Profit at Indonesia's state-owned enterprises rose 20% in the third quarter from a year earlier, according to Dony Oskaria, chief operating officer of the Danantara sovereign wealth fund, who said on Tuesday that the fund's first audited consolidated accounts would be published soon.

Dony gave no rupiah figure for the quarter and did not say which companies drove the gain. He spoke to reporters at the Presidential Palace in Jakarta on Nov. 3, Kompas.com reported, and said all state firms were in good shape. The consolidated statements for 2025, which he acknowledged the public had repeatedly asked about, are still with the Audit Board of Indonesia, known as BPK.

For investors in Jakarta and across the region, the delay matters because Danantara holds the state's stakes in more than 1,000 companies, many of them heavyweights on the Indonesia Stock Exchange. It has also offered to take a stake in the stock exchange itself as part of a planned demutualization of the bourse. Until the audit is done, outside investors have no consolidated picture of the fund's assets, debts or earnings, and the 20% figure cannot be checked against audited numbers. In May, The Jakarta Post reported that analysts warned the fund's handling of its financial reports could hurt investor confidence, after Danantara first said it would submit them only to BPK and then revised that statement a day later.

A deadline that slipped

The release has been pushed back more than once. Before early August, Dony had said the consolidation would take one to two months because Danantara had to combine the books of more than 1,000 companies and strip out transactions between them, according to Antara. On Oct. 2 he told reporters he hoped the work would be finished that month, Antara and Katadata reported. Antara said the accounts had also been audited by EY on the private-sector side.

October ended without a release. On Tuesday, Dony said both of the fund's operating arms, Danantara Investment Management and Danantara Asset Management, had completed their part, and that the parent body was being examined by BPK to make sure everything was clear, Kompas.com reported.

The audit board formally opened its review on Sept. 17, when board member Slamet Edy Purnomo handed the audit assignment letter to Danantara CEO Rosan Roeslani, Kontan reported. Danantara had submitted unaudited 2025 consolidated statements on July 20, and the assignment letter was issued on Aug. 14. The review covers the fund, its two management companies and every state enterprise inside its structure. BPK said it would give an opinion on whether the statements are fair, using a risk-based approach that looks for material misstatement, fraud and weak internal controls, and said its auditors needed full access to data and people at the fund and the state companies. The legal basis is Article 3K of the state enterprise law, as amended in 2025, which assigns the audit of Danantara's finances to BPK.

President Prabowo Subianto said in August that he had been told Danantara's revenue had risen by roughly 400% in its first year, while stressing that the number still had to be audited and checked, Antara reported. He added that even growth of 200% to 300% would be a large increase.

Danantara shrinks its portfolio of state companies

The earnings claim comes as the fund cuts the number of companies it controls. Rosan told a full cabinet meeting on Oct. 21 that Danantara had closed or streamlined 364 of its 1,074 state companies and aimed to reach 700 by the end of December, according to Kompas.com. He also told the president the fund was targeting profit of 334 trillion rupiah by the end of 2026.

Dony has described the clean-up as a mix of closures and liquidations, divestments, mergers and restructurings, with the restructurings using fresh equity, asset injections and loan workouts, Antara reported on Oct. 2. He said then that the goal was to bring the number of companies under Danantara to around 200 by the end of 2026. That count differs from the figure implied by Rosan's cabinet target, which would leave about 374 companies, and neither official explained how the two numbers relate.

Dony also heads the State-Owned Enterprises Regulatory Agency (BP BUMN), according to Kontan and Katadata.

The fund has not said when the audited statements will be released or whether third-quarter consolidated results will be published alongside them. The next fixed marker is Rosan's December deadline for reaching 700 closures, and with it the 334 trillion rupiah profit goal for the year.