jakarta – Indonesia’s sovereign wealth fund, badan Pengelola Investasi Daya Anagata Nusantara (BPI Danantara), is facing challenges in maximizing returns from its vast portfolio of state-owned enterprises. New data reveals a critically important disparity in dividend contributions, with the vast majority stemming from just a handful of companies. The findings, shared at an industry forum Wednesday, highlight a key focus for Danantara’s leadership as they aim too increase SOE dividends to Rp 150 trillion in 2025, building on a record Rp 85.5 trillion in 2024[[1]].
Jakarta –
Indonesia’s state-owned enterprise (SOE) dividend contributions are heavily concentrated, with 95% originating from just eight companies out of a total of 1,060 SOEs under the management of Badan Pengelola Investasi Daya Anagata Nusantara (BPI Danantara), the country’s sovereign wealth fund.
“Of the 1,060 companies under Danantara, 95% of the dividends received come from just eight,” said Pandu Sjahrir, Chief Investment Officer (CIO) of Danantara, during an Antara Business Forum event held in South Jakarta on Wednesday, November 19, 2025. The concentration underscores the uneven performance across Indonesia’s vast portfolio of state-owned businesses.
Sjahrir also noted that less than 1% of total dividends were generated by loss-making companies, identifying a key area for improvement within Danantara’s portfolio. “Less than 1% that are losing money represent a minimum of 52%. So our task is, if there are companies that are losing money, can we improve them through consolidation?” he explained.
SCROLL TO CONTINUE WITH CONTENT
Danantara plans to consolidate businesses within the same sectors to achieve greater scale and international competitiveness. Sjahrir cited the example of state-owned hospitals, noting that Pertamina, the national oil and gas company, operates a significant number of healthcare facilities. “For example, hospitals. Pertamina has many hospitals. Its business is oil and gas, why does it have hospitals? We are now speeding up the creation of a real hospital group,” he said.
SOE dividend contributions totaled Rp 85.5 trillion in 2024, marking a record high. Danantara is targeting Rp 150 trillion in dividend contributions from SOEs in 2025, reflecting ambitious growth expectations for the state-owned sector. This target suggests a continued focus on improving the financial performance of Indonesia’s state-controlled companies.
(aid/acd)
