Garuda (GIAA) Revenue for Q1 2026 Grows 5.36%, Supported by Operational Performance Improvements
JAKARTA — PT Garuda Indonesia (Persero) Tbk (GIAA) recorded business revenue of US$762.35 million, or approximately Rp12.58 trillion, in the first quarter of 2026, marking a 5.36% growth compared to the same period in the previous year, which stood at US$723.56 million, or approximately Rp11.94 trillion.
This revenue increase was supported by improvements in operational performance, in line with rising passenger demand, enhanced yields, and positive revenue trends amid the company’s transformation process.
Garuda Indonesia’s President Director, Glenny Kairupan, previously stated that optimisation of production assets continues to support operations.
“As the optimisation of production assets continues, the number of operational aircraft in the Group has increased to at least 99 units by the end of 2025,” Glenny said in a press statement on Wednesday (22/4/2026).
“That number rose from around 84 units in the middle of the same year,” he added.
The largest contributor to revenue remained scheduled flights, reaching US$648.10 million, or approximately Rp10.69 trillion, up from US$603.69 million, or approximately Rp9.96 trillion. Meanwhile, revenue from non-scheduled flights was recorded at US$24.98 million, or approximately Rp412.17 billion, down from US$37.96 million, or approximately Rp626.34 billion.
Other revenue increased to US$89.27 million, or approximately Rp1.47 trillion, from US$81.91 million, or approximately Rp1.35 trillion.
Flight operating expenses decreased to US$350.24 million, or approximately Rp5.78 trillion, from US$361.96 million, or approximately Rp5.97 trillion. General and administrative expenses also fell to US$42.01 million, or approximately Rp693.17 billion, from US$47.81 million, or approximately Rp788.87 billion.
However, several costs still rose, such as maintenance and repair expenses, which increased to US$159.14 million, or approximately Rp2.63 trillion, and ticket, sales, and promotion expenses, which climbed to US$45.64 million, or approximately Rp753.06 billion.
In line with this, operating profit increased significantly to US$49.13 million, or approximately Rp810.65 billion, from US$5.20 million, or approximately Rp85.80 billion in the same period last year.
On the other hand, financial expenses decreased to US$104.00 million, or approximately Rp1.72 trillion, from US$124.57 million, or approximately Rp2.06 trillion. The company still recorded a net loss for the period of US$41.62 million, or approximately Rp686.73 billion, but this was lower than the loss of US$75.93 million, or approximately Rp1.25 trillion in the first quarter of 2025.
Current assets increased to US$1,510.87 million, or approximately Rp24.93 trillion, from US$1,418.27 million, or approximately Rp23.40 trillion. Meanwhile, non-current assets dipped slightly to US$5,995.91 million, or approximately Rp98.93 trillion.
Cash and cash equivalents were recorded at US$857.50 million, or approximately Rp14.15 trillion, down from US$943.40 million, or approximately Rp15.57 trillion at the end of 2025.
On the equity side, Garuda recorded a position of US$68.25 million, or approximately Rp1.13 trillion, as of 31 March 2026.