Destroying SOE Debt Risky Jobs Call for SOE Dividends in 2024, JAKARTA – Debt dispute over BUMN Karya companies, including PT Waskita Karya (Persero) Tbk. (WSKT) is considered one of the factors behind the decline in the SOE dividend payout target for FY 2024.

Based on Book II of the Financial Notes and the 2024 Government Revenue and Expenditure Budget (RAPBN), the government plans to pay IDR 80.8 trillion in dividends to state-owned enterprises. This figure is below 0.8 percent. outlook dividends in 2023 will be IDR 81.5 trillion.

Director of the Center for Economic and Legal Studies (Celios) Bhima Yudhistira believes that one of the factors behind BUMN’s 2024 dividend target cut is inseparable from the liquidity pressure that BUMN Karya is currently facing.

“BUMN is entering a phase of consolidation, as evidenced by the liquidity pressure of several BUMNs, especially BUMN Karya, which is affecting the earnings generated,” he said. BusinessMonday (28.08.2023).

According to Bhima, the pressure faced by BUMN Karya risks spilling over into the banking sector. Given that the Financial Services Authority (OJK) mentioned that BUMN Karya’s debt to state-owned banks reached IDR 46.21 trillion.

“If state-owned banks (BBRI, BMRI, BBNI and BBTN) are forced to issue reserves, then the impact on the profits of state-owned banks will be reduced,” he concluded.

According to the notes BusinessThe total debt or liabilities of WSKT in the 1st semester of 2023 was IDR 84.31 trillion, or an increase of 9.20 percent. year after year (YoY) from the position of 77.2 trillion Indonesian rupiah.

This debt was formed by short-term liabilities, which reached IDR 22.79 trillion, up 11.43% yoy. Meanwhile, long-term liabilities reached IDR 61.51 trillion, or 8.40 percent.

At the same time, Waskita’s capital plummeted from IDR 19.93 trillion to IDR 12 trillion in the first half of 2023. This shows a decline of 39.76 percent year on year.

Meanwhile, PT Vijaya Karya (Persero) Tbk. (WIKA) has accumulated total liabilities of IDR 56.7 trillion, up 3.44 percent from IDR 54.81 trillion in the first half of 2022.

This amount was driven by short-term liabilities of IDR 35.01 trillion, down 1.60 percent year on year, while long-term debt jumped 12.77 percent year on year to IDR 21.68 trillion. .

At the same time, WIKA recorded a decline in equity capital from IDR 17.43 trillion to IDR 15.47 trillion at the end of June 2023. This change reflects a decline of 11.24% year-over-year.

Meanwhile, WIKA’s cash flow balance at the end of June 2023 also declined by 44.29 percent year-on-year, or from a position of IDR 3.28 trillion to just IDR 1.83 trillion. Total assets adjusted by 0.10 percent year on year to IDR 72.17 trillion.

WSKT and WIKA also recorded losses in the first half of 2023. WSKT reported a net loss of IDR 2.07 trillion, up 776 percent from the previous year, while WIKA posted a loss of IDR 13.32 billion to IDR 1.8 trillion.

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