GMF Achieves Revenue Target In The Third Quarter of 2017

PT Garuda Maintenance Facility Aero Asia Tbk (GMF) firm garnered revenue worth 310.5 Million USD in the third quarter of 2017. This number has exceeded the target in the third quarter revenue 2017 304.4 Million USD or 102% of the initial projections. This revenue achievement grew by 15% compared to the third quarter of 2016. In addition, other achievements are GMF’s net profit, which also matches the 2017 target of 38.1 million USD, up 8.9% from the third quarter of 2016 amounting to 35 Million USD. The third-quarter revenue percentage was 73.2% of the overall target at the end of 2017 of USD 424 Million.

This achievement was attributed to the greater volume of engine maintenance and component maintenance works that is also the focus of GMF business expansion in 2017. Moreover, the effort to improve the capability of Engine maintenance also contributes to the achievement in this third quarter of 2017. This revenue contribution is the result of the revenue growth contributed by component maintenance business line in the amount of 25%, 18% from airframe maintenance and 15% from engine maintenance.

GMF President & CEO Iwan Joeniarto conveyed his appreciation for GMF’s positive performance. In addition, after 15 years of separation from Garuda Indonesia, GMF accounted for significant profit from year to year. Furthermore, GMF has just listed in Indonesia Stock Exchange on October 10, 2017. “With the positive performance, supported by operational excellence, we are sure that GMF has sufficiently strong fundamentals in the stock market. Our move to be a publicly listed company is the first step to develop even faster,” Iwan stated. He added again, GMF continues to increase revenue from customers so that the ratio of revenue from non-Garuda Indonesia Group is greater in the next 3 years.


Along with the IPO, the acquisition of funds collected from the corporate action is worth 83.5 Million USD or worth Rp. 1.129 Trillion. 60% of the IPO proceeds will be used for GMF expansion needs, 25% for working capital and the rest for refinancing. In 2017, the allocation of the use of IPO funds for working capital financing and refinancing, as well as some for capital expenditure. In 2018, IPO proceeds will be concentrated on capital expenditure in order to develop capability, capacity and inorganic initiatives of the company. The composition of investors comes from institutional and individuals, both local and foreign. With this condition, the share ownership of GMF by the parent company of 99% has changed into 89.1%, while Aerowisata which owns 1% of GMF shares changed into 0.9% and the rest is owned by the public. Iwan also expressed his gratitude to the public trust to invest and contribute to the success of GMF’s IPO. “Currently, GMF continues to increase the value of the company along with our commitment to provide the best feedback to all shareholders,” Iwan said.

Iwan also added that GMF management is optimistic with the achievement that continues to show a positive trend, GMF shares will attract investors and can increase the value of the corporation in the future. GMF as Total Solution Provider is strengthening its three main business lines which are Airframe, Component & Engine and planning strategic cooperation with several global partners in the future. “Various strategies and corporate actions are done to achieve GMF vision to be Top 10 MRO in The World,” Iwan closed.

For Further Information please contact:
PT GMF AeroAsia Tbk.
VP Corporate Secretary
Mohamad Arif Faisal
Phone : +62215508717
Email :