JAKARTA (TheInsiderStories) - State owned electricity company PT Perusahaan Listrik Negara (PLN) has become the largest state owned company (SOE) in 2015 in term of assets, taking over the position of Bank Mandiri (IDX: BMRI), after the utility film opted to revalued its assets.
Bank Mandiri is in second place as the largest SOE, followed by Bank Rakyat Indonesia (IDX: BBRI) in third position, Pertamina in fourth position and Bank BNI (IDX: BBNI) in fifth position. State insurance firm PT Taspen, PT Bank Tabungan Negara Tbk (IDX:BBTN), PT Telkom Tbk (IDX:TLKM), PT Perusahaan Gas Negara Tbk (IDX:PGAS) and PT Pupuk Indonesia in sixth, seventh, eight, ninth and tenth positions respectively.
“PLN became the largest state owned company in assets term last year, following assets revaluation,” Minister for State Owned Enterprises Rini Soemarno told reporters during a media briefing late Tuesday (Jan. 19).
PLN’s assets rose to Rp1,175 trillion at end 2015 after revaluing its assets from Rp840.86 trillion before assets revaluation. Other SOEs that revalued their assets last year were PT Pegadaian, a state owned pawn shop firm, PT Sucofindo, PT Asuransi Jasa Raharja, PT Waskita Karya and others.
As of the end of September 2015, the Bank Mandiri’s assets amounted to Rp 905.8 trillion, up 13.5 percent compared to Rp 798.2 trillion at the end of September 2014.
The SOE Ministry data revealed that total assets of SOEs in 2015 reached Rp 5,395 trillion, up from Rp4,577 trillion in previous year as a number of companies decided to revalue their assets and projected to increase to Rp6,240 trillion in 2016.
Last year 43 SOEs and 13 SOE subsidiaries carried out assets revaluation, which resulted in adding tax revenues to the government of Rp10.6 trillion. The assets revaluation is expected to add Rp8.6 trillion in tax revenues to the government this year, Minister Rini Soemarno said.
In term of net profit, BRI is in top position, followed by Telkom, Pertamina, Bank Mandiri and PLN in second, third, fourth and fifth positions respectively. Bank BNI, PGN, Pupuk Indonesia, PT Semen Indonesia Tbk (IDX:SMGR) and PT Jasa Raharja in sixth, seventh, eight, ninth and tenth position as the largest state owned companies in term of net profit.
Last year, state owned companies posted combined net profit of Rp150 trillion, slight down from 2014’s net profit of Rp159 trillion due to a decline of commodity prices. The combined revenues of state owned companies in 2015 reached Rp1,728 trillion, down from Rp1,932 trillion in previous year. Their total capital expenditure in the year was Rp268.3 trillion.
Rini said in 2016, state owned companies have set targets to book net profit of Rp172 trillion and revenues of Rp1,969 trillion.
In term of EBITDA (earnings before interest, tax depreciation and amortization), the largest state owned company was PT Pertamina, followed by PT PLN in second place, PT Telkom in third position, BRI in fourth and Bank Mandiri in fifth position. BNI, Pupuk Indonesia, state insurance company PT Taspen, PT Semen Indonesia and PT PGN came in sixth, seventh, eight, ninth and tenth positions respectively.
Last year, the combined EBITDA of state owned companies reached Rp342 trillion, up from Rp319 trillion in previous year and projected to reach Rp377 trillion in 2016.
“This highlights that state owned companies do not only seek to achieve high net profit, but they also allocate significant amount of funds to invest as they are also agent of development,” Minister Rini said. (*)