PT Garuda Indonesia (Persero) Tbk

Company Background

Garuda Indonesia is having a rough go. After suffering from widening losses due to rising fuel prices and a weak home currency, the flag carrier was forced to cancel new routes connecting Jakarta to India and the Philippines. The airline has also postponed selling its stake in budget carrier Citilink Indonesia.

The setbacks have been major blows to a company that had been on track to alleviating debt that had been mounting since 1997, when the Asian currency crisis hit. Struggling to repay loans, the government in 2005 appointed Emirsyah Satar, a former vice president of local lender Bank Danamon, as president and CEO. The airline has since restructured its debt. And in 2011, it held an initial public offering.

Satar will end his second-five year term in 2015. The government still owns about 60% of Garuda's shares.

Garuda, which made its virgin flight in 1949, had a fleet of 140 aircraft flying to 64 destinations at the end of 2013.

Business Summary

PT Garuda Indonesia (Persero) Tbk engages in the provision of passenger and cargo air transportation services. It operates through the following segments: Flight Operation, Aircraft Maintenance Services, and Other Operations. The Flight Operation segment offers scheduled and non-scheduled commercial air transportation of domestic and international passengers, cargoes, and mails. The Aircraft Maintenance Services segment includes aircraft maintenance and repair services. The Other Operations segment refers to the services for commercial air transportation operation comprise of catering services and ground handling services, information system services, and other services. The company was founded on March 31, 1950 and is headquartered in Tangerang, Indonesia.

Financial Highlights

Dec 2021	IDR	USD
Revenue	19,107.65B	1,336.67M
Gross Profit	-14,468.86B	-1,012.17M
Operating income	-18,187.99B	-1,272.34M
Income before tax	-64,792.29B	-4,532.55M
Net income	-59,457.28B	-4,159.34M
EBITDA	-184,379.40M	-12.89M
Diluted EPS	-2,296.90	-0.16
Dividends Per Share	0	0
Total Assets	102,514.60B	7,192.74M
Total liabilities	189,598.22B	13,302.80M
Total equity	-86,546.05B	-6,072.34M
Operating cash flow	1,179.30B	82.49M
	Currency in IDR	Currency in USD

Historical Data

IDR | USD

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	55,900.10B	61,651.54B	64,664.47B	21,701.02B	19,107.65B
Gross Profit	6,829.77B	3,392.77B	9,742.71B	-19,856.18B	-14,468.86B
Operating income	-1,482.10B	-3,749.13B	1,634.66B	-26,342.21B	-18,187.99B
Income before tax	-2,116.74B	-4,077.32B	17,467.05M	-37,700.55B	-64,792.29B
Net income	-2,898.26B	-3,290.91B	-550,626.47M	-35,525.98B	-59,457.28B
EBITDA	457,867.83M	-1,215.49B	4,208.05B	-4,155.37B	-184,379.40M
Diluted EPS	-112.00	-127.13	-21.21	-1,372.29	-2,296.90
Dividends Per Share	0	0	0	0	0
Total Assets	51,058.46B	59,755.72B	185,284.15B	151,599.22B	102,514.60B
Total liabilities	38,339.35B	50,555.30B	177,548.62B	178,898.71B	189,598.22B
Total equity	12,139.95B	8,608.10B	7,592.02B	-26,971.57B	-86,546.05B
Operating cash flow	-736,157.74M	412,533.53M	7,260.54B	1,605.22B	1,179.30B

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	4,177.32M	4,330.44M	4,572.63M	1,492.33M	1,336.67M
Gross Profit	510.37M	238.31M	688.93M	-1,365.46M	-1,012.17M
Operating income	-110.75M	-263.34M	115.59M	-1,811.49M	-1,272.34M
Income before tax	-158.18M	-286.39M	1.23M	-2,592.58M	-4,532.55M
Net income	-216.58M	-231.15M	-38.93M	-2,443.04M	-4,159.34M
EBITDA	34.21M	-85.37M	297.56M	-285.75M	-12.89M
Diluted EPS	-0.00	-0.00	-0.00	-0.09	-0.16
Dividends Per Share	0	0	0	0	0
Total Assets	3,763.29M	4,155.47M	13,346.59M	10,789.98M	7,192.74M
Total liabilities	2,825.82M	3,515.66M	12,789.38M	12,733.00M	13,302.80M
Total equity	894.78M	598.61M	546.87M	-1,919.68M	-6,072.34M
Operating cash flow	-55.01M	28.97M	513.41M	110.38M	82.49M

Valuation Measures

Dec 2021
PER	--
ROA	-46.79%
ROE	--
Operating margin	-95.18%
Profit margin	-311.17%

Key executives

President & Chief Executive Officer: Irfan Setiaputra
Operation Director & VP-Flight Operation: Tumpal Manumpak Hutapea
Director-Finance & Risk Management: Prasetio
Vice President-Information Technology Management: Ditya Firmansyah
Vice President-Corporate Legal & Compliance: Mega Hapsari Ramadhani

Shareholders

Government of Indonesia (17.1%)
PT Trans Airways (7.9%)
Dimensional Fund Advisors LP (0.0%)
SSgA Funds Management, Inc. (0.0%)
DFA Australia Ltd. (0.0%)

Contact Details

Website:http://www.garuda-indonesia.com
Address: Management Building, Garuda City, Soekarno-Hatta International Airport, Tangerang, 15111, Indonesia
Phone: +62.21.2351.9999

Related Companies

PT Garuda Indonesia Singapore
Garuda Indonesia Global Sukuk Ltd.
Garuda Indonesia Ltd.
PT Citilink Indonesia
Koperasi Karyawan Garuda Indonesia Group
PT Aero Systems Indonesia
PT Garuda Maintenance Facility Aero Asia
PT Aerowisata
Garuda Indonesia (Italy)

Competitors

Capital A Berhad
Cathay Pacific Airways Limited
Singapore Airlines Ltd.
China Southern Airlines Company Limited Class H

Last Updated on 21 Mar, 2023