PT. Garuda Indonesia (Persero) (GIAA) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2024 increased 15% year-over-year to USD2.56 billion, driven by growth in scheduled and non-scheduled airline services and other business lines.

• The Group reported a net loss of USD129.6 million for the period, widening from a net loss of USD72.1 million in the same period last year.

• EBITDA for the period was positive at USD686 million, reflecting improved operational performance post-restructuring.

• Despite operational improvements, the Group continues to face negative equity of USD1.41 billion and current liabilities exceeding current assets by USD619 million.

Financial highlights

• Operating revenues rose to USD2.56 billion, up from USD2.23 billion year-over-year.

• Operating expenses increased to USD2.38 billion from USD1.99 billion, mainly due to higher fuel, maintenance, and depreciation costs.

• Net loss attributable to owners of the parent was USD131.2 million, with basic/diluted loss per share of USD0.00497.

• Total assets stood at USD6.51 billion, while total liabilities were USD7.92 billion as of 30 September 2024.

• Cash and cash equivalents at period end were USD211.2 million, down from USD289.8 million at year-end 2023.

Outlook and guidance

• Management remains focused on domestic and select international routes, fleet optimization, and cost efficiency.

• Plans include further capital raising, early retirement of bonds and sukuk, and continued operational restructuring.

• Risks include fuel price and currency volatility, government fare policies, and supply chain disruptions.