Hutama Karya Deemed Financially Healthy, Becomes Danantara Benchmark for BUMN Karya Reform
Jakarta – PT Hutama Karya (Persero) has been identified as one of the financially healthy state-owned construction companies as the Daya Anagata Nusantara Investment Management Agency (BPI Danantara) moves to overhaul Indonesia’s BUMN Karya sector.
Of the seven state-owned construction companies, Danantara said only three are currently considered financially healthy. Besides Hutama Karya, the other two are PT Nindya Karya and PT Brantas Abipraya.
Hutama Karya’s relatively strong financial position has placed the company among the references being considered as Danantara restructures state-owned companies in the construction and infrastructure sectors.
BPI Danantara Chief Operating Officer and Head of the BUMN Regulatory Agency, Dony Oskaria, said the government is seeking to ensure that companies that remain financially sound do not become caught up in the problems facing other BUMN Karya companies.
He said the problems affecting several state-owned construction firms are fundamental and will require a long-term restructuring process. The consolidated debt of the troubled companies is estimated at around Rp180 trillion, including obligations at both parent and subsidiary levels.
“Hutama Karya, we are indeed trying to make sure they do not get drawn into the same problems. But the issues within the Karya companies are very fundamental and deep, and they require time for us to transform them,” Dony said during CNBC Indonesia’s Squawk Box on Thursday (August 27, 2026).
Dony said the restructuring would go beyond simply addressing the companies’ existing financial problems. Danantara plans to make more fundamental changes by reassessing their business direction and models.
According to Dony, Danantara’s establishment provides the government with an opportunity to carry out a more comprehensive restructuring. The process, he said, would be conducted with transparency and prudence.
“With Danantara, we have an opportunity to fix this, and going forward, we will make sure this does not happen again,” he said.
One of the planned changes is to reduce the number of state-owned construction companies. Danantara is targeting a structure consisting of just three BUMN Karya companies.
The move is based on the assessment that having too many companies operating in the same sector does not necessarily create additional value. Instead, an overly fragmented structure can increase risks and make businesses less focused.
Hutama Karya Urged to Exercise Caution in Toll Road Business
Despite its relatively healthy financial position, Hutama Karya remains under Danantara’s watch, particularly over its toll road operations.
Dony described Hutama Karya as one of Danantara’s benchmarks because the company is not facing the same financial problems as several other state-owned construction firms.
“Hutama Karya is one of our benchmarks. It does not face financial problems. It is in quite good shape,” Dony said.
However, the company’s stronger financial position does not mean it can overlook business risks. Danantara has urged Hutama Karya to exercise caution in managing its toll road assets, particularly newly developed routes, most of which are located in Sumatra.
“What I have instructed them to do now is to be quite cautious in managing the toll roads because these are relatively new toll roads, generally located in Sumatra,” he said.
