JAKARTA – Kartika Wirjoatmodjo, Deputy Minister of State-Owned Enterprises (SOEs), familiarly known as Tiko, revealed that the consolidated net profit of Indonesian SOEs declined by 7.03% year-on-year (yoy) by the end of December 2024.

According to data from the Ministry of SOEs, the consolidated profit for 2024 stood at IDR 304 trillion, down from IDR 327 trillion in 2023. It is important to note that these figures are provisional and have not yet been officially audited.

“We predict that net profits in 2024 will see a slight dip, mainly due to the narrowing crack spread at Pertamina’s refineries,” Tiko stated during the Mandiri Investment Forum in Jakarta on Tuesday (11/2).

Despite the profit decline, consolidated revenue of SOEs posted positive growth. Over the course of 2024, revenue reached IDR 3,128 trillion, up 6.6% yoy from IDR 2,933 trillion at the end of 2023.

Tiko further emphasised that although profitability was under pressure, the financial fundamentals of SOEs remained robust, with consistent growth in assets and equity.

The Ministry of SOEs reported that total consolidated assets reached IDR 10,950 trillion in 2024, a 5.3% increase from IDR 10,402 trillion in the same period of 2023. Overall, between 2020 and 2024, SOE assets saw a 7.1% growth.

In terms of equity, SOEs recorded a 1.91% yoy increase to IDR 3,510 trillion, up from IDR 3,444 trillion as of December 2023. Over the past five years (2020-2024), total equity saw a significant rise of 9.1%. (EF/ZH)