PT Darma Henwa Tbk (DEWA) Sees Strong Financial Performance in 2025, Outlook for 2026 Remains Positive
PT Darma Henwa Tbk (DEWA) reported a revenue of Rp 6.39 trillion in 2025, a 5.97% increase from the previous year. With rising global coal prices, DEWA's financial performance is expected to stabilize in 2026, though net profit may normalize without one-off gains.
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In 2025, DEWA achieved a significant net income of Rp 4.31 trillion, marking a 7,697.71% year-on-year increase, driven in part by Rp 3.74 trillion in other income, including negative goodwill from the acquisition of PT Gayo Mineral Resources. Analysts project stable revenues for DEWA in 2026 due to high coal prices, although net profit is expected to normalize.
The company must enhance heavy equipment utilization and secure long-term contracts with premium coal producers. DEWA's diversification into gold and copper mining through its subsidiary, which owns 99.75% of GMR, may reduce dependence on thermal coal. Risks include high capital expenditure during exploration and project execution phases.
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