PT Kereta Api Indonesia (Persero) or KAI has decided not to distribute dividends to the state during the 2021–2023 period in order to strengthen the company’s finances and support the smooth running of the Jakarta-Bandung high-speed train project, Whoosh.
In a hearing (RDP) with Commission VI of the Indonesian House of Representatives in Jakarta, Tuesday (9/7), KAI Finance and Risk Management Director Salusra Wijaya said this decision was in accordance with the direction of the High-Speed Train Committee, which consists of the Coordinating Minister for Maritime Affairs and Investment, the Minister of Transportation, the Minister of Finance, and the Minister of SOEs.
“Since 2021, KAI has received a mandate from the Fast Train Committee to withhold dividends to strengthen KAI’s finances… So there is no dividend portion,” said Salusra.
KAI noted that KAI’s total contribution to state revenue in 2018 was IDR 3.9 trillion, then increased to IDR 4.4 trillion in 2019.
However, in 2020 and 2021, KAI’s contribution in the form of PNBP and taxes decreased due to the Covid-19 pandemic which caused train operations to experience a decline in performance. KAI’s contribution to the state in 2020 was IDR 3 trillion and in 2021 it was IDR 2.9 trillion.
Salusra said the company did not pay dividends throughout the period. Despite not distributing dividends, KAI still made a significant contribution to state revenues through taxes and non-tax state revenues (PNBP).
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In 2023, KAI’s total contribution reached IDR4.9 trillion. In 2022, KAI’s total contribution to state revenue was IDR3.1 trillion.
KAI has proposed state capital participation (PMN) of IDR 1.8 trillion in the 2025 budget year to support the procurement of Jabodetabek KRL facilities, including bringing in 11 new train sets from abroad.
Salusra said this injection was needed to replace commuter trains that were over 30 years old while also anticipating an increase in the number of passengers.
“What is happening now is that the reserves have been used up and some trains are no longer operational… so the replacement and addition of these trains is urgent,” he said.
In the 2015-2022 period, the total cash PMN received by KAI was IDR 17.7 trillion, all of which was used for the assignment of the Jakarta-Bandung high-speed train project and the Jabodetabek LRT.
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