PT. Garuda Indonesia (Persero) (GIAA) Q4 2024 earnings summary

Executive summary

• Revenue increased by 16% year-over-year, driven by recovery in air travel and successful debt restructuring.

• Achieved positive EBITDA of USD 983 million for the year ended 31 December 2024.

• Net loss of USD 69.8 million, compared to net profit of USD 252 million in the previous year.

• Current liabilities exceeded current assets by USD 619 million; negative equity of USD 1,352 million as of year-end.

• Auditor issued an unqualified opinion but highlighted material uncertainty regarding going concern.

Financial highlights

• Operating revenue: USD 3.42 billion, up from USD 2.94 billion year-over-year.

• Operating expenses: USD 3.11 billion, up from USD 2.63 billion year-over-year.

• Net loss: USD 69.8 million, compared to net profit of USD 252 million in 2023.

• Basic/diluted loss per share: USD (0.00079), compared to earnings per share of USD 0.00273 in 2023.

• Cash and cash equivalents at year-end: USD 219.2 million, down from USD 289.8 million.

Outlook and guidance

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

• Plans include additional equity, strategic partner funding, and early retirement of bonds and sukuk.

• Ongoing risks include fuel price and exchange rate volatility, government fare caps, and supply chain disruptions.