Jakarta, CNBC Indonesia \u2014 The financial performance of PT Darma Henwa\nTbk (DEWA) in the first quarter of 2026 showed solid growth in net\nprofit on one side. However, on the other side, the cash position shrank\nsharply.<\/p>\n
Based on the financial report as of 31 March 2026, DEWA recorded a\nnet profit of Rp92.7 billion, up from Rp68.9 billion in the same period\nlast year. This increase occurred amid relatively stagnant revenue of\nRp1.55 trillion, down from Rp1.58 trillion previously.<\/p>\n
The profit increase was mainly supported by margin improvements. The\ncost of revenue fell more sharply than the revenue decline, resulting in\ngross profit rising to Rp268.7 billion.<\/p>\n
Meanwhile, throughout the first three months of 2026, DEWA\u2019s cash and\ncash equivalents dropped drastically from Rp1.59 trillion at the start\nof the year to just Rp486.8 billion at the end of March. This represents\na cash reduction of around Rp1.1 trillion in one quarter.<\/p>\n
In 2025, cash had instead increased by about Rp117 billion over the\nrunning quarter.<\/p>\n
From an operational perspective, cash flow still recorded a positive\nfigure of Rp163.3 billion, though significantly down from Rp604.4\nbillion in the same period the previous year.<\/p>\n
The main pressure came from financing activities. DEWA recorded a net\ncash outflow of Rp991 billion from these activities.<\/p>\n
One of the largest factors was the share buyback action worth Rp791\nbillion. This value contributed more than 70% of the total cash decline\nduring the period.<\/p>\n
Quoting the information disclosure, DEWA has realised the share\nbuyback in a short period, from 10 December 2025 to 13 February\n2026.<\/p>\n
The total funds used reached Rp949.9 billion to purchase around 1.63\nbillion shares, or nearly the entire allocated funds. This action took\nplace with purchase prices ranging from Rp430 to Rp655 per share. On\naverage, the buyback price was around Rp580 per share.<\/p>\n
The impact of this corporate action is also reflected in the share\nprice movement. During the December 2025 to January 2026 period, DEWA\u2019s\nshare price strengthened significantly from around Rp400 to touching the\nRp600-650 area, supported by a surge in transaction volume.<\/p>\n
However, after the buyback programme ended in February 2026, the\nupward momentum did not continue. DEWA shares tended to move sideways\nand are currently around Rp500, or below the average buyback price.<\/p>\n
In addition to the buyback, the company also made significant debt\nand other obligation payments, including payments for other long-term\ndebt of around Rp246 billion and long-term bank loan instalments of\nRp167 billion.<\/p>\n
On the other hand, cash flow for investments was also negative at\nRp275.9 billion, mainly for fixed asset expenditures of Rp253\nbillion.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/profits-rise-but-cash-shrinks-whats-going-on-with-dewa-1777514022", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }