Tangerang, 01 April 2024 – PT Garuda Maintenance Facility Aero Asia Tbk ("GMFI"), a subsidiary of PT Garuda Indonesia (Persero) Tbk focused in aircraft maintenance, has released it financial performance for the fiscal year 2023. The revenue for the year 2023 reached USD 373.2 million, marking a significant growth of 56.9% compared to the previous year. GMF also successfully recorded a net profit growth from USD 3.6 million in 2022 to USD 20.2 million in 2023.

The CEO of GMF, Andi Fahrurrozi, stated, "We are grateful for this good net profit achievement, which is a result of the restructuring efforts we have implemented. This indicates our success in leading the Company towards improvement approaching pre-global pandemic conditions."

In terms of cash flow, operational activities emerged as the main contributor, continuously showing improvement through various ongoing projects. In 2023, the aircraft engine maintenance business segment became the largest contributor to operational revenue, with a total revenue of USD 102 million, a significant increase compared to the previous year’s revenue of USD 24.3 million. This increase is aligned with the reactivation activities of Garuda Indonesia’s engines. This was followed by the airframe maintenance segment, which recorded revenue of USD 83.7 million, and component services with total revenue of USD 82.2 million.