The government has a strategic plan to establish a SOE holding company that oversees certain companies by division based on the business sector to create an added value in terms of improvement in business performance, one of which is a state-owned holding company of the cement industry. The purpose of this study was to assess the extent of the effect of the establishment of a state-owned holding company PT. X on company’s performance. This research was applied research, specifically aimed at measuring company’s performance before and after the establishment of a Holding Company. The performance assessment was measured by analyzing the ratio of the Consolidated Financial Statements to the observation period between2009-2016. The data analysis adopted was the financial ratios including liquidity, solvency, profitability and activities ratios with paired sample t test. The strategy in this study was comparative because this research emphasized on the comparison of financial performance before and after the establishment of the Holding Company PT.X. The research finding as a whole is that the financial ratios tested indicated good value, because in its reality it is positive. However, statistically the Current Ratio, Gross Profit Margin, Net Profit Margin, ROA, ROE and Inventory Turnover showed significant differences before and after the establishment of a holding company, where the six ratios have the better values in the period before the holding company establishment. While, statistically the calculation results revealed that there was no significant differences in the Quick Ratio, Debt to Equity Ratio, Debt to Assets Ratio, Price to Earnings Ratio and Dividend Pay-out Ratio.