Solomon Islands National Provident Fund (SINPF) has seen a positive turnover in performance for the financial year ending 2025.
As a result an increase of more than 80% in gross income was seen from the previous $252.2 million gross income to a draft gross income of $430 million for 2025.
That’s according to the SINPF General Manager (GM) and Chief Executive Officer (CEO) Michael Wate.
He was speaking on Tuesday 30th September 2025 at the official declaration of the annual credit rating at Heritage Park Hotel in Honiara.
“The Fund’s financial performance recorded a very strong positive result for our financial year ending 30 June 2025, recording a draft gross income of $430 million against the previous year’s $252.2 million gross income, an increase of more than 80%.”
Mr Wate said, after adjusting for operational and member costs, the Fund returned a net profit of $330.5 before member distribution and reserving for a net return of 6.6% against the Fund’s investment portfolio of more than $4.59 billion.
Key drivers of NPF’s 2025 Financial Performance
Strong cash dividends are recorded from our key domestic and international equities;
– South Pacific Oil Limited ($70 million),
– Solomon Telekom Company Limited ($43.78 million),
– PNG based BSP Financial Group Limited ($8.82 million),
– Australia domiciled UBS Australian Fund ($2.49 million); and
– Solomon Submarine Cable Company Limited ($0.84 million).
These unlisted and listed equities contributed more than $125 million in dividends to the Fund for the year.
Loan interest from the domestic equity companies;
– Solomon Telekom $2.77 million,
– Heritage Park Hotel Ltd $2.25 million,
– Soltuna Ltd $2.7 million, and
– Solomon Submarine Cable Company Ltd $0.33 million.
These continue to provide strong interest income annually to the Fund.
However, these are declining as the balances of their loans are paid down from regular and consistent repayments, Mr Wate said.
“Interest from our expanded Government’s Sovereign short and long term debts are increasingly contributing a significant portion of the Fund’s annual income recording an interest income of $30.64 million in 2025, up from previous year’s level of $25.79 million.”
He said, Government guaranteed Solomon Airlines Loan repayment returned an interest income of $1.37 million during the year.
“Our investment property rental income slightly declined to $33.49 million from $34 million due to vacancies to our Auki Commercial Property and Town Ground Property.”
The Fund’s key property investment income earners are the’ Anthony Saru building and the executive apartments which continued to strongly support the Funds annual income.
The annual fair value valuation of our unlisted domestic and offshore equities, and listed traded equities and the currencies they are denominated in have rebounded strongly for a total fair value gain of more than $208 million, compared to $35.8 million recorded in 2024.
Mr Wate said, after adjusting for an improved operating and member expenses of $ 99.5 million, down from last year’s level of $108.8 million, the Fund has an operating surplus of $330.5 million available for crediting to members and reserving for the 2.5% compulsory crediting rate required under the SINPF Act.
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