To compete with other countries, Indonesia needs to improve its infrastructure condition. Indonesia is currently experiencing an infrastructure deficit when compared to other countries. President Jokowi tried to fix this issue by focusing his development program on infrastructure. This massive infrastructure development decision taken by the Government of Indonesia (GoI), means market growth and revenue increase for the SOE construction companies.However, during this period, January 2015 to January 2020, stock price data of the SOE construction companies listed in Indonesian Stock Exchange, all declined by 45.37% on average. At the same time, IHSG increased by 20.35%. This research aimedto measure and analyse the financial performance and financial soundness level of the SOE construction companies before (2011-2014 period) and after (2015-2018 period) the massiveinfrastructure development by GoI. Eight (8) financial ratios, as per the Ministry of SOE Decree No. KEP-100/MBU/2002, were used to analyse the financial performance and financial soundness level of the SOE construction company. And, to see how significance the differences, Paired T-Test was used to measure the significant differences before and after. Based on the research, financial performance and financial soundness level of SOE construction companies were declined. There were significant differences before and after the massive infrastructure development by the GoI. The SOE construction companies must improve its performance so that the ROE, ROI, Collection Period, Total Asset Turnover and Financial Soundness Level can return or even better than the period before.

Keyword: SOE construction company, financial ratio, financial performance, financial soundness level.