JAKARTA PT Garuda Indonesia (Persero) Tbk (GIAA) projects that business performance records will continue to grow consistently and show a positive outlook until the end of 2023. This projection follows an increase in public interest in air travel.
President Director of Garuda Indonesia, Irfan Setiaputra, said that in line with the positive performance growth recorded by the Company since early 2023, Garuda Indonesia estimates that there is a trend of increasing the number of passengers.
"The increase is up to 36.45 percent in the third quarter of 2023 when compared to the same period in 2022," he said in a statement, Wednesday, May 31.
Furthermore, Irfan said that the estimated transportation of Garuda Indonesia passengers until the third quarter is expected to exceed the achievement of passenger transportation throughout 2022.
"Of course this projection is an achievement in itself to see the performance outlook of the Company in 2023 which is in line with the Company's strategic action efforts to accelerate performance recovery through increasing passenger traffic supported by the completion of the restructuring process at the end of last year," he said.
Irfan said Garuda Indonesia's optimism for performance in 2023 was also represented through the Company's EBITDA which recorded growth at the end of the first quarter to 71 million US dollars and positive cash flow positions.
"Where this is supported by the basis of performance continues to be strengthened through a healthier business revenue fund, especially after various comprehensive restructuring efforts carried out in 2022," explained Irfan.
In addition, Garuda Indonesia has also succeeded in increasing the revenue ratio per aircraft to 11.29 percent to 26.10 million US dollars in 2022 compared to the aircraft ratio per revenue in 2019 of 23.45 million US dollars.
According to Irfan, this is an indicator of increasing optimal productivity where the Company's performance, which is currently supported by a significant decrease in fleet composition by 70 percent compared to 2019, can produce a higher revenue ratio per aircraft.
With the Company's increasingly healthy performance basis, said Irfan, the Company's continuous steps in maximizing performance growth will certainly continue to be carried out in 2023 in a measured and proportional manner, by maximizing profitability.
"And the increase in production equipment is also aligned with efforts to diversify and improve full-service flight services," said Irfan.
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