Four Indonesian SOEs on Forbes' list of world's largest public firms

Four Indonesian SOEs on Forbes' list of world's largest public firms

Jakarta (ANTARA) -
Four Indonesian State Owned Enterprises (SOEs), including PT Bank Rakyat Indonesia, PT Bank Mandiri, PT Telekomunikasi Indonesia, and PT Bank Negara Indonesia, have been placed on the list of the world's largest public companies in 2019 by Forbes economic magazine.

Forbes released a list of some 2,000 of the largest global public companies in the world in 2019. Those listed companies are from 61 countries and selected based upon criteria, such as the size of market capitalization, sales or income, profits, and assets in 2018.

"I am proud that four of our state-owned enterprises made it onto the list of the largest public companies in the world by Forbes magazine. This Forbes ranking shows that Indonesia's SOEs are highly competitive, compared to other top global companies," SOE Minister Rini Soemarno said here on Thursday.

Minister Rini noted that the recognition from the international world for the performance of Indonesia's SOEs reflects the consistent efforts of the SOEs to realize their long-term vision, particularly as excellent service providers.

On the list, Bank Rakyat Indonesia (BRI) occupied the 363rd position. As one of the largest banks in Indonesia, it has a market cap of US$ 38.8 billion. Established in 1895, BRI focuses on financing micro and retail businesses, especially MSMEs.

BRI's revenue reached US$ 9.4 billion. In addition, the bank made a profit of US$ 2.3 billion and has assets of US$ 90.2 billion.

Meanwhile, Bank Mandiri has reached the 481st ranking. It has been operating specifically to finance corporate enterprises, as well as the commercial and business sectors.

Bank Mandiri recorded revenues of US$ 8 billion, with a profit of US$ 1.8 billion and assets worth US$ 83.6 billion, while its market cap reached US$ 25.9 billion.

PT Telkom Indonesia, which is the largest telecommunications company in Indonesia, is ranked  747th. Telkom's revenue reached US$ 9.4 billion, with a profit of US$ 1.3 billion and assets worth US$ 13.8 billion. Its market cap reached US$ 27.2 billion.

Additionally, Bank Negara Indonesia (BNI), which is at number 835 on the Forbes' list, reported revenues of US$ 4.9 billion and profits of US$ 1.1 billion. The bank also has assets valued at US$ 56.2 billion, with a market capitalization of US$ 13.1 billion.

Minister Rini further argued that the achievement of those four SOEs is inseparable from the strong efforts, hard work, and positive synergy developed by all of Indonesia's SOEs through the vision "One Nation, One Vision, One Family, to Excellence".

She emphasized that this positive performance of SOEs will be maintained and increased so that all of Indonesia's SOEs can continue to serve the nation and become agents of development that focus on improving the welfare of the people.