Darma Henwa (DEWA) Diversifies Business Portfolio to Drive Sustainable Growth
Sat 05 Sep 2026, 16:13 PM
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PT Darma Henwa Tbk (DEWA) is preparing to expand its business portfolio by entering the critical minerals and precious metals sectors beyond coal. The diversification move is aimed at transforming the company into a highly competitive investment holding company with sustainable performance growth.
The company has long been widely known as an integrated mining services contractor, handling numerous national coal projects. However, management is now refining a long-term roadmap to develop its own mining concession assets while also targeting higher-value-added mineral commodities.
"Historically, we have indeed been a mining services contractor, but going forward, Darma Henwa wants to become an investment holding company. Going forward, we will not only rely on coal, but will also begin entering other sectors and developing our own assets, particularly the Gayo Mineral Resources gold and copper mine in Aceh, which is currently in the exploration phase," DEWA Director Ricardo Silaen said in The Fundamentals podcast broadcast on YouTube by IDX Channel, as quoted on Saturday (Sept. 5, 2026).
Although it is beginning to position itself as a mine owner, the issuer with the DEWA stock code said its core expertise in mining contracting will remain a pillar of the company's operations. The company has just secured a new project contract while actively exploring opportunities to work on nickel and other mineral mines.
"We want to build an integrated, diversified business that delivers sustainable growth with a combination of good margins and growth. Going forward, we see opportunities in other minerals such as nickel as a contractor, while also developing Gayo as a mine owner," Ricardo said.
To strengthen its business ecosystem and reduce operating costs, the company has established three supporting business units, namely DH Listrik, Arunika in the hospitality sector, and DH Infrastruktur. The establishment of the power business line was prompted by a surge in diesel fuel prices, which have doubled and become the largest cost component for conventional heavy equipment.
"We have prepared these three new businesses to support future needs, particularly to mitigate the surge in diesel energy prices, which have risen from IDR 13,000 to IDR 26,000 per liter. We are striving not only to diversify in terms of business, but also in the energy sources used because the company's competitiveness going forward depends on that," he said.
In mitigating the risk of fuel price fluctuations, the company has implemented a cost adjustment scheme borne by the mine owners, while management focuses on maximizing energy efficiency in the field.
Meanwhile, industry players hope the government can maintain a consistent regulatory climate so as not to hinder the expansion of the national mining industry.
"Our service rates are highly competitive compared with competitors, with a pass-through mechanism for fuel, so price increases are borne by the mine owners while we maintain energy-use efficiency. We also hope that regulations going forward will not flip-flop and will continue to support growth, rather than changing constantly or tending to be exploitative," Ricardo said.
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