Tangerang, June 05th 2025 – PT Garuda Maintenance Facility Aero Asia Tbk (‘GMFI’ or the ‘Company’) held its Annual General Meeting of Shareholders (AGMS) for the fiscal year 2024 and Extraordinary General Meeting of Shareholders (EGMS) at Garuda Indonesia Auditorium on Thursday (05/06). Both meetings were attended by 34,948,972,313 votes or 93.03% of shareholders and decided on a number of strategic agenda items. The main decisions made at the AGMS and EGMS included the approval of the Annual Report and ratification of the Company's Consolidated Financial Statements for the financial year 2024, determination of the utilisation of net profit for the financial year 2024, determination of tantiem for the financial year 2024 and remuneration for the Board of Directors and Board of Commissioners for the financial year 2025, appointment of a Public Accountant Firm to audit the financial statements for the financial year 2025, and changes to the composition of the Company's management.
Throughout 2024, GMFI recorded solid financial performance growth with operating revenue reaching USD 421.22 million, up from USD 373.2 million in the previous year. The company also booked a net profit of USD 26.90 million, a significant increase compared to USD 20.17 million in 2023. Amidst the recovering aviation industry and global supply chain disruption, GMFI managed to maintain profitability momentum while strengthening its transformation strategy, business diversification, and improving its financial structure.
The performance was underpinned by cost efficiency, improved service productivity, and the strengthening of the airframe segment as a major contributor to revenue. Operating profit margin and EBITDA were also positive, signalling continued strength in operations and profitability.
"The year 2024 is a moment of validation of GMFI's new direction. In the midst of supply chain challenges and intense competition, we were still able to record significant profit and revenue growth. This is the result of collective work and targeted strategies,’ said GMFI CEO Andi Fahrurrozi.
GMFI Strengthens 2024 Operational Foundation with Market and Service Expansion
GMFI's customer portfolio also continued to grow with revenue contribution from the non-affiliated segment reaching USD 102.5 million (24.3% of total revenue). Throughout 2024, GMFI recorded various important achievements in strengthening operations and expanding its service portfolio. In the commercial aircraft maintenance sector, GMFI successfully completed more than 190 narrow-body base maintenance projects, marking consistency in operational scale. Meanwhile, successfully supporting the maintenance needs of international wide-body aircraft such as Cebu Pacific's Airbus A330-900 and Fiji Airways' A330-243 also established GMFI as a strategic partner for foreign airlines in the Asia Pacific region.
At the same time, GMFI also showed significant growth in the industrial and defence sectors. Maintenance work on turbines, generators and train locomotives became a milestone in business diversification, including the success of becoming PLN Batam's first local partner for strategic electrical work and receiving an award for quality work from PT Kilang Pertamina Internasional. The defence sector also showed good progress. In 2024, GMFI continued its cooperation with the Ministry of Defence for the modernisation of Hercules C-130H aircraft and completed the maintenance project for the Air Force's Bell 412 helicopters. In addition, GMFI is also trusted to maintain the 737NG fleet belonging to the Indonesian National Police. The Ministry of State Secretariat also entrusted the total maintenance of the Presidential aircraft at GMF.
GMFI CEO Andi Fahrurrozi stated, “We are not only aiming to grow, but to grow sustainably. With an increasingly agile operating model, GMFI is now better prepared to meet the demands of both domestic and global markets.”
Changes in the Company's Management Structure
Through the Extraordinary General Meeting of Shareholders (EGMS), shareholders approved a number of resolutions related to the composition of the management and organisational structure of the Company. The EGMS determined the honourable dismissal of the following members of the Board of Commissioners and Board of Directors: Dharmadi (President Commissioner and Independent Commissioner), Rahmat Hanafi (Commissioner), Ali Gunawan (Independent Commissioner), Abhan (Independent Commissioner), Agit Atriantio (Independent Commissioner), Pudjo Sarwoko (Director of Human Capital & Corporate Affairs), Salusra Satria (Director of Finance), Mukhtaris (Director of Line Operation), and Irvan Pribadi (Director of Base Operation).
The EGMS also approved changes in the nomenclature of the Board of Directors as follows:
Director of Human Capital & Corporate Affairs is changed to Director of Human Resources and Director of Base Operation is changed to Director of Base Management.
Therefore, the composition of the GMFI management as a result of the decision of today's EGM is as follows:
Board of Commissioners
President Commissioner: Oki Yanuar
Independent Commissioner: Dean Arslan
Commissioner : Giring Ganesha Djumaryo
Board of Directors
Chief Executive Officer (CEO): Andi Fahrurrozi
Director of Base Management : Bobi Gumelar Respati
Director of Line Operation: Mukhtaris
Director of Human Resources : Mitra Piranti
Director of Finance: Tri Hartono
Projections and Future Commitments
Going into the middle of 2025, GMFI continues to show a solid performance trend. As of April 2025, the Company has recorded operating revenues of USD 125.86 million or reaching 95% of the target, with EBITDA of USD 19.82 million and net profit of USD 4.61 million.
Based on the latest projections, GMFI aims for an annual revenue of USD 416.9 million with an estimated net profit of USD 27.1 million. This target will be achieved through strengthening service capabilities, optimising capacity, and consistent strategy execution across all business lines.
“With a stronger financial and operational foundation, GMFI is ready to continue its role as a strategic partner of the aviation industry and other sectors, while continuing to create added value for customers, shareholders, and all stakeholders,” Andi concluded.
