Monday, 16 September 2019 | 15:01 WIB

Forbes Includes Four Indonesian SOEs on Top Public Company List

Indonesia Minister of State-Owned Enterprises Rini Soemarno (special)

JAKARTA, NETRALNEWS.COM - The performance of Indonesian State-Owned Enterprises (BUMN) is increasingly making the country proud. Four Indonesian SOEs are included in the list of the largest public companies in the world in 2019, which was released by United States-based economic magazine Forbes.

The four SOEs that are listed on the Forbes list include state-operated banks PT Bank Rakyat Indonesia Tbk (IDX:BBRI), PT Bank Mandiri Tbk (IDX:BMRI), and PT Bank Negara Indonesia Tbk (IDX:BBNI), as well as state-owned telecommunications company PT Telekomunikasi Indonesia Tbk (IDX:TLKM).

SOE Minister Rini Soemarno stated that the recognition and appreciation of the international world for the performance of these SOEs is one proof of the seriousness of SOEs to always realize their long-term vision as service providers and have the best performance.

"I am very proud of the entry of four state-owned companies into the list of the largest public companies in the world by Forbes magazine. This Forbes ranking shows that Indonesian SOEs have strong competitiveness with other top global companies," Rini said.

Forbes released a list of 2,000 of the largest global public companies in the world in 2019. Forbes selected companies spread in 61 countries. Determination of the criteria for the largest global public company, refers to the size of market capitalization, sales, profits, and assets in 2018.

In the list, PT Bank BRI occupies position 363. The largest bank in Indonesia has a market cap of USD 38.8 billion. Established in 1895, BRI Bank focuses on financing the micro and retail sectors, especially MSMEs.

With a value of revenue reaching USD 9.4 billion, Earnings of USD 2.3 billion and assets of USD 90.2 billion.

PT Bank Mandiri is in the position of 481. This banking SOE has been operating more in the corporate, commercial and business sectors.

Bank Mandiri recorded revenues of USD 8 billion, with a profit of USD 1.8 billion and assets reaching USD 83.6 billion. The market capitalization value is USD 25.9 billion.

PT Telkom Indonesia occupies the position of 747. Telkom is the largest telecommunications company in Indonesia. The company's revenue reached USD 9.4 billion with profit of USD 1.3 billion and assets of USD 13.8 billion. The value of the company's market capitalization is reported to reach USD 27.2 billion.

Furthermore, PT Bank BNI is at position 835. Bank BNI is the third state-owned bank included in the list of the largest public companies in the world.

This bank's income was recorded at USD 4.9 billion, with a profit of USD 1.1 billion. The assets are USD 56.2 billion with a market capitalization of USD 13.1 billion.

Thanks to hard work and synergy

Rini explained that the achievement was also inseparable from the performance of SOEs that were getting stronger and stronger thanks to the hard work and synergy that was built through the vision of BUMN "One Nation, One Vision, One Family, to Excellence".

"At the first time I was appointed as Minister of BUMN, the profit of BUMN was IDR 143 trillion and with the hard work of all BUMN employees, in 2018 it was fortunately above IDR 200 trillion," said Rini.

Rini emphasized that this positive performance would be safeguarded and increased so that BUMNs could continue to serve the country, becoming agents of development that focused on improving the welfare of the community.

"The Ministry of SOE is always committed to always improve the performance and services of all SOEs. This includes strengthening the role of SOEs as agents of development," said Rini.