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APRIL 2024

Week 14


Garuda Indonesia reports 40% profit increase for full-year 2023

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April 4th 2024

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Garuda Indonesia booked a profit of US$252 million for the 12 months to last December 31 built on revenue of US$2.94 billion; an improvement from revenue of $2.1 billion a year earlier. Read More » The result was a 41% year-on-year increase in scheduled flight revenue, to $2.37 billion, from $1.68 billion in fiscal 2022. Non-scheduled flight revenue grew 65%, to $288.03 million, against $174.81 million in fiscal 2022. In 2023, revenue from Hajj flights increased 145%, to $235.17 million. For the reported year, passengers carried by the flag carrier and its subsidiary increased 34% to 19.97 million: 8.29 million Garuda Indonesia customers and 11.68 million Citilink air travellers. “The strategic corporate actions implemented to accelerate post-restructuring performance recovery coupled with growing passenger movements, are expected to strengthen the business entity's foundation for optimizing business revenue and ensuring sustainable profitability,” Garuda Indonesia's president director, Irfan Setiaputra, said.

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