JAKARTA - When the COVID-19 cases in Indonesia passed the half million mark, and became the largest epidemic among Southeast Asian countries, Indonesia slipped into an economic recession. As a result, dozens of people who were included in the Forbes magazine's list of Indonesia's 2020 richest people experienced a shrinking in wealth.
However, a line of tycoons appeared to steal the show as dozens of others reported experiencing a decline in wealth from last year. On Thursday, December 10, Forbes released a list of the 50 richest people in Indonesia. The impact of the pandemic is clear when looking at the calculation of the assets of these crazy rich Indonesians.
Despite this decline, the collective wealth of the super rich in Indonesia has only fallen 1.2 percent from last year's list to 133 billion US dollars.
The decline is reflected in the decline in wealth from last year experienced by 28 of the 50 richest Indonesians. The remaining 18 people experienced an increase in wealth and four people whose wealth did not move from last year.
Budi and Michael Hartono are still the richestThe Hartono brothers still occupy the first position of the richest in Indonesia. Now they have a wealth of 38.8 billion US dollars or the equivalent of Rp547.8 trillion (assuming an exchange rate of Rp14,100 per US dollar).
Budi and Michael Hartono were among a group of tycoons whose wealth increased during the pandemic. For a dozen years, the Hartono brothers have dominated the top of Indonesia's richest people thanks to their conglomerate company, the Djarum Group.
Meanwhile, the Widjaja family is second in the list of the richest people. His wealth grew by 2.3 billion US dollars, to be precise from 9.6 billion US dollars to 11.9 billion US dollars.
The wealth of the founders of the Djarum and Sinarmas Groups increased by 23.9 percent and 4 percent, respectively. This achievement is still below some other tycoons.
The wealth of Emtek owners increased significantly
However, if the indicator used is the percentage of increase in wealth, the incisions of the two families of Hartono and Widjaja are still inferior to some of the names of the lower-class residents.
For example, Jogi Hendra Atmadja, the seventh richest person in Indonesia, recorded a wealth growth of 43.3 percent, to be precise from US $ 3 billion to US $ 4.3 billion in the last year.
Eddy Sariaatmadja also made a significant increase. Eddy, who last year was not even included in the top 50 list, pushed his way to number 20 thanks to an increase in wealth of 80 percent, to be precise from US $ 800 million to US $ 1.4 billion.
However, it is only natural that Eddy's name captures attention with the sharpest proportion of strength. This is because the company that is its main asset, PT Elang Mahkota Teknologi Tbk. (EMTK), is indeed in a positive growth trend.
In fact, EMTK's stock price movement touched the price level of IDR 11,100 as of the end of trading Thursday, December 10. If calculated, EMTK's shares have risen 99.1 percent from the position of Rp5,575 year to date (ytd).
Eddy, who is the main commissioner, narrowed the company's shares by 24.9 percent or the equivalent of 1.40 billion shares as of November 30, 2020. By multiplying the stock price on Thursday, December 10, his wealth from EMTK was equivalent to IDR 15.59 trillion.
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As is known, Elang Mahkota Teknologi (Emtek) transformed into the entertainment and information industry in 1997. Initially, the company was founded on August 3, 1983 under the name PT Elang Mahkota Komputer and is engaged in the business of providing computers.
Since its transformation, EMTK has begun to aggressively expand its wings in the media world through a series of acquisitions. Unmitigated, the company under the control of Eddy Kusnadi Sariaatmadja also dared to take ownership of the Salim Group.
In 2002, EMTK acquired PT Surya Citra Televisi (SCTV) through PT Surya Citra Media Tbk. (SCMA). The company decided to carry out an initial public offering (IPO) after eight years.
A year later, EMTK's ambition to dominate the entertainment and information industry has not been stopped. The Company annexed PT Indosiar Visual Mandiri (Indosiar) by acquiring ownership of the Salim Group in PT Indosiar Karya Mandiri Tbk. (IDKM).
In 2013, EMTK then merged IDKM and SCMA. The subholding company in the content sector, namely PT Indonesia Entertainment Group, was founded two years later.
Engaged in the multimedia and hospital business, EMTK posted a net profit of IDR476.58 billion in the third quarter of 2020 or reversed from the net loss position for the same period last year. The record was also triggered by the company's net income which also increased from Rp8.11 trillion in the third quarter of 2019 to Rp8.51 trillion as of September 30, 2020.
Not only Eddy, Handojo Santosa and Jogi Hendra Atmadja also made significant increases. Handojo Santosa experienced an increase in wealth 59.7 percent from US $ 460 million to US $ 735 million.
Jogi is listed as a shareholder of 5.63 billion or 25.22 shares of PT Mayora Indah Tbk (MYOR). The company became the biggest source of wealth for the man who started the biscuit business since 1948.
MYOR shares are trading at IDR 2,520 at the close of trading Thursday, December 10. The position has strengthened 24.1 percent when compared to MYOR's initial year price.
The biscuit and snack manufacturer was able to score performance growth in the nine months running 2020. MYOR pocketed a net profit growth of 41.81 percent to IDR 1.55 trillion in the third quarter of 2020.
New Names of the Richest People in Indonesia
As well as the ups and downs of wealth for a number of residents, the Forbes list of richest people this year is also marked with the arrival of new names. Apart from the name Eddy Suriaatmadja, the new names are Wijono and Hermanto Tanoko, Jerry Ng, and Susanto Suwarto.
Wijono and Hermanto Takono, who are often dubbed as part of crazy rich Surabaya, are now in 39th place with total assets of 700 million US dollars. Both are entrepreneurs who control Avia Avian, the second largest paint producer in Indonesia.
Forbes noted Avia Avian as the second largest domestic paint company in Indonesia. The company was founded by Wijono and Hermanto's father, Soetikno Tanoko. Under Hermanto's hands, the family developed into a fast moving consumer goods (FMCG), property and retail player.
Furthermore, Jerry Ng is a former BTPN banker. Now, he is the main commissioner of PT Bank Jago Tbk. (ARTO). In the company that was formerly known as Bank Artos, Jerry also controlled the majority share of ARTO through his company, PT Metamorfosis Ekosistem Indonesia (MEI), narrowing ownership of 4.08 billion shares or 37.65 percent.
By multiplying the total ownership by the ARTO share price of Rp3,350 at the close of Thursday, December 10, the ownership value is equivalent to Rp.13.6 trillion.
The last name is Eddy's friend at EMTK. Suwarto, who is also one of the founders of EMTK, now sits as the company's commissioner. He occupies the position of the 50 richest people in Indonesia, wealth reaches 475 million US dollars or Rp.6.69 trillion.
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