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Garuda Indonesia Announces $711.98mn Revenue in Q1 2024

Translator

Non Koresponden

Editor

Laila Afifa

23 May 2024 20:08 WIB

TEMPO.CO, JakartaPresident Director of State Airline Garuda Indonesia, Irfan Setiaputra, announced the group revenue of 18.07 percent to US$711.98 million or about Rp11.53 trillion (currency at Rp16,200 per USD) in the first quarter of 2024 compared to the same period last year. 

Irfan said his office would improve performance acceleration amid the growing tourism industry. "Including the aviation industry," Irfan said in the annual general meeting of shareholders for the fiscal year 2023 at the Garuda Indonesia Management Building on Wednesday, May 22.

He explained that the achievement also boosts revenue growth in other lines, such as scheduled flights, which grew by 18.19 percent to US$599.01 million or Rp9.7 trillion.

Meanwhile, non-scheduled flights grew by 53.57 percent to US$19.67 million (Rp318.6 billion) and other revenues grew by 11.92 percent to US$92.28 million (Rp1.49 trillion).

Irfan said that the positive trend was due to the corrective actions throughout 2023 with significant achievements. For example, achieving a profit of US$251.99 million (Rp4.08 trillion). 

Garuda also paid all its debts to creditors with the debt value reaching Rp255 million, based on the agreement scheme which received a homologation decision.

Through the company's achievements based on the key drivers of simple, profitable, and full service, as well as optimism from the outlook of the aviation industry, Irfan is confident that the company will operate according to future projections. 

Garuda Indonesia is also committed to achieving its Sustainable Development Goals (SDG), such as promoting decarbonization efforts, contributing to Indonesia's first commercial flight using Biovatur J2.4 based on palm oil kernels, and actively participating in the development of West Nias Regency.

Aisyah Amira Wakang

Editor's Choice: 100 Flights Disrupted Post Engine Fire Case on Garuda Indonesia's Medina-Bound Plane

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