The Minister Of SOEs Ensures The Debt Of Red Pelat Company For Productive Investment

SOE Minister Erick Thohir (Photo: Doc. Antara)

JAKARTA - Minister of State-Owned Enterprises (BUMN) Erick Thohir again touched on the portion of the debt of state-owned companies. He said the debt taken was managed through productive investment.

Therefore, said Erick, this time a number of debts taken were able to improve the company's performance, starting from revenue to profit records.

"The wrong thing is if the debt is corrupted. The point is discipline," said Erick in a statement, Tuesday, January 3.

Erick said that the majority of SOEs had also left the debt domination zone in their financial management, or were healthy.

In fact, continued Erick, SOEs have reduced debt levels compared to investments from 38.6 percent in 2020, to 34 percent in the third quarter of 2022.

Regarding performance, said Erick, this performance growth can be seen from the increase in BUMN consolidated profit from IDR 61 trillion in the third quarter of 2021 to IDR 155 trillion in nine months of 2022. That means an increase of 154.1 percent year on year (yoy).

It should be noted that the profit includes the restructuring of Garuda, IDR 59 trillion. That's non-cash. The rest, in the form of cash," said Erick.

Erick said the profit growth occurred due to an increase in BUMN's Business Revenue from Rp1,613 trillion in the third quarter of 2021 to Rp2,091 trillion in the third quarter of 2022, or grew 29.6 percent yoy.

"Business revenue has increased. This is not closed yet. I am sure it is better than 2021," he said.

Erick said that the revenue growth, which was accompanied by more efficient SOE management, had brought state companies to be able to strengthen capital.

Until the third quarter of 2022, the equity of all SOEs has reached IDR 3,211 trillion or grew 26.6 percent YoY from the same period the previous year of IDR 2,537 trillion.

Equity growth is also in line with the formation of state-owned assets which grew 9.0 percent YoY from IDR 8,767 trillion in the third quarter of 2021 to IDR 9,559 trillion in the third quarter of 2022.

"It should be noted that these performance figures do not include Garuda's financial performance from the results of the restructuring," said Erick.