.3 trillion.

The net profit attributable to the parent entity's owners amounted to Rp26.55 trillion in the first half of 2024, up 5.22% (yoy) from Rp25.23 trillion a year earlier.

In addition to increased revenue, another factor contributing to the increase in profit for this state-owned bank with the stock code BMRI is a decrease in provisioning costs by 8.4% to Rp6.91 trillion in the first half of 2024 from Rp7.55 trillion previously.

* PT Astra International Tbk (435 global)

According to the Astra International website, the revenue of the issuer with the stock code ASII reached Rp159.96 trillion in the first half of 2024. This figure is down approximately 1% (yoy) from Rp162.39 trillion in the first half of 2023.

Meanwhile, the net profit attributable to the parent entity's owners amounted to Rp15.85 trillion in the first half of 2024. This figure is also down approximately 9% (yoy) from Rp17.44 trillion last year. Note that this profit does not include fair value adjustments for investments in GoTo and Hermina.

The President Director of Astra International's report states that the weakening of revenue and profit mainly reflects the decline in performance from Astra Group's heavy equipment and mining business.

* PT Bank Negara Indonesia/BNI (892)

Net interest income for the issuer with the stock code BBNI reached Rp19.07 trillion in the first half of 2024. However, this figure is down 7.42% (yoy) from the previous Rp20.6 trillion.

The net profit attributable to the parent entity's owners amounted to Rp10.69 trillion in the first half of 2024. This profit increased by 3.78% (yoy) from Rp10.3 trillion in the first half of 2023.

BNI's performance is strong in several areas. According to *Katadata*, BBNI's credit disbursement reached Rp727 trillion in the first half of 2024, up 11.7% (yoy) compared to Rp650.8 trillion in the first half of 2023. BNI's gross non-performing loan (NPL) ratio decreased to 1.98% from 2.45% previously.

* PT Charoen Pokphand Indonesia Tbk (961)

The poultry issuer with the stock code CPIN recorded sales of Rp32.96 trillion in the first half of 2024. This is up 6.7% (yoy) from Rp30.89 trillion in the same period last year.

Its net profit reached Rp1.77 trillion in the first half of 2024, soaring 28.46% (yoy) from Rp1.37 trillion in the first half of 2023.

(See also: Indonesia Dominates List of Largest Companies in Southeast Asia According to Fortune)