Anticipation Of SOES Facing Recession Year
The Ministry of SOEs has just held the International Conference of SOEs in Bali on 17-18 October 2022 with the theme Driving Sustainable and Inclusive Growth. Optimism is growing that Indonesian SOEs will be able to continue to grow even though future economic conditions are overshadowed by a deep recession.
SOE Minister Erick Thohir showed data on the growth of SOEs’ performance in 2021, which was getting better than the conditions in 2020. SOEs’ revenues during 2021 rose 18.8% from 2020 to Rp 2,295 trillion or around US$ 160 billion. Not only that, the consolidated profits of SOEs also jumped 838 percent from Rp 13 trillion (US$ 892 million) in 2020 to Rp 124.7 trillion (US$ 9 billion) in 2021. The total assets of SOEs also increased to Rp 8,978 trillion (US$). 630 billion) by the end of 2021 or equivalent to 53% of Indonesia’s Gross Domestic Product (GDP).
This improvement in the performance of SOEs is said to be the fruit of the transformation that has been carried out since 2019. As is well known, several transformation steps have been taken including the acceleration of the implementation of the formation of several new holding companies in SOEs, steps to merge SOEs, as well as efforts to liquidate several SOEs. This step is complemented by strengthening systems related to risk management and efforts to consolidate the financial statements of all SOEs. This is intended to strengthen competitiveness and strengthen the process of monitoring the performance of SOEs.