Erick Thohir Admits State-Owned Companies Cannot Achieve Dividend Target This Year

Minister of BUMN, Erick Thohir. (Photo: Twitter @erickthohir)

JAKARTA - State-Owned Enterprises (BUMN) Minister Erick Thohir said the corona virus pandemic or COVID-19 had caused the performance of state-owned companies to plummet. In fact, due to this epidemic, it is predicted that SOEs will not be able to pay dividends this year.

Erick revealed, of the 142 state-owned companies, 90 percent were battered by the COVID-19 pandemic. Due to these conditions, he continued, the dividend target this year is predicted not to be achieved.

"Unfortunately, this is the reality with the existence of COVID-19, of course a lot of BUMN's performance has been eroded. So yesterday I was not ashamed when I met the DPR, the finance minister who we initially said would achieve the target, if possible more," he said, in a virtual discussion, Wednesday , 20 May.

Not only that, Erick hopes, next year's dividends can be achieved by half of the target. This is because the negative impact of COVID-19 is too deep for BUMN companies.

"Next year, if possible, only 50 percent, Alhamdulillah," he said.

Erick admitted that some state-owned companies were indeed hit by the pandemic. However, there are companies that are not affected and can contribute dividends to the state such as PT Telekomunikasi Indonesia (Persero) Tbk (Telkom).

For your information, the BUMN's dividend payment which was initially targeted at IDR 49 trillion, this year is predicted not to reach the target. This is because 90 percent of BUMN companies are affected by the COVID-19 pandemic.

Previously, the Ministry of Finance announced that the budget allocated for State-Owned Enterprises (BUMN) in the national economic recovery program (PEN) reached IDR 149.29 trillion. The budget is the total support from the government.

There are 12 BUMNs that have received government support in the PEN program. These funds are disbursed in the form of bailouts, State Capital Participation (PMN), and compensation.

Meanwhile, those who received compensation were PT PLN (Persero) and PT Pertamina (Persero), respectively Rp38.25 trillion and Rp37.83 trillion. Meanwhile, Perum Bulog was given Rp. 10.5 trillion in additional funds in the form of social assistance (bansos).

For bailout funds, there are five state-owned companies that can, namely PT Garuda Indonesia (Persero) Tbk amounting to IDR 8.5 trillion, Perum Perumnas IDR 650 billion, PT Kereta Api Indonesia (Persero) IDR 3.5 trillion, PT Perkebunan Nusantara (Persero) amounting to IDR 4 trillion, and PT Krakatau Steel (Persero) Tbk IDR 3 trillion.

Meanwhile, the PMN budget reached IDR 25.27 trillion. PMN will be given to PT PLN (Persero) IDR 5 trillion, PT Hutama Karya (Persero) IDR 11 trillion, PT Bahana Indonesia Business Development (Persero) or BPUI IDR 6.27 trillion, PT Permodalan Nasional Madani (Persero) or PNM IDR 2.5 trillion, and PT Pembangunan Pariwisata Indonesia (Persero) or Indonesia Tourism Development Corporation (ITDC) Rp. 500 billion. Then specifically for BPUI, it will be paid in non-cash amounting to IDR 270 billion.