Garuda Indonesia Revenue Up 13.2% to $2.71B as Non-Airline Business Soars

PT Garuda Indonesia (Persero) Tbk (GIAA) reported a 13.2% year-on-year increase in revenue to US$2.71 billion for the first nine months of 2026, driven by stronger core airline operations and a 31.3% rise in non-airline business revenue. The Group's performance reflects its expanding revenue base and transformation progress despite persistent pressure from elevated jet fuel prices. Revenue from scheduled airline services increased 12.6% year-on-year, contributing an additional US$233.2 million, while non-scheduled services grew 2.1%, adding US$6.3 million. Non-airline businesses recorded a US$77.0 million revenue increase, accounting for approximately 24.3% of the Group's total revenue growth. The performance was achieved amid industry-wide cost pressures, particularly from higher jet fuel prices driven by geopolitical tensions in the Middle East and volatility in global energy markets. Fuel expenditure rose 42.9% year-on-year, equivalent to US$309.8 million, contributing to a 15.7% increase in overall operating costs. Excluding fuel, operating expenses increased by about 3.1%, significantly below revenue growth, reflecting progress in cost management. Garuda Indonesia Group recorded an operating profit of US$97.2 million, while its net loss narrowed by 3.0% to US$179.3 million.

Garuda Indonesia Group's diversified business portfolio continued to make a greater contribution, with non-airline revenue rising 31.3% year-on-year to US$322.8 million. Growth was supported by a 42.4% increase in aircraft maintenance revenue from external customers at GMF AeroAsia, alongside a 76.1% rise in travel agency services revenue. Garuda Indonesia President Director and CEO Thomas Oentoro said the performance reinforces the importance of developing stronger contributions from across the Group's businesses. "Strengthening our core airline operations remains essential, but our future growth must also come from making better use of the capabilities and opportunities across the Group," he said, adding that continued support from Danantara, as the Group's shareholder, would play an important role in advancing operational improvements. Operational improvements also contributed to stronger traffic performance, with the Group carrying 16.7 million passengers, compared with 15.6 million last year. Combined flight frequencies increased 7.9% to 117,868 services. The growth was supported by fleet reactivation initiatives, with the serviceable fleet reaching 106 aircraft as of September 2026, up 24 from 82 last year. On-time performance reached 92.01%, an improvement of 5.86 percentage points. Looking ahead, Garuda Indonesia Group will continue to accelerate its transformation priorities, focusing on fleet productivity, network optimization, stronger contributions across its business portfolio and sustained cost management. "Our transformation is gaining momentum, and we're focused on building on that progress," Thomas concluded. View the original release on www.newmediawire.com.