Deputy Minister Tiko On BUMN Profit Drops 7.03 Percent: Pertamina Refinery Shear Cracks

JAKARTA - Deputy Minister of State-Owned Enterprises (BUMN) Kartika Wirjoatmodjo revealed that the profit of BUMN consolidation for the 2024 financial year decreased when compared to the previous year.

Based on the data presented, the achievement of the consolidated profit of BUMN for the 2024 financial year only reached Rp304 trillion or fell 7.03 percent compared to 2023.

Tiko, Kartika Wirjoatmodjo's nickname, said that one of the reasons for the narrowing of the difference between crude oil prices and oil products that are ready to be used or crack spreads from PT Pertamina's (Persero) refinery.

"Our prediction for net profit in 2024 will decrease slightly because of the narrower crack spread from Pertamina's refinery," he said at the Mandiri Investment Forum (MIF) 2025 event, Tuesday, February 11.

Even so, Tiko emphasized that SOEs are not only pursuing profits for the government. However, it also seeks to provide public services.

"But keep in mind that Indonesian SOEs are not only creating profit value and contribution for the government. But we are also conducting massive public services and roles as pioneers of industry in Indonesia," he said.

Tiko said that although the BUMN consolidated profit was corrected, the combined annual growth rate in state-owned company revenues reached around 6 percent.

Furthermore, Tiko said, the growth of the state-owned asset and equity portfolio showed healthy growth, where the BUMN's return of assets (ROA) grew 3 percent and returns of equity (ROE) grew 10 percent throughout 2024.

"We are close to 3 percent for total assets and also 10 percent equity," he said.