Jakarta, November 30, 2020 - In the midst of challenges faced by business players this year, PT Darma Henwa Tbk (DEWA) has managed to maintain an increase in revenue. Until the end of the third quarter of 2020, DEWA's revenue grew to US $ 239.31 million, or an increase of 0.58% compared to the same period the previous year of US $ 237.98 million.
Revenue from related parties is still DEWA's main strength. Moreover, PT Bumi Resources Tbk (BUMI) is an Indonesia-based holding company primarily engaged in the largest coal mining in Indonesia. Meanwhile, PT Bumi Resources Minerals Tbk (BRMS) is quite expansive in developing mineral mining projects.
The strengths and advantages possessed by the client today have made DEWA a mining contractor capable of generating revenues of US $ 175.82 million from PT Kaltim Prima Coal, US $ 47.64 million from PT Arutmin Indonesia, and US $ 14.84 million from PT Cakrawala Langit Sejahtera. Then there are also a number of other revenues from PT Batuta Chemical Industrial Park, PT Citra Palu Minerals, and PT Dairi Prima Minerals.
"We believe that the strength and excellence of the client's current business as well as the Company's competencies will support the Company's future performance. However, we continue to strive to expand the scope of project work both in the coal and non-coal mining services sector, ”said Mukson's Chief Investor Relations & Corporate Secretary Arif Rosyidi.
From this revenue, DEWA also recorded a net profit of US $ 1.20 million by the end of the third quarter of 2020. This profit was slightly better than the same period in the previous year of US $ 1.19 million.
Decreased Liabilities
DEWA's positive performance can also be seen from its decreased liabilities along with the smooth payments made by the Company. At the end of September 2020, DEWA's total liabilities decreased by 8.05% to the position of US $ 289.88 million from US $ 315.26 million at the end of 2019. The reduction in liabilities causes the Company's Debt to Equity Ratio (DER) to decrease from 49, 59% at the end of 2019 to 41.57% at the end of the third quarter of 2020.
Meanwhile, DEWA's equity increased by 14.73% from US $ 234.26 million at the end of 2019 to US $ 268.76 million at the end of September 2020. This was contributed by the decrease in the Company's deficit by 39.87% to the position of US $ 52.04 million.
Furthermore, DEWA's assets grew 1.66% from US $ 549 million at the end of 2019 to US $ 558.64 million at the end of September 2020.
In the future, Mukson believes that DEWA's financial performance will continue to grow with fundamental improvements as well as continuous innovation and improvement in the provision and maintenance of equipment carried out by the Company.