Financial Performance of Regional-Owned Enterprises (BUMD) in Bogor Regency, 2020–2024: A Longitudinal Study of Assets, Equity, and Contributions to Regional Original Revenue

Abstract

This study examines the financial performance of all seven Regional-Owned Enterprises (BUMDs) in Bogor Regency, Indonesia, over the period 2020–2024. Using a descriptive quantitative approach with a longitudinal comparative design, the research analyzes the growth of assets, equity, and contributions to Regional Original Revenue (PAD) based on secondary data from the Draft RPJMD 2025–2029. The findings reveal significant disparities in performance. Only Perumda Air Minum Tirta Kahuripan demonstrated healthy and consistent growth, recording 33.0% asset growth, 35.8% equity growth, and 16.2% PAD contribution growth while dominating 96.5% of total BUMD contributions to PAD. In contrast, four BUMDs were categorized as vulnerable or unhealthy: PT Prayoga Pertambangan dan Energi experienced bankruptcy (zero assets and equity in 2024), PT Sayaga Wisata Bogor showed an 11.1% equity decline with no PAD contribution, Perumda Pasar Tohaga maintained large but stagnant assets with minimal PAD contribution (0.5% of asset value), and PT BPRS Bogor Tegar Beriman recorded 110.1% asset growth financed primarily by debt, accompanied by a 37.9% equity decline. The remaining two enterprises exhibited fluctuating performance. This study highlights the fragility of regional fiscal autonomy due to over-reliance on a single BUMD and provides differentiated policy recommendations for restructuring, asset optimization, and governance improvement.