4 Indonesian State-Owned Enterprises Listed in the List of Biggest Public Companies

SOEs Ministry Press Release

Jakarta, 12 June 2019 - The performance of State-Owned Enterprises (SOEs) is exceptionally increasing our proudness. Four Indonesian state-owned enterprises (SOEs) are listed in the list of the largest public companies in the world in 2019, which was released by an economic magazine from the United States (US), Forbes.

The four SOEs that were listed were PT Bank Rakyat Indonesia Tbk, PT Bank Mandiri Tbk, PT Telekomunikasi Indonesia Tbk and PT Bank Negara Indonesia Tbk.

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

"I am very proud of these 4 state-owned companies that made their way 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 in Jakarta on Thursday (12/6) / 2019).

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

PT Bank BRI occupies position 363 in the list. PT Bank BRI as 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 UMKMs. It has a value of revenue reaching USD 9.4 billion, earnings of USD 2.3 billion and assets of USD 90.2 billion.

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

Mandiri Bank 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 a 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 landed at 835. BNI Bank is the third Indonesian state-owned bank listed 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.

She 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 has been built through the vision of SOEs "One Nation, One Vision, One Family, to Excellence". "At the first time I was appointed as the Minister of SOEs, the profit of SOEs was IDR 143 trillion and with the hard work from all SOEs employees, in 2018 it fortunately reached above IDR 200 trillion," said Rini.

Rini emphasized that this positive performance would be sustained and increased so that SOEs could continue to serve the country, becoming agents of development that focused on improving the welfare of the people. "The Ministry of SOEs is always committed to consistenly improve the performance and services of all SOEs. This includes strengthening the role of SOEs as agents of development," said Rini. 

PT Pindad (Persero):

PT Pindad as a state-owned limited liability company was formed in 1983. The company whose historical roots have been established since the Dutch colonial period, is actively producing various defense equipment for Indonesian National Army (TNI), and has also exported a number of reputable products such as ammunition, weapons and combat vehicles to global market. In addition to defense equipment products, PT Pindad also produces industrial machinery and heavy equipment such as excavators, railroad hooks, traction motors, generators, tractors up to crane ships.

For more information, please contact:

Corporate Secretary, Tuning Rudyati

E-mail: tuning@pindad.com