The Bhutanese Leading the way.
Druk Holding and Investments (DHI) reported record financial results for the financial year 2025, contributing Nu 24.83 billion to the Royal Government through dividends, taxes and royalties, the highest annual contribution since its establishment.
According to DHI’s FY2025 performance report, Group income increased by 23.38 percent to Nu 91.81 billion, while profit after tax rose by 32.79 percent to Nu 18.29 billion. Total Group assets grew to Nu 402.17 billion, up 13.46 percent from the previous year, while net worth increased by 13.17 percent to Nu 146.21 billion.
DHI’s standalone profit after tax also rose by 26.48 percent to Nu 9.39 billion, driven mainly by higher dividend income from its portfolio companies.
The Energy and Resources portfolio remained DHI’s largest revenue contributor, generating Nu 66.78 billion. Improved electricity generation following the commissioning of new hydropower capacity, together with additional solar generation, boosted revenues for Druk Green Power Corporation and Bhutan Power Corporation. Natural Resources Development Corporation Ltd also crossed Nu 1 billion in annual revenue for the first time.
The Financial Services segment also performed strongly as Bank of Bhutan expanded its loan portfolio by 17 percent during the year and secured a US$20 million investment from the International Finance Corporation, the first foreign debt investment in Bhutan’s banking sector under the revised External Commercial Borrowing guidelines.
Among the strong performers was Drukair, which recorded its highest-ever revenue and profit after tax. The airline earned Nu 6.88 billion in operating revenue and posted a profit after tax of Nu 812 million, supported by a 12 percent increase in passenger numbers and the launch of international operations from Gelephu.
Dungsam Cement Corporation also recorded positive profit before tax for the first time since its establishment, marking a turnaround after years of losses.
Alongside the financial results, DHI officially launched its 10X Roadmap, which aims to increase Group revenue tenfold over the next decade through investments in energy, infrastructure, technology and new industries.
The report also highlighted progress in geothermal studies, artificial intelligence, robotics and blockchain initiatives, while DHI received an unqualified audit opinion for the 11th consecutive year. The corporation said its priorities going forward will include portfolio diversification, technology-driven investments and strengthening long-term returns while continuing to contribute to Bhutan’s economic transformation.
