DHI Records Highest-Ever Contribution to Govt. Coffer in 2025

Druk Holding and Investments Limited (DHI), Bhutan’s commercial investment arm, has reported its strongest financial performance to date, contributing a record Nu 24.83 billion to the Government in the 2025 financial year, recording growth in all portfolios and sectors under its aegis.

The Group achieved record growth across almost all key financial indicators, driven by stronger performances from its energy, transport, financial services, manufacturing and natural resource companies. The record contribution to the national exchequer, made through dividends, taxes and royalties, represents a 13.3 percent increase over the previous financial year, reinforcing DHI’s role as one of Bhutan’s largest contributors to domestic revenue.

The financial results also mark the first full year under DHI’s newly launched 10X Roadmap, a long-term transformation strategy designed to significantly expand the value of the Group’s investments while supporting Bhutan’s broader economic development goals.

During FY2025, Group income increased by 23.38 percent to Nu 91.81 billion, while profit after tax climbed by 32.79 percent to Nu 18.29 billion. Total Group assets rose by 13.46 percent to Nu 402.17 billion, while net worth increased by 13.17 percent to reach Nu 146.21 billion. On a standalone basis, DHI also posted strong growth, with its own profit after tax increasing 26.48 percent to Nu 9.39 billion, largely supported by higher dividend earnings from its portfolio companies.

The Energy and Resources portfolio remained the backbone of the Group’s performance, generating Nu 66.78 billion in income and accounting for the largest share of overall revenue. Both Druk Green Power Corporation (DGPC) and Bhutan Power Corporation (BPC) recorded higher revenues during the year following improved electricity generation and the commissioning of new hydropower and solar projects.

The Natural Resources Development Corporation Limited (NRDCL) also achieved a historic milestone by surpassing Nu 1 billion in annual revenue for the first time since its establishment, reflecting growing demand for construction materials and natural resource products. The Communication and Transport sector also delivered one of its strongest performances. National airline Drukair recorded its highest-ever annual revenue and profit, generating Nu 6.88 billion in operating revenue and Nu 812 million in profit after tax.

The airline’s performance was supported by a 12 percent increase in passenger traffic, expanded flight operations and the launch of the Group’s first international service from Gelephu. Meanwhile, Bhutan Telecom continued expanding its subscriber base while diversifying its business through telecommunications products and digital services.

Bank of Bhutan expanded its loan portfolio by 17 percent, reflecting stronger lending activity across the economy. One of the year’s major milestones was the bank’s US$20 million partnership with the International Finance Corporation (IFC), representing the first foreign debt investment in Bhutan’s banking sector under the country’s revised External Commercial Borrowing framework.

After reporting losses in previous years, Dungsam Cement Corporation Limited (DCCL) returned to profitability, recording its first positive profit before tax since the company was established. During the year, DGPC signed shareholder agreements for the development of the 1,125 MW Dorjilung Hydropower Project and the 570 MW Wangchhu Hydropower Project, supporting the country’s national target of developing 20,000 MW of hydropower capacity alongside 5,000 MW of solar power by 2040.

The Group also expanded its renewable energy ambitions beyond hydropower by advancing geothermal resource assessments at five prospective sites through a partnership with Kenya’s state-owned power company KenGen.

In addition, DHI continued to strengthen its international investment portfolio, with both its global public market investments and digital asset portfolio growing by approximately 20 percent during the year. DHI established several new research and innovation verticals under its Centre of Excellence for Research and Development, covering artificial intelligence (AI), robotics, energy technologies and quantum computing.

DHI highlighted key achievements, including a robotic construction research partnership with MIT, the deployment of an in-house Automatic Number Plate Recognition (ANPR) system with over 95 percent accuracy in Thimphu and Gelephu Mindfulness City, and continued development of blockchain initiatives such as the National Carbon Registry and the Bytecrane Project. Looking ahead, the 10X Roadmap will guide DHI’s investment strategy, focusing on renewable energy, infrastructure, advanced technology and digital innovation, while exploring emerging areas such as geothermal energy, green hydrogen and green AI computing infrastructure. AI will also become central to DHI’s operations as the Group transforms itself and its portfolio companies into AI-first organisations through AI-driven investment, business and decision-making systems.

Tashi Namgyal, Thimphu

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