Garuda Indonesia Sets a 60 Percent Increase in Passenger Traffic Target, President Director Irfan Setiaputra: This Optimism As the COVID-19 Pandemic Ends

JAKARTA - Garuda Indonesia continues to show positive performance, this is reflected in operating revenues which grew by 58.85 percent. Along with that, Garuda targets passenger traffic to grow by 60 percent.

Garuda Indonesia President Director Irfan Setiaputra said that as the COVID-19 pandemic ended, the Garuda group managed to record operating revenues that grew by 58.85 percent in the first semester of 2023 to USD 1.39 billion, compared to operating revenues in the same period the previous year. namely 878.69 million US dollars.

From the consistency of growth in business revenue, said Irfan, Garuda Indonesia managed to reduce the net loss for the current period by 30.59 percent to US$76.38 million in the first half of 2023 when compared to recording a net loss for the current period in the first quarter of 2023 which was 110.03 million US dollars.

"Performance recovery which continues on the track is a separate optimism for Garuda Indonesia's performance acceleration focus," he said in an official statement, Wednesday, August 2.

Irfan projects that by the end of 2023, the company can record passenger growth of more than 60 percent. This figure is predicted to continue to grow significantly, especially during peak season periods, such as Christmas and the upcoming New Year, in line with the intensive route expansion.

"Including the addition of flight frequencies which we continue to do in stages, especially on routes with positive performance, both domestic and international, as well as the expansion of the Umrah flight network from several major cities in Indonesia," he said.

Irfan said, Garuda Indonesia's operating revenues until the first semester of 2023 were contributed by the growth in scheduled flight revenue of 62.70 percent to USD 1.10 billion compared to the same period last year of USD 677.28 million.

Meanwhile, non-scheduled flight revenue in the first half of 2023 also recorded a significant growth of 62.68 percent, to USD 142.45 million from the same period in the previous year which was only USD 87.57 million.

As for other revenues, until the first semester of 2023, Garuda Indonesia managed to record a revenue value of USD 151.37 million, growing 33 percent compared to the first semester of 2022.

"The increase in operating revenues is certainly in line with the consolidated operational performance of Garuda Indonesia which has consistently grown positively, where as of June 2023, the Garuda Indonesia Group managed to carry as many as 9,052,109 passengers, or grew up to 39 percent on an annual basis in the same period. namely 6,516,555 passengers," explained Irfan.

Meanwhile, until the end of the third quarter of 2023, Garuda Indonesia projects that it will carry out the process of delivering three narrow body fleets which will be carried out in stages from a total of five narrow body fleets that will be received this year. This is part of the implementation of the accelerated program to increase Garuda Indonesia's production capacity.

"The foundation of this financial performance is certainly inseparable from the various restructuring phases that were successfully completed by the Company at the end of last year, which led Garuda Indonesia to record a profit of USD 3.81 billion, which was also contributed by revenue from the debt restructuring carried out," he said.