September 2016, Infobank, the banking and finance strategic-analyst magazine, released a news on  ‘Rating of 122 State-Owned Enterprises, which is a rating established based on company’s finance and business growth ratio. 

In the release, it is said that Infobank through its Infobank Research Bureau (birI) has undertaken related research and rating on 122 state-owned enterprises’ performance in 2015. 

The research reports, 58 companies are awarded with ‘excellent’ title, 18 companies with ‘good’, 12 companies with ‘fair’ title,  25 companies with ‘not good’ title and 9 other companies which are left unrated. 

One of those with ‘excellent’ raring is PT DAHANA (Persero), the commercial and military explosive producing company with the business line of drilling blasting, explosives manufacturing, blasting service and defence related.

Infobank categorizes the assessment criterion based on the enterprises’ business sectors. DAHANA is categorized as defence industry along with Pindad, PT Dirgantara Indonesia (DI) and PT PAL Indonesia.

On the four enterprises under the defence industry sector, only DAHANA was awarded with the ‘excellent’ title. The assessment criterion consists of two performances, namely growth criterion which includes assessment on assets, equity, operational revenue and annual profit; and critical financial ratios. 

Four assessment categories are: Score of  0-51 (not goods), 51-66 (fair), 66-81 (good), 81-100 (excellent). DAHANA scores 95,59 which simply means ‘excellent’. 


The ‘excellent

The ‘excellent’ title was not only awarded to DAHAA for its 2015 annual report but also for its 2014 annual report.  Infobank stated that some assessment steps were taken, firstly collection of financial reports of state-owned enterprises for 2014 and 2105, and secondly, establishment of criteria finalized with data processing and awarding. 

As mentioned by Infobank, in 2015, PT DAHANA (Persero)’s current assets enjoyed a rise of 17.71% which was Rp. 1.31 trilion, with current liabilities (Rp, 704.04 billion) which increased by 20.35%  compared to the previous year. Equity rose by 14.76% to Rp 601.80 billion. Operation revenue increased by 25.62% which was Rp 1.38 trilion and current year profit was recorded at Rp 89.07 billion, or a hike of 26.64%.

Infobank mentioned that in 2015 DAHANA managed to reach it positive performance as can be seen by the growth in DAHANA’s financial performance components. 

“DAHANA’s positive performance is attributed to strategic policies undertaken by the management such as production capacity improvement and expansion of market share,” as quoted in Infobank Edition.454, September 2016.Vol.XXXVIII, page 38. (SYA)