JAKARTA - Danantara views Garuda Indonesia as having the opportunity to recover in 2026. However, discipline in efficiency is still considered a determining factor in the success of the red-plate airline's transformation.
This optimism is in line with the comprehensive transformation program being carried out by Garuda Indonesia. The acceleration of performance recovery is reflected in the movement of the company's shares which shows an increase in investor confidence in the prospects of the national airline.
This is indicated by the surge in Garuda Indonesia's (GIAA) share price which strengthened 9.76 percent in early January to reach Rp90 per share. The strengthening was triggered by changes in the shareholding structure involving state asset management entities.
"The market has responded positively to the recovery of Garuda Indonesia's performance, which is reflected in the sharp spike in Garuda Indonesia's share price in early January," Danantara Economic Outlook 2026 quoted some time ago.
During the forum, Danantara assessed that the prospects of a number of state-owned enterprises (SOEs) undergoing a transformation focus, including Garuda Indonesia, showed improvement.
This is reflected in the movement of stock prices which indicates the increase in investor confidence in the recovery of the company's performance.
Danantara also noted a number of factors that have contributed to the acceleration of Garuda Indonesia's performance, including funding support in the form of shareholder loans (SHL) and a capital injection of IDR 23.63 trillion as part of the restructuring process.
The funds are used to support aircraft maintenance programs, fleet reactivation, and production capacity increases.
In addition, the option of integrating the Garuda Indonesia Group with Pelita Air is also seen as a strategic step to reduce redundancy and increase synergy, especially in fuel procurement.
Transformative Steps Need to Be Coupled with Efficiency
On the other hand, Independent Aviation Business Analyst Gatot Rahardjo assessed that various transformation efforts need to be accompanied by consistent efficiency measures so that performance recovery can be sustainable.
According to Gatot, efficiency is one of the main keys to maintaining the health of the airline business, both in terms of operational and non-operational aspects.
"Operational efficiency of flights can be done with many things, such as more fuel-efficient aircraft operations, the selection of more profitable routes and networks, and cooperation with AirNav in the implementation of performance-based navigation (PBN) in flight," he said in an official statement, Monday, February 2.
Meanwhile, from the non-operational side, continued Gatot, efficiency can be achieved through human resource management (SDM), the use of information technology for office operations, and the simplification of work processes and procedures.
However, Gatot emphasized that efficiency efforts should not sacrifice the aspect of flight safety or violate applicable provisions.
"Aviation safety and business must continue to go hand in hand," he said.
Through a series of corporate actions and strengthening the discipline of efficiency, continued Gatot, the recovery of Garuda Indonesia's performance is projected to be able to strengthen the business portfolio on a group basis.
"So that the performance improvement transformation program that is being carried out can have an impact on net profit and positive equity recording at the end of 2026," he said.
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