Industry Sector Transportation
Industry Sub Sector Aviation
Established 26 January 1949
Listed 11 February 2011
Listed company code GIAA
Listed Shares 6,335,738,000
Dividend No
Major Shareholders (>5%) Indonesian Government (60.54%)
Trans Airways (25.62%)
Key Subsidiaries Citilink Indonesia
Maintenance Facility Aero Asia
Aero Wisata
Abacus DSI
Gapura Angkasa
Cargo Garuda Indonesia
Aero Systems Indonesia

Stock Quote Garuda Indonesia - GIAA:

Business Summary

In recent years, Garuda has experienced a remarkable transition towards becoming a world-class airline that is acknowledged by international critical acclaim and positioned within the top ten of the world's best airlines. In 2010, Skytrax promoted Garuda to a four-star airline and proclaimed Garuda as the world's most improved airline. In 2012, Skytrax named Garuda as the world's best regional airline. Lastly, in late 2014 Garuda was recognized as a five-star airline by Skytrax. Garuda's tagline "The Airline of Indonesia" shows that the company markets itself as an exclusive brand. This recent transition is remarkable considering that from June 2007 to July 2009, Garuda (and all other Indonesian airlines) were banned from flying to the Eurozone due to safety concerns (most other Indonesian airlines are still banned today).

As the number of air passengers in Indonesia (and the Pacific) is expected to increase significantly in the near future, companies that are engaged in the Indonesian aviation industry find themselves in a potentially lucrative position. However, fierce competition between airlines (particularly the low-budget ones) has caused limited revenue generation from ticket sales and has put smaller airlines under serious stress or (near) collapse.

Through its subsidiary Citilink Indonesia, Garuda plays its part in Indonesia's low-cost aviation sector.

Garuda Indonesia is the only top class airline in Indonesia. Having a five star review from Skytrax, this airline provides a good standard of product across all travel categories. At end-2014, Garuda provided international flights to 19 destinations in Europe, the Middle East, Southeast Asia, East Asia and Australia. A further 26 international destinations are provided in code share arrangements with a number of other global carriers. The airline serves 57 domestic destinations.

Garuda's market share for routes from and to Indonesia's four most important airports i.e. Soekarno-Hatta (Jakarta - Java), Ngurah Rai Denpasar (Bali), Sultan Hassanudin Makassar (Sulawesi) and Juanda Surabaya (Java) is about 25 to 30 percent. With regard to all domestic routes, Garuda and Citilink (Garuda's low-cost subsidiary) were able to increase its combined market share to between 20 and 25 percent. The market share in terms of international passengers is around 25 percent.

In 2014, Garuda Indonesia became the 20th member of the SkyTeam alliance (one of the world’s three airline alliances) as the routes offered by SkyTeam airlines and Garuda Indonesia complete each other.

Garuda Indonesia's Operational Highlights:

   2013  2014  2015  2016  2017  2018
Number of Passengers
(in millions)
 25.0  29.1  33.0  35.0  36.2
Passenger Load Factor
 74.1  71.8  77.2  73.8  74.7
(million kilogram)
345.9 404.0 351.7 415.8 446.8
Average Fleet Age
(in years)
  5.0   4.5   4.3  
Number of Aircraft
(at year end)
  140  169  187  196  202


   2009  2010  2011  2012  2013
Number of Passengers
(in millions)
 10.9  13.0  17.1  20.4  25.0
Passenger Load Factor
   75.2  75.9  74.1
(million kilogram)
  229.4 280.3 345.9
Average Fleet Age
(in years)
 10.2   8.1   6.5   5.8   5.0
Number of Aircraft
(at year end)
   70    89    87   106   140

Source: Garuda Indonesia, Annual Report 2017

Garuda Indonesia's Financial Highlights:

Note: starting from 2012, Garuda Indonesia reports its financial highlights in million US Dollar instead of billion IDR rupiah

      2015     2016     2017     2018
Net Income (loss)
    76.5      8.1   (216.6)
Income Before Tax    106.7     17.8   (158.2)
Operating Revenues
  3,815.0   3,863.9   4,177.3
Operating Income    168.7     99.1    (76.2)
Total Assets   3,310.0   3,737.6   3,763.3
Total Liabilities   2,359.3   2,727.7   2,825.8
Earnings per Share¹  0,00296  0,00031 (0,00837)


      2011     2012     2013     2014
Net Income (loss)
    808.7     111.4     20.5   (370.0)
Income Before Tax   1,002.7     155.6     26.9   (456.5)
Operating Revenues
 27,164.6   3,508.1   3,759.5   3,933.5
Operating Income     92.3    173.5     76.2   (395.2)
Total Assets  18,010.0   2,560.3   2,997.6   3,113.1
Total Liabilities  10,462.8   1,431.4   1,866.9   2,184.1
Earnings per Share¹     36,39  0,00492  0,00091 (0,01480)

2009-2011 in billion IDR rupiah; 2012-2017 in million USD, except stated otherwise
¹ 2009-2011 in IDR rupiah, 2012-2017 in US dollar
Sources: Garuda Indonesia, Annual Report 2017

Garuda's Quantum Leap Program

In 2009 Garuda announced an aggressive expansion plan labeled 'Quantum Leap'. This five-year plan, which includes enhancing Garuda's international network (by opening new flight routes) as well as developing new concepts for both business and leisure travel, is targeted for completion by 2015. Through the Quantum Leap plan, the airline aims to increase its number of aircraft to 154, increase the number of passengers to 35.2 million, rejuvenate the fleet, increase the per week flight frequency, and obtain a fifth star from Skytrax.

In line with the Quantum Leap program, Garuda has proclaimed seven strategies to expand and dominate the country's aviation market:

Domestic; grow and dominate the full-service aviation industry
International; enormous upside potential
Low-Cost Carrier (LCC); subsidiary Citilink is to address the LCC potential
Fleet; expand, simplify and rejuvenate the fleet
Brand; stronger brand, better product and services
Cost Discipline; efficient in cost structure compared to its peers
Human Capital; right quality and right quantity

Quantum Leap Targets:

     2005    2010    2015
Number of Aircrafts     57     89    154
Average Fleet Age
(in years)
   11.2     8.1     6.0
Number of Passengers
(in millions)
    9.3    12.5    35.2
Flight Frequency
(per week)
   765   1,219   2,316
Skytrax Rating
     3      4      5

Source: Garuda Indonesia

Projection Garuda Indonesia's Future Corporate Earnings:

    2018  2019F  2020F
Net Revenue 4,373.2 4,930.0 5,348.0
Net Profit (179.1)   74.7  117.6
EBITDA  (24.6)  280.1  363.2
P/E Ratio (x)   (2.9)   13.3    8.7
P/BV (x)    0.6    1.2    1.1

in USD million, unless otherwise stated
Source: Mirrae Asset Sekuritas (23.09.2019)


Contact Details

Investor Relation Department
2nd Floor Management Building
Garuda City Center
Soekarno Hatta International Airport
Cengkareng 19120 (Jakarta)
Phone: +62 21 2560 1201