19 June 2017
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Six State-Owned Enterprises (BUMN) under the guidance and supervision of the Ministry of Finance (Kemenkeu) showed significant performance throughout 2024.
The BUMNs consist of PT Geo Dipa Energi (Persero), PT Penjaminan Infrastruktur Indonesia (Persero), PT Sarana Multi Infrastruktur Indonesia (Persero), PT Sarana Multigriya Finansial (Persero), Indonesian Export Financing Institution (LPEI) and PT Indonesia Infrastructure Finance.
The following is a review of the performance of the six BUMNs throughout 2024.
1. PT Sarana Multi Infrastruktur Indonesia (Persero) or PT SMI
Quoting the official website of the Ministry of Finance, PT SMI recorded a total investment of IDR 147.4 trillion as of September 2024. President Director of PT SMI Reynaldi Hermansjah said that the majority of financing was directed at business entities and local governments, with the aim of increasing the distribution of infrastructure from eastern to western Indonesia.
"We want to be a catalyst for infrastructure development in Indonesia and ensure to mitigate market miss financing or prepare projects in the infrastructure sector," said Reynaldi.
Furthermore, PT SMI is also active in developing Government Cooperation with Business Entities (KPBU) projects.
"Here PT SMI plays a role as a Project Development Facility (PDF) or one that carries out project preparation and also transaction assistance until the projects can be implemented and built perfectly," said Reynaldi.
There are 30 KPBU projects that have been assisted by the PDF and FPP IKN facilities covering the dam, hospital, airport, waste management, and road sectors with a total project value of around IDR 125 trillion.
In the future, PT SMI will target not only the Regional Government (Pemda), but also BUMD (especially PDAM and BLU/D (especially BLU Hospital) with a TKD funding collaboration/synergy strategy and a proactive approach to the Pemda.
2. PT Penjaminan Infrastruktur Indonesia (Persero) or PT PII
PT PII is optimistic about achieving projected revenues exceeding the 2024 RKAP target, which is 102 percent and net profit reaching 103 percent of the target.
When compared to 2023, PT PII recorded revenues of IDR 1.32 trillion with a net profit of IDR 836 billion.
In the 2023 annual report, one of the Special Mission Vehicles (SMV) of the Ministry of Finance (Kemenkeu) recorded positive performance as seen from the results of the GCG assessment score with a value of 90 (Very Good).
President Director of PT PII M. Wahid Sutopo said that the revenue and profit were the highest achievements since it was founded on December 30 2009.
In addition, the efficiency of PT PII's performance is also demonstrated by the company with a net profit margin of 63 percent and an Operating Expense to Operating Income (BOPO) ratio of 37 percent.
3. PT Sarana Multigriya Finansial (Persero) or SMF
PT SMF reported a contribution to the state of IDR 2.2 trillion until September 2024. President Director of PT SMF Ananta Wiyogo during a hearing (RDP) with Commission XI of the DPR revealed that SMF contributed approximately IDR 2.2 trillion in taxes and dividends, IDR 1.4 trillion in taxes, and IDR 806 billion in dividends.
Meanwhile, the total loan disbursement reached IDR 13.1 trillion, with details of commercial loans of IDR 9.37 trillion and Housing Financing Liquidity Facility (FLPP) of IDR 3.8 trillion.
Then, funding carried out through the issuance of debt securities and receiving term loans was recorded at IDR 10.18 trillion.
In terms of financial performance until September 2024, SMF's total assets were recorded at IDR 50.2 trillion with liabilities of IDR 31 trillion, of which 85 percent were in the form of debt securities and bonds. The company's equity reached IDR 18.5 trillion.
Meanwhile, revenue was recorded at IDR 2.1 trillion. After deducting tax expenses of IDR 1.7 trillion, the company's net profit reached IDR 418 billion.
"Our prognosis for 2024 is IDR 475 billion for net profit, God willing, we can achieve it," he said.
Several other performance indicators also showed positive results, such as a multiplier effect of 8.38 times, a Debt to Equity Ratio (DER) of 2.2 times, a ratio of Operating Expenses and Operating Income (BOPO) outside debt securities of 6.25 percent, and a gross non-performing loan (NPL) ratio of 0.003 percent.
4. PT Indonesia Infrastructure Finance or IIF
IIF managed to record a net profit of IDR67.1 billion or grew 75.6 percent year-on-year (yoy) in the first semester of 2024 from the previous IDR38.2 billion.
This profit achievement was supported by IIF's net interest income in the first semester of 2024 which increased by 7.5 percent to IDR192.8 billion compared to the previous period of IDR179.4 billion.
Meanwhile, the Company's investment assets were recorded at IDR13.1 trillion. This asset is the largest in the renewable energy sector, which accounts for 24 percent.
Then, the telecommunications & information sector, which accounts for 22 percent, and the toll road sector, 13 percent.
As of June 30, 2024, IIF has recorded new commitments worth IDR1.6 trillion, which are diversified into several sectors such as water infrastructure, gas, toll roads, and regional infrastructure.
5. Indonesian Export Financing Institution (LPEI) or Indonesia Eximbank
LPEI recorded a current period profit of IDR89.3 billion as of June 2024. This figure grew by around 57.92 percent annually.
Citing its financial report as of June 30, 2024, the profit achievement was supported by net interest income which was recorded as still growing. Where, in that period, LPEI's interest and sharia business income was recorded at IDR391.92 billion or up 0.44 percent.
On the other hand, LPEI's non-interest income actually experienced a correction to IDR85.29 billion. In the same period last year, non-interest income recorded by LPEI was able to reach IDR134.3 billion.
LPEI was able to carry out efficiency on operational expenses so that there was a decrease. LPEI's operational expenses in the June 2024 period were recorded at IDR374.04 billion from the previous year which reached IDR393.9 billion.
One of the things that caused the operational burden to decrease was the CKPN formation post. This is because the CKPN formed by LPEI in this period fell 75.35 percent yoy to only around IDR 19.72 billion.
Not only that, the salary and allowance burden from LPEI was also recorded to have decreased in this period. Where, the salary and allowance burden of LPEI was worth IDR 240.18 billion from the previous year of IDR 246.46 billion.
Meanwhile, the total financing and receivables owned by LPEI as of June 30, 2024 were recorded at IDR 41 trillion. As a comparison, the total financing and receivables of LPEI as of December 31, 2023 were worth IDR 41.18 trillion.
6. PT Geo Dipa Energi (Persero)
Geo Dipa, which recorded significant performance this year. GeoDipa President Director Yudistian Yunis said that throughout 2024, the company's performance was good by producing 845 GWh or 100 percent of the 2024 RKAP target which was production from the Dieng and Patuha Units.
Meanwhile, the company's net profit reached IDR235 billion or 127 percent of the 2024 RKAP with revenue reaching IDR1.14 trillion.
Geo Dipa has also prepared the 2025 Company Budget Work Plan with the theme Shifting the Curve: Maturing The Implementation of Green Financing, Digitalization, and ERM.
"In 2025, the Company will carry out key strategies, namely the ESG Framework & Green Financing, improvement of procurement business processes, enterprise architecture and data integration, change management framework, development partnerships and subsidiary operations, and Internalization of culture (LIGHT)," said Yudistian.
Geo Dipa has provided support to revenue of IDR200 billion each year. However, Geo Dipa's role in state revenue varies each year depending on the company's performance.
In 2024, Geo Dipa continues to strive to improve the performance of geothermal management at the PLTP it manages. Various forms of GeoDipa's efforts include the implementation of the latest GEOREC technology, project expansion, and condition-based preventive maintenance to ensure that equipment at the PLTP remains in optimal condition and operates with high efficiency.