Vale Indonesia (INCO) Records Profit of US$76.06 Million in 2025
PT Vale Indonesia Tbk. (INCO) recorded increased net profit throughout 2025 despite facing operational headwinds.
According to financial statements submitted to the Indonesia Stock Exchange (IDX), Vale’s net profit for 2025 was recorded at US$76.06 million, an increase of 31.67% compared to the previous year’s profit of US$57.76 million.
This profit increase occurred amid relatively limited revenue growth. The company’s revenue rose only 4.19% to US$990.19 million, from US$950.39 million in 2024. Simultaneously, cost of goods sold increased more rapidly at 4.42%, reaching US$879.34 million.
As a result, gross profit increased only marginally by 2.42% to US$110.85 million from the previous US$108.22 million.
Pressures became increasingly evident on the operational side. Operating expenses surged 36.39% to US$52.18 million compared to US$38.25 million in the prior year. At the same time, other expenses also increased 28.71% to US$12.71 million.
The combination of these rising expenses caused Vale’s operating profit to decline sharply by 35.08% to US$41.43 million, down from US$63.82 million in 2024.
Nevertheless, the company’s net profit remained robust, supported by several non-operational items. Vale recorded a gain on fair value recognition of derivative assets of US$16.57 million, reversing from a loss of US$19.94 million in the prior year. Additionally, the company booked a gain on fair value recognition of equity investments of US$6.68 million, increasing significantly from US$1.35 million in 2024.
The company also recorded a gain from loss of control of a subsidiary of US$634,000 and a share of profit from an associated entity of US$607,000, which increased substantially compared to the previous year.
Supported by these various non-operational gains, profit before income tax increased 27.64% to US$94.53 million.
After accounting for income tax expense of US$18.47 million, Vale’s net profit for 2025 was recorded at US$76.06 million.
On the balance sheet side, Vale’s total assets increased to approximately US$3.3 billion at the end of 2025, from US$3.1 billion in the prior year.