GMFI Extraordinary General Meeting of Shareholders (EGMS) Appoints New President Director

Jakarta, August 29, 2019 PT Garuda Maintenance Facility Aero Asia Tbk. (“GMF”, Issuer Code: “GMFI”) held Extraordinary General Meeting of Shareholders (EGMS) on Thursday, August 29. Located at Garuda City Center at Soekarno-Hatta International Airport, Tangerang, GMFI EGMS discussed two main agendas, specifically changes in the company’s Article of Association and changes in the composition of company’s management.

On the first agenda, shareholders approved the proposed amendments to the company’s Articles of Association. This amendment is simply editorial adjustment without altering main business activities towards the aims, objectives and business activities. This is based on Indonesian Business Field Standard Classification (KLBI), to meet the Government of the Republic of Indonesia Regulation Number 24 Year 2018 dated June 21, 2018, regarding Electronically Integrated Business Licensing Services, which enforces Online Single Submission (OSS). As a manifestation of GMFI’s compliance with government regulations, GMFI has had NIB as of October 10, 2018, in which was stated that the company was given one year from NIB issuance date to adjust the aims, objectives and business activities in its Articles of Association with the 2017 KBLI.

In the second agenda, shareholders approved new composition of the company’s management. Tazar Marta Kurniawan was appointed as GMFI’s President Director, previously officiated by Iwan Joeniarto who currently serves as Garuda Indonesia’s Technical and Service Director. Earlier, Tazar served as Director of Business and Base Operations at GMF since May 2018. Regarding his new mandate, Tazar expressed his earnest gratitude to shareholders for the trust. “I will strive to the best of my ability to deliver the best contribution to company progress,” he said. He added that he would prepare a strategy to prepare for upcoming GMF business development.

Hereby is the composition of the company’s management, based on EGMS decision of PT GMF AeroAsia Tbk.


Chief Commissioner                                          :           I Gusti Ngurah Askhara Danadiputra

Member of the Board of Commissioners :           Maria Kristi Endah Murni

Independent Commissioner                               :           Trisno Hendradi

Independent Commissioner                               :           Ali Gunawan


President Director                                             :           Tazar Marta Kurniawan

Director                                                            :           I Wayan Susena

Director                                                            :           Beni Gunawan

Director                                                            :           Asep Kurnia

Director                                                            :           Edward Okky Avianto


Release of First Semester Financial Statements

Previously at GMFI EGMS, this Indonesian MRO also announced the company’s general condition. As of June 2019, GMFI has managed to book US$ 246.3 Million revenue. This figure increased by 10.3% after in the middle of 2018, GMFI earned US$ 223.3 Million. Most of the revenue was contributed by repair and overhaul segment in the amount of US$ 207.4 Million, of which engine maintenance was the segment with highest revenue growth significantly rose from US$ 46.5 Million to US $ 61 Million (1H19 vs. 1H18), or 31% growth.

GMFI President Director, Tazar Marta Kurniawan said that his party strived to intensify achievement at the rest of 2019, among others by increasing profitability of engine segment. At present, engine profitability is affected by non-optimal installed capacity utilization and inhouse capability. “We must continue to push this inhouse capability development to attract outflow of nation foreign exchange. In doing so, we expect to drive engine segment profitability to grow progressively,” said Tazar. Profitability will reach optimum level when it has reached over 100 engine shop visits annually, which is planned to be achieved in 2021.

GMFI is also trying to balance the MRO business portfolio composition by increasing airframe maintenance capacity that has high profitability. This was initiated with expansion into several domestic and international areas through partnership scheme. International markets and business diversification are few measures taken by GMFI to reduce business risk and increase company’s profitability. This is indicated by the increase in non-affiliated income composition from 45% to 49% (1H19 vs. 1H18). Revenue composition from international customers also grew from 19% to 21% (1H19 vs. 1H18). Furthermore, GMFI subsidiaries, such as Garuda Daya Pratama Sejahtera (GDPS) and Garuda Energy Logistics and Commercial (GELKo), have begun operating since the beginning of 2019, contributing US$ 8.7 Million revenue. Both contributions are recorded as Other Operations in per segment financial statements.