Prabowo Praises 10 Indonesian State Firms (BUMN) for Stronger 2026 Performance

Jakarta, ThedailyID — President Prabowo Subianto praised several Indonesian state-owned companies for improving their financial performance during the first half of 2026.

Speaking during his state address on Friday, August 14, Prabowo said the government’s major restructuring of state-owned enterprises had started to produce results.

The government plans to streamline the number of state-owned companies from 1,074 to around 300. Prabowo said the restructuring had already reduced corporate overhead costs by around Rp50 trillion.

PT Timah

Prabowo highlighted PT Timah Tbk, which recorded a profit of Rp2.7 trillion during the first six months of 2026.

The figure represents roughly a ninefold increase from the same period last year. Prabowo attributed the improvement partly to tighter government oversight and the closure of 1,000 illegal mines in Bangka Belitung.

Garuda Indonesia

Prabowo also pointed to Garuda Indonesia’s recovery after years of financial difficulties.

The government has pushed the airline to reactivate aircraft that had previously remained grounded. By June 2026, Garuda had restored 20 aircraft, bringing its operational fleet to 140.

Prabowo said Garuda could have recorded a profit in July without the impact of the Middle East conflict. He expects the airline to begin generating sustainable profits in early 2027.

Danantara Sumberdaya Indonesia

Prabowo praised PT Danantara Sumberdaya Indonesia (DSI) for managing export proceeds from coal, palm oil and ferronickel.

Since beginning operations on June 1, DSI has reportedly managed US$14 billion in export proceeds within its first two months and 13 days.

The company also monitored more than 6,000 export transactions and identified potential additional export proceeds of US$5 billion through price adjustments.

Bank Emas Indonesia

Prabowo also highlighted Indonesia’s Gold Bank initiative, operated through Pegadaian and Bank Syariah Indonesia.

The initiative aims to keep more of Indonesia’s gold within the domestic economy. According to Prabowo, the Gold Bank had managed 153 tonnes of gold worth around Rp360 trillion, or roughly US$20 billion, within its first year.

Other State-Owned Companies

Prabowo also highlighted several other state-owned companies. PT Semen Indonesia’s net profit rose 408.9%, while Pupuk Indonesia’s increased 252.8%.

Pertamina’s profit rose 86%, while Pegadaian’s increased 84.4%, partly driven by its gold banking operations.

Meanwhile, Pelindo’s profit increased 60.4%, while PTPN recorded a 54.4% increase.

Prabowo said the performance reflected the government’s broader effort to make state-owned companies more productive and contribute more to Indonesia’s economy.