Transportation
PT Garuda Indonesia (Persero) Tbk
In the news
- Indonesia unicorn Bukalapak president leaves for state-owned telecom Jun 20, 2020
- Garuda avoids Thai Airways fate with $500m bond extension Jun 11, 2020
- Garuda Indonesia fires 135 pilots as Q1 sales seen falling one-third Jun 3, 2020
- Indonesia's Ramadan spending spree spoiled by coronavirus May 29, 2020
- Thai Airways: pandemic delivers final blow to mismanaged carrier May 29, 2020 See more articles on 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 | IDR | USD |
| Revenue | 21,701.02B | 1,492.33M |
| 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 |
| EBITDA | -4,155.37B | -285.75M |
| Diluted EPS | -1,372.29 | -0.09 |
| Dividends Per Share | 0 | 0 |
| Total Assets | 151,599.22B | 10,789.98M |
| Total liabilities | 178,898.71B | 12,733.00M |
| Total equity | -26,971.57B | -1,919.68M |
| Operating cash flow | 1,605.22B | 110.38M |
| Currency in IDR | Currency in USD |
Historical Data
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 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 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 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 | |
| PER | -- |
| ROA | -21.09% |
| ROE | -- |
| 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
Shareholders
- 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: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
- Kokarga
- PT Aero Systems Indonesia
- PT Garuda Maintenance Facility Aero Asia
- PT Aerowisata
- Garuda Indonesia (Italy)
Competitors
- China Southern Airlines Company Limited Class H
- AirAsia Group Bhd.
- ANA Holdings Inc.
- China Airlines Ltd.
- Korean Air Lines Co., Ltd.
- Cathay Pacific Airways Limited
- Singapore Airlines Ltd.
- Japan Airlines Co., Ltd.
- Thai Airways International Public Co. Ltd.
- Qantas Airways Limited
- Deutsche Lufthansa AG
- Delta Air Lines, Inc.
- Liberty Global Plc Class A
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