Indonesia's SWF INA Reports 2025 Financial Results: Net Profit Reaches IDR 7.4 Trillion
Bisnis.com, JAKARTA – Sovereign wealth fund (SWF) or Lembaga Pengelola Investasi (LPI) Indonesia Investment Authority (INA) recorded a net profit of IDR 7.44 trillion throughout 2025, up 37.3% compared to the previous year of IDR 5.42 trillion. The increase in profit was supported by the growth of net income reaching IDR 8.45 trillion from previously IDR 5.91 trillion.
Quoted from the audited 2025 financial report on Thursday, (May 14, 2026), INA’s total assets reached IDR 110.99 trillion, a slight increase compared to the end of 2024 of IDR 110.82 trillion. On the other hand, total liabilities decreased to IDR 2.77 trillion from IDR 3.28 trillion. Meanwhile, total equity increased to IDR 108.22 trillion compared to IDR 107.55 trillion in the previous year.
INA’s 2025 profit and loss performance was supported by increased investment income and interest income. Income after deducting final tax was recorded at IDR 8.45 trillion, growing from IDR 5.91 trillion in 2024. On the expense side, investment expenditure was recorded at IDR 130.99 billion, operational expenses at IDR 669.32 billion, and financial expenses at IDR 230.32 billion.
Although net profit increased, INA still recorded other comprehensive losses of IDR 6.77 trillion due to a decrease in the fair value of other financial assets of IDR 6.79 trillion. However, the total comprehensive income for the year remained positive at IDR 675.57 billion, improving compared to the comprehensive loss position of IDR 6.18 trillion in 2024. This value is due to capital injections by the government in the form of shares of Bank Rakyat Indonesia (BBRI) and Bank Mandiri (BMRI) where both assets experienced a decrease in market value until the end of 2025 compared to the period of capital injection by the government.
From the balance sheet side, INA’s largest asset composition comes from investments in other financial assets reaching IDR 58.20 trillion, although it decreased compared to 2024 of IDR 64.99 trillion. Investments in sub-holdings increased to IDR 20.27 trillion from IDR 13.70 trillion. In addition, loans to related parties jumped to IDR 11.79 trillion from IDR 6 trillion in the previous year.
INA’s cash and cash equivalents at the end of 2025 were recorded at IDR 9.8 trillion, down from IDR 12.77 trillion at the end of 2024. This decrease was in line with operating cash flows which recorded a deficit of IDR 2.35 trillion, reversing from a surplus of IDR 4.66 trillion in the previous year.
In the cash flow report, INA recorded dividend income of IDR 5.56 trillion and interest income of IDR 1.4 trillion. However, cash flows were also pressured by equity instrument investments of IDR 4.41 trillion and the disbursement of loans to related parties of IDR 8.33 trillion.
The independent auditor from Kantor Akuntan Publik Purwanto, Sungkoro & Surja (Ernst & Young/EY) gave an unqualified opinion on INA’s 2025 financial statements. The auditor stated that the financial statements had been presented fairly in accordance with International Financial Reporting Standards (IFRS).
For information, SWF INA was formed during the administration of the 7th President of the Republic of Indonesia, Joko Widodo, using the legal umbrella of Law No. 11/2020 concerning Job Creation. This regulation was then updated into a Government Regulation in Lieu of Law (Perppu) No. 2/2022 which did not undergo initial changes.