GMFI posts net profit of US$33.9 million

Jakarta (ANTARA) — A subsidiary of the Garuda Indonesia Group, PT Garuda Maintenance Facility Aero Asia Tbk (GMF), posted a net profit of US$33.9 million (Rp570 billion) for the year 2025. In 2025, the company posted net profit of US$33.9 million (Rp570 billion), a significant increase of 26.3% from 2024’s US$26.9 million (Rp451 billion), said GMFI Chief Executive Andi Fahrurrozi in a Jakarta statement on Saturday. As part of the Garuda Indonesia Group, GMFI held an Extraordinary General Meeting of Shareholders (EGM) and an Annual General Meeting of Shareholders (AGM) on Friday (22/05). The EGM was attended by 117,047,128,927 votes, or 93.76% of shareholders, while the AGM was attended by 117,437,717,575 votes, or 94.07% of shareholders, with a number of strategic resolutions approved at the meetings. GMFI also posted solid financial performance with operating revenue reaching US$491.9 million (Rp8.25 trillion) in 2025, up 16.8% from the previous year. Furthermore, the company’s balance sheet strengthened with total assets rising to US$813 million (Rp13.6 trillion), up 91.5% from the previous year. The capital structure also improved significantly, with equity turning from a negative US$257.9 million (-Rp4.33 trillion) to a positive US$114.6 million (Rp1.92 trillion). The improvement in performance was attributed to corporate actions including a land in-kind contribution valued at Rp5.6 trillion, which strengthened the company’s fixed asset base and restored positive equity. The company’s financial performance was underpinned by a consistent operational transformation throughout 2025, ranging from boosting operational productivity, accelerating turnaround times (TAT), strengthening infrastructure, to meeting a range of international certifications and qualifications. “2025 has been a momentum in which GMF demonstrated its ability to execute various transformation steps and strategic corporate actions aggressively yet measurably. This positive achievement would not have been possible without an increasingly solid operational foundation,” he said. In 2025, GMFI maintained its growth momentum with revenue contributions from the non-group affiliates segment amounting to US$141.3 million, or 28.7% of total revenue. In the commercial aircraft maintenance sector, GMFI retained existing customers such as Korean Air, VietJet Air, and Cebu Pacific, while expanding its new customer base with One Air, Air Swift, and Texel Air. During 2025, GMFI also successfully completed the reactivation of 13 Airbus A320 aircraft belonging to Citilink and two Airbus A330 aircraft belonging to Garuda Indonesia as part of the Garuda Indonesia Group’s synergy to optimise national fleet readiness. In the defence sector, GMFI completed maintenance work on Bell 412 helicopters up to the fourth unit and two VIP Boeing 737-800 aircraft. The company broadened defence industry capabilities through a strategic collaboration with Dassault Aviation in implementing the Local Content and Offset (IDKLO) programme for the Rafale aircraft. The non-commercial aircraft line, particularly the SBU Defence Industry, Industrial Solutions, and Power Services, also posted positive growth with revenues of US$36.7 million, up 59.9% year-on-year, reflecting the effectiveness of the company’s diversification strategy. In terms of capability development and business expansion, GMFI noted several strategic milestones, including the groundbreaking of the Kertajati Aerospace Park in partnership with West Java International Airport (BIJB) and the initiation of a collaboration with Pelita Air in utilising Pelita Air Service’s hangar at Pondok Cabe Airport for maintenance services of propeller aircraft. The company also completed the construction of a hangar door at Hangar 1 to strengthen operational capacity in line with international standards, particularly the European Union Aviation Safety Agency (EASA). “We have grown significantly and sustainably. With capabilities stronger and more adaptable, GMFI will continue to open new opportunities to meet the needs of the national and global aviation industries,” said Andi. GMFI’s financial performance at the start of 2026 shows solid momentum, underpinned by healthier operational fundamentals. In Q1 2026, the company posted a net profit of US$6.76 million and operating revenue of US$114.94 million. GMFI targets annual revenue of US$542.8 million with an estimated net profit of US$35.1 million. The targets will be achieved through sustained corporate transformation, strengthening operational fundamentals, and profitable business growth. “Through positive achievements and maintained efficiency amid market dynamics and industry challenges, GMFI is ready to move further in delivering integrated solutions for the aviation industry and other sectors,” said Andi. As for the EGM, the meeting approved adjustments, additions and/or amendments to the company’s Articles of Association in accordance with a letter from BP BUMN and Danantara Asset Management. In addition, adjustments to the Statistics Indonesia Regulation Number 7 of 2025 on the Indonesia Standard Classification of Business Fields (KBLI 2025), and alignment with the Articles of Association of PT Garuda Indonesia (Persero) Tbk. At the AGM, the meeting approved several agenda items including approval of the Annual Report and ratification of the Consolidated Financial Statements for the financial year 2025, and the allocation of the 2025 net profit. Thereafter, the appointment of the salaries and allowances for the 2026 financial year and the remuneration for performance for 2025 for the company executives, and the appointment of the auditing firm.