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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 2021 IDRUSD
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
Diluted EPS-2,296.90-0.16
Dividends Per Share00
Total Assets102,514.60B7,192.74M
Total liabilities189,598.22B13,302.80M
Total equity-86,546.05B-6,072.34M
Operating cash flow1,179.30B82.49M
Currency in IDRCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 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 2017Dec 2018Dec 2019Dec 2020Dec 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
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


  • 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:
  • 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)


  • Capital A Berhad
  • Cathay Pacific Airways Limited
  • Singapore Airlines Ltd.
  • China Southern Airlines Company Limited Class H
Last Updated on 21 Mar, 2023

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