This research aims to analyse the effects of Top Management Team (TMT; i.e., Board of Commissioners/BOC and Board of Directors/BOD) characteristics on the profitability of Indonesian State Owned Enterprises (SOEs). The analysis is of interest considering that the dual and conflicting commercial objectives and social obligations of Indonesian SOEs differ from non-SOE companies, which mostly only have the single objective of achieving sound financial performance. The research used stacked unbalanced panel data of 55 SOEs during the period 2010 to 2014, resulting in 175 firm-year observations, which were tested using E-views 10 statistical software. In general, most BOC characteristics are associated with the bottom line Net Profit Margin (NPM) and less associated with SOEs core competence indicated by Operating Profit Margin (OPM). The result is consistent with the main interest of the State as owner to gain high dividend value, as well as the TMT’s interest in terms of bonuses. On the other hand, BOD characteristics have more balanced associations with both the State and TMT interests, as well as with SOE core competences. Importantly, the research provides empirical evidence for the effect of TMT characteristics in the unique setting of Indonesian SOEs. Accordingly, the effect of TMT characteristics on profitability, to some extent, can be explained by the underlying dual objectives of Indonesian SOEs.