Pockets Trillion Profit But Submits PMN, PLN Gives Explanation

PLN President Director Darmawan Prasodjo. (Photo: Doc. ANTARA)

JAKARTA - The state-owned stun company, PT PLN (Persero) proposed a State Capital Participation (PMN) of IDR 3 trillion for the village electricity program in 2025.

Member of Commission VI of the Indonesian House of Representatives, Mufti Anam, questioned the plan of the State Electricity Company (PLN) to propose State Equity Participation (PMN) in the 2025 State Budget for the Village Electricity program in the amount of IDR 3 trillion.

In fact, said Mufti, in 2023 PLN pocketed a profit of up to IDR 22 trillion.

"I am surprised by PLN because I always ask PMN. If the company's PLN loses, the boncos may be understandable but this is a profit, even recently trillions of rupiah," he said at the Hearing Meeting (RDP), Wednesday, July 10.

Responding to this question, PLN President Director Darmawan Prasodjo revealed that his company has a large enough debt of up to Rp400 trillion which continues to be attempted to decrease.

"Because in measuring the company's financial health there is a debt to EBITDA ratio. If the company is above 5, the company is already sick, and 5 years ago our debt to EBITDA ratio was 5.9 and managed to reduce it to below 4," said Darmawan.

He said the allocation of funds for the lisse program for the 2025 fiscal year was IDR 3 trillion.

With PMN, PLN does not need a commercial loan to fund the lisse program so that PLN's financial projections will be healthier.

With a commercial loan, he said, there was an additional interest expense of Rp1.55 trillion.

"When compared to PMN, there will be an additional compensation subsidy of Rp. 1.57 trillion," concluded Darmawan.