Indonesia's State-Owned Enterprises Dividend Management Shift

Impact on Non-Tax State Revenue (PNBP)

The Indonesian Ministry of Finance reported that the realization of Non-Tax State Revenue (PNBP) reached Rp 534.1 trillion in 2025, down from Rp 584.4 trillion in the previous year. This decrease is primarily attributed to the transfer of state-owned enterprises' (BUMN) dividends to Danantara, a newly established investment management entity known as Badan Pengelola Investasi (BPI) Daya Anagata Nusantara. The diverted amount totals Rp 80 trillion.

Exceeding PNBP Targets Despite Diversion

Despite the significant diversion of BUMN dividends, the 2025 PNBP figure successfully exceeded the initial target of Rp 513.6 trillion by 104%. Vice Minister of Finance, Suahasil Nazara, highlighted that while the PNBP was lower compared to 2024, the achievement against the target was noteworthy. The shift in dividend management was a result of the newly enacted Law No. 1/2025, which mandated the creation of Danantara to manage these funds.

Implications of the Dividend Redirection

The redirection of BUMN dividends to Danantara marks a significant change in the management of state-owned enterprises' profits. This move is expected to enhance investment management and potentially optimize returns on state assets. The decision reflects a broader strategy to improve financial management and investment practices within Indonesia's state-owned sector.