Garuda Indonesia Records Business Revenue Up 15 Percent In The Third Quarter Of 2024

JAKARTA - PT Garuda Indonesia (Persero) Tbk recorded operating revenue in the third quarter of 2024 of US$2.56 billion (unaudited). This number has increased by 15 percent from the same period in 2023, namely US$2.23 billion.

One of the growth in operating income was supported by an increase in scheduled flight revenue by 17 percent year on year (yoy) reaching 2.01 billion US dollars.

Meanwhile, unscheduled flight revenues also recorded an increase of 6 percent and other income also rose 8 percent compared to the achievement until the third quarter of 2023.

President Director of Garuda Indonesia Irfan Setiaputra revealed that the growth of operating income until the third quarter of 2024 also reflected on the transportation of Garuda Indonesia passengers as a group.

"Where the achievement of passenger transportation until September 2024 reached 17.73 million passengers or rose 24 percent (YoY) contributed by Garuda Indonesia (mainbrand) transportation of 8.34 million passengers increased 45 percent while Citilink was 9.39 million passengers, up 10 percent," said Irfan in an official statement, Thursday, October 31.

Irfan said this good performance can also be seen from the growth of EBITDA which rose by 11 percent in the performance period up to the third quarter of 2025 of USD 685.81 million.

Furthermore, Irfan said, this achievement also reflects the level of EBITDA which grew sustainably after the restructuring, where until the third quarter of 2023 Garuda managed to record EBITDA of US$616.37 million.

"Optimism in operational performance achievement is also recorded in cargo growth which rose 36 percent from the previous 122.42 thousand tons (YoY) to 166.5 thousand tons of cargo transportation," he explained.

Irfan said Garuda Indonesia (mainbrand) cargo transportation managed to record a significant increase of up to 36 percent, namely 102.55 thousand tons of cargo in the period until the third quarter of 2024 compared to the same period in the previous year, which was 75.32 thousand tons of cargo.

This achievement, continued Irfan, was contributed by cargo transportation on international routes of 43.71 thousand tons of cargo, which increased significantly by 55 percent and cargo transportation on domestic routes which also rose 25 percent or as many as 58.83 thousand tons of cargo.

"It is undeniable that in line with the increase in flight activity in the post-pandemic phase, the Company is experiencing performance pressure over operating expenses which has increased by up to 20 percent due to a number of factors," he explained.

The factors in question include maintenance and repair burdens, passenger service burdens, airport burdens, and flight operational expenses.

"This has an impact on the slowdown in performance growth which is believed to improve until the end of 2024," said Irfan.

Entering the last quarter of 2024, Garuda Indonesia continues to optimize various opportunities to increase operating income, including ensuring the implementation of various corporate actions. Such as strengthening production equipment where in November and December.

In addition, Garuda Indonesia will also receive two narrow-body Boeing B737-800NG aircraft and the potential addition of two other narrow-body aircraft in the negotiation stage which is part of the plan to add fleets in 2023 and 2024.

With the arrival of the fleet, Irfan said he was optimistic that the acceleration of Garuda Indonesia's flight operational performance could be carried out optimally, especially in utilizing the peak season for the 2025 Christmas and New Year holidays.

"So that the positive trend of operating income can be maintained throughout 2024 as well as a number of strategic initiatives of the Company, namely in the form of exploring the implementation of the ijarah scheme in the lease term agreement lessor aircraft, joint business cooperation with a number of global airlines to service facilities from pre to post-flight in improving the value of Garuda Indonesia flight services," concluded Irfan.