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 2019	IDR	USD
Revenue	64,664.47B	4,572.63M
Gross Profit	10,419.44B	736.79M
Operating income	2,311.40B	163.44M
Income before tax	739,046.78M	52.26M
Net income	98,795.28M	6.98M
EBITDA	4,884.78B	345.41M
Diluted EPS	3.81	0.00
Dividends Per Share	0	0
Total Assets	61,855.91B	4,455.67M
Total liabilities	51,851.87B	3,735.05M
Total equity	9,648.30B	694.99M
Operating cash flow	7,260.54B	513.41M
	Currency in IDR	Currency in USD

Historical Data

IDR | USD

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019
Revenue	51,110.33B	51,391.72B	55,900.10B	61,651.54B	64,664.47B
Gross Profit	7,998.62B	7,792.60B	6,829.77B	3,392.77B	10,419.44B
Operating income	1,114.70B	904,346.83M	-1,482.10B	-3,749.13B	2,311.40B
Income before tax	1,428.95B	236,623.55M	-2,116.74B	-4,077.32B	739,046.78M
Net income	1,024.62B	107,325.83M	-2,898.26B	-3,290.91B	98,795.28M
EBITDA	3,502.90B	3,169.87B	457,867.83M	-1,215.49B	4,884.78B
Diluted EPS	39.65	4.12	-112.00	-127.13	3.81
Dividends Per Share	0	0	0	0	0
Total Assets	45,628.50B	50,354.40B	51,058.46B	59,755.72B	61,855.91B
Total liabilities	32,522.78B	36,748.56B	38,339.35B	50,555.30B	51,851.87B
Total equity	12,868.58B	13,375.57B	12,139.95B	8,608.10B	9,648.30B
Operating cash flow	2,635.01B	1,531.49B	-736,157.74M	412,533.53M	7,260.54B

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019
Revenue	3,814.98M	3,863.92M	4,177.32M	4,330.44M	4,572.63M
Gross Profit	597.03M	585.89M	510.37M	238.31M	736.79M
Operating income	83.20M	67.99M	-110.75M	-263.34M	163.44M
Income before tax	106.66M	17.79M	-158.18M	-286.39M	52.26M
Net income	76.48M	8.06M	-216.58M	-231.15M	6.98M
EBITDA	261.46M	238.32M	34.21M	-85.37M	345.41M
Diluted EPS	0.00	0.00	-0.00	-0.00	0.00
Dividends Per Share	0	0	0	0	0
Total Assets	3,310.01M	3,737.56M	3,763.29M	4,155.47M	4,455.67M
Total liabilities	2,359.28M	2,727.67M	2,825.82M	3,515.66M	3,735.05M
Total equity	933.52M	992.80M	894.78M	598.61M	694.99M
Operating cash flow	196.68M	115.14M	-55.01M	28.97M	513.41M

Valuation Measures

Dec 2019
PER	130.42
ROA	0.16%
ROE	1.08%
Operating margin	3.57%
Profit margin	0.15%

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 (25.6%)
Dimensional Fund Advisors LP (0.5%)
SSgA Funds Management, Inc. (0.0%)
RAM Active Investments SA (0.0%)
Dimensional Fund Advisors Ltd. (0.0%)
AQR Capital Management LLC (0.0%)
Mackenzie Financial Corp. (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.
Singapore Airlines Ltd.
Delta Air Lines, Inc.
Korean Air Lines Co., Ltd
Japan Airlines Co., Ltd.
Thai Airways International Public Co. Ltd.
Qantas Airways Limited
Cathay Pacific Airways Limited
Deutsche Lufthansa AG
Liberty Global Plc Class A

Last Updated on 13 Jul, 2020