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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 2020 IDRUSD
Gross Profit-19,856.18B-1,365.46M
Operating income-26,342.21B-1,811.49M
Income before tax-37,700.55B-2,592.58M
Net income-35,525.98B-2,443.04M
Diluted EPS-1,372.29-0.09
Dividends Per Share00
Total Assets151,599.22B10,789.98M
Total liabilities178,898.71B12,733.00M
Total equity-26,971.57B-1,919.68M
Operating cash flow1,605.22B110.38M
Currency in IDRCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 51,391.72B 55,900.10B 61,651.54B 64,664.47B 21,701.02B
Gross Profit 7,792.60B 6,829.77B 3,392.77B 9,742.71B -19,856.18B
Operating income 904,346.83M -1,482.10B -3,749.13B 1,634.66B -26,342.21B
Income before tax 236,623.55M -2,116.74B -4,077.32B 17,467.05M -37,700.55B
Net income 107,325.83M -2,898.26B -3,290.91B -550,626.47M -35,525.98B
EBITDA 3,169.87B 457,867.83M -1,215.49B 4,208.05B -4,155.37B
Diluted EPS 4.12 -112.00 -127.13 -21.21 -1,372.29
Dividends Per Share 0 0 0 0 0
Total Assets 50,354.40B 51,058.46B 59,755.72B 185,284.15B 151,599.22B
Total liabilities 36,748.56B 38,339.35B 50,555.30B 177,548.62B 178,898.71B
Total equity 13,375.57B 12,139.95B 8,608.10B 7,592.02B -26,971.57B
Operating cash flow 1,531.49B -736,157.74M 412,533.53M 7,260.54B 1,605.22B
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 3,863.92M 4,177.32M 4,330.44M 4,572.63M 1,492.33M
Gross Profit 585.89M 510.37M 238.31M 688.93M -1,365.46M
Operating income 67.99M -110.75M -263.34M 115.59M -1,811.49M
Income before tax 17.79M -158.18M -286.39M 1.23M -2,592.58M
Net income 8.06M -216.58M -231.15M -38.93M -2,443.04M
EBITDA 238.32M 34.21M -85.37M 297.56M -285.75M
Diluted EPS 0.00 -0.00 -0.00 -0.00 -0.09
Dividends Per Share 0 0 0 0 0
Total Assets 3,737.56M 3,763.29M 4,155.47M 13,346.59M 10,789.98M
Total liabilities 2,727.67M 2,825.82M 3,515.66M 12,789.38M 12,733.00M
Total equity 992.80M 894.78M 598.61M 546.87M -1,919.68M
Operating cash flow 115.14M -55.01M 28.97M 513.41M 110.38M

Valuation Measures

Dec 2020
Operating margin-121.38%
Profit margin-163.70%

Key executives

  • Chief Executive Officer: Irfan Setiaputra
  • Operational Director: Tumpal Manumpak Hutapea
  • Director-Finance & Risk Management: Fuad Rizal
  • Director-Service, Business Development & IT: Ade R. Susardi
  • Technical Director: Rahmat Hanafi


  • Government of Indonesia (60.5%)
  • PT Trans Airways (28.2%)
  • Dimensional Fund Advisors LP (0.1%)
  • PT Manulife Aset Manajemen Indonesia (0.0%)
  • SSgA Funds Management, Inc. (0.0%)
  • DFA Australia Ltd. (0.0%)
  • Mercer Global Investments Europe Ltd. (0.0%)

Contact Details

  • Website:
  • Address: Management Building, Garuda City, Soekarno-Hatta International Airport, Tangerang, 15111, Indonesia
  • Phone: +62.21.2351.9999

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Last Updated on 29 Jul, 2021

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