Garuda Indonesia Achieves US$1.62 Billion Revenue in First Half of 2024

Jakarta, VIVA – Garuda Indonesia successfully recorded audited revenues of US$1.62 billion in the first half of 2024. This figure represents an 18.27 percent increase compared to the same period in 2023, when it stood at US$1.37 billion.

Irfan Setiaputra, CEO of Garuda Indonesia, stated that this business revenue aligns with the growth in passenger numbers throughout the first half of 2024, which reached 11.53 million passengers.

This marks a significant increase of 27.40 percent compared to the first half of 2023, when there were 9.05 million passengers.

"The passenger transport achievement by June 2024 comes from Garuda Indonesia (main brand) with 5.27 million passengers, a significant increase of 45.17 percent, and Citilink with 6.27 million passengers, up 15.49 percent," Setiaputra said in a statement on Tuesday (Oct 1).

He explained that the increase in business revenue was contributed by scheduled flight revenues of US$1.27 billion, which grew by 15.72 percent year-on-year (yoy).

Additionally, non-scheduled flight revenues reached US$177.97 million, growing by 24.93 percent compared to the same period in 2023, when they stood at US$142.46 million.

"There was also other revenue, which increased by 33.01 percent, rising from US$126 million to US$167.6 million," he added.

He emphasized that the trend of strengthening Garuda Indonesia's positive performance fundamentals was also reflected in the first half of 2024.

Among these was the growth in EBITDA, which increased by 14.91 percent to US$416.48 million, improving from US$362.40 million in the first half of 2023.

"Garuda also recorded operating revenue of US$1.62 billion in the first half of 2024, growing by 18.27 percent year-on-year," Setiaputra remarked.

He further added that by mid-2024, Garuda Indonesia had gradually implemented several strategic steps to optimize performance, both in terms of services and operations.

"This includes introducing a series of initiatives aimed at enhancing the company’s performance, particularly in terms of business revenue," he concluded.