CEO of Garuda Irfan Setiaputra: We Are Optimistic About Achieving Consecutive Profits

February 12, 2024, 09.18 PM | Reporter: Aulia Ivanka Rahmana

ILUSTRASI. President Director of PT Garuda Indonesia (Persero) Tbk, Irfaniaputra (right) with Deputy President Director of PT Bank Mandiri (Persero) Tbk, Alexandra Askandar trying out airplane passenger seats when opening the 2023 Garuda Indonesia Travel Fair (GATF) in Hall 3 & 3A Indonesia Convention Exhibition (ICE) BSD City, Tangerang, Friday (27/10/2023). The GATF 2023 event will take place simultaneously in 7 major cities in Indonesia until October 29, 2023. Other cities holding GATF 2023 besides Jakarta include Medan, Palembang, Surabaya, Denpasar, Makassar, and Jayapura. KONTAN/Baihaki/27/10/2023

ISSUER - JAKARTA. Amid the recovery phase of the aviation sector post-COVID-19 pandemic, PT Garuda Indonesia (Persero) Tbk (GIAA) is optimistic about achieving solid business performance fundamentals.

As of September 2023, GIAA recorded a business revenue of US$ 2.23 billion, a figure that soared by 48.32% compared to the business revenue in the same period last year.

Although GIAA's revenue soared, GIAA recorded an increase in operating expenses of US$ 1.99 billion or 7.14% Year on Year (YoY). Meanwhile, GIAA's net loss was US$ 72.38 million, reversing from the profit earned in the same period of US$ 3.7 billion.

GIAA's President Director Irfan Setiaputra said he will take steps to recover performance in line with the projection of the International Air Transport Association (IATA).

IATA estimates that global airlines will fly 4.7 billion passengers throughout 2024.

This figure is believed to be a record high in commercial aviation, surpassing the pre-pandemic figure of 4.5 billion passengers in 2019.

"We, Garuda Indonesia, are optimistic that we will be able to reap consecutive profits, namely a profit of US$ 589 million in 2024, a profit of US$ 631 million in 2025, and a profit of US$ 647 million in 2026," Irfan told Kontan.co.id, Wednesday (7/2).

Currently, the recovery of the domestic aviation industry has improved, this is in line with the recovery of global aviation.

Domestic flight passengers have increased to the level of 25 million passengers in September 2023.

Garuda Indonesia estimates that this growth will continue throughout 2024, along with the increasing use of air transportation, route efficiency, and operational costs.

"In general, the company's performance continues to show a promising recovery outlook. This is also represented by the growth of business revenue that consistently grows positively," he said.