Jakarta. Indonesian state-owned enterprises (SOEs) have collectively generated Rp 74.1 trillion ($4.8 billion) in dividends for the ten-month period ending October, SOEs Minister Erick Thohir has said.

This dividend amount already surpasses the set target by 150 percent, with major contributions coming from state-owned banks and energy companies, although detailed breakdowns were not provided.

"From the outset, I've emphasized the crucial role of SOEs in safeguarding Indonesia's economy. The significant rise in financial contributions signifies the improved performance of our SOEs," Erick said.

Highlighting a consistent upward trajectory, the minister noted substantial growth in the combined net profit of SOEs -- from Rp 13 trillion in 2020 to Rp 124 trillion in 2021, and further to Rp 250 trillion in 2022.

"God willing, our SOEs are poised to set a new record in dividend payments to the state, surpassing last year's figure of Rp 80.2 trillion," Erick added.

Since assuming office as the Minister of SOEs in 2019, Erick has spearheaded significant efficiency measures within SOEs, primarily through consolidation efforts resulting in a reduction in the number of SOEs from 142 to approximately 40, achieved via mergers or liquidation.