4 Indonesian soes on Forbes list of world's largest company

Forbes released a list of some 2,000 of the largest global public companies.

REPUBLIKA.CO.ID, JAKARTA -- Four Indonesian State Owned Enterprises (SOEs) which are 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 38.8 billion US dollar.

Established in 1895, BRI focuses on financing micro and retail businesses, especially MSMEs. BRI's revenue reached 9.4 billion US dollar. In addition, the bank made a profit of 2.3 billion US dollar and has assets of 90.2 billion US dollar.

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 8 billion US dollar, with a profit of 1.8 billion US dollar and assets worth 83.6 billion US dollar, while its market cap reached 25.9 billion US dollar.

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

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

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.

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