State-Owned Enterprise Profits of Rp39.92 Trillion to Strengthen National Economy

Indonesia's state-owned enterprises (BUMN) have reported a significant combined profit of Rp39.92 trillion in the first quarter of 2026, a figure seen as a positive indicator of their ongoing transformation in management and governance. This financial achievement is poised to bolster the national economy, according to economic observer Satria Aji Imawan.

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For BUMN, the more appropriate approach is value maximization for the state and society.

Imawan views the substantial profit as crucial capital that can enhance the contribution of BUMN to national economic development. He advocates for a shift in perspective, emphasizing that for BUMN, the goal should be "value maximization for the state and society," rather than profit as an end in itself. This approach aligns with the principles of the Danantara transformation, which moves away from purely administrative management towards a more strategic portfolio governance and value creation model.

The Danantara approach reframes BUMN not just as state-owned entities but as strategic assets that can be optimized for both economic and social benefit. Imawan suggests that BUMN profits should serve as an instrument to expand the state's capacity in driving the real sector, strengthening national competitiveness, and ensuring economic benefits reach a wider segment of society.

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Therefore, profit should be placed as an instrument, not the final goal, to increase the state's capacity in driving the real sector, strengthening national competitiveness, and ensuring economic benefits are felt more broadly.

This strategic direction is consistent with President Prabowo Subianto's emphasis on economic transformation and strengthening national capacity for higher growth, as articulated in his address on the 2027 Draft State Budget. The optimalization of state assets through BUMN is seen as a key component in achieving these national agendas through investment, productivity, and the development of strategic sectors. Imawan further noted that the success of this transformation will be measured not only by financial metrics but also by the increased productivity of assets, broader access to financing, development of priority sectors, job creation, and enhanced economic benefits for the public.

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The benchmark for Danantara's success is not just the balance sheet, but also the change in the quality of state governance in managing public assets.