There would not longer be a concept of “profits” in this system but sort of yeah? A state made up of workers who democratically determine what should be produced and to what extent based on the known needs and capabilities of the population within the context of the long term consequences of production would be a good thing. The government wouldn’t “own companies” because the idea of a company would not exist. A percentage of the value produced by each worker would be theirs and the rest would go to social services instead of their employers personal wealth.