Jakarta, September 2nd, 2022 - The Annual General Meeting of Shareholders (AGMS) for the 2021 Financial Year was held on Friday (02/8) by PT Garuda Maintenance Facility Aero Asia Tbk ("GMF," issuer code: "GMFI"). The AGMS, which was held in the Swissotel, Pantai Indah Kapuk, was attended by 25.443.017.741 votes, or 90,12% of shareholders, and five agenda items, including the approval of the annual report for the fiscal year 2021, the determination of remuneration for the board of directors and board of commissioners for the fiscal year 2022, the appointment of a public accounting firm to audit the financial statements for the fiscal year 2022, amendments to the articles of association.
With operating revenues of USD 210.6 million and losses down to 70% from the prior year, from USD 311.3 million to USD 94.5 million, GMF approved the Annual Report for the fiscal year 2021. The ongoing recovery activities encouraged in response to the COVID-19 outbreak are what led to this income. This sustainable recovery step is accomplished by increasing fundamental performance using techniques for keeping a leaner organization and controlling capital expenditures for greater efficiency. The business diversification initiatives that were started in 2020 are starting to start growing in 2021, especially in the power services and defense sectors. The first Hercules C130 aircraft belonging to the Indonesian Air Force was brought in and maintained by GMF in December 2021. The power services and military industries segments each had an increase in revenue of more than 100% over the previous year.
Andi Fahrurrozi, the GMF's CEO, said "Recovery efforts are greatly aided by penetration in industries that were less severely impacted by the pandemic, such as the defense sector, business and private jets, and cargo aircraft maintenance. Additionally, GMF is seeing an increase in the volume of heavy maintenance work, particularly from international cargo aircraft". GMF, which launched a new vision to become ‘The Most Valuable MRO Company’, also recorded significant improvements in earnings before interest, tax, depreciation, and amortization (EBITDA) in 2021. "2021 is a momentum for comprehensive improvement to sustain liquidity and increase financial basic performance," Andi further stated.
However, the revival of international civil aviation also presents GMF with opportunities to reactivate the aircraft that are grounded due to travel restrictions. The completion of the Suspension Payment of Debt (Penundaan Kewajiban Pembayaran Utang - PKPU) process by the parent company, Garuda Indonesia, and Garuda Indonesia's dedication to designing new business steps to improve performance need to be supported by GMF by getting the fleets of Garuda Indonesia ready to be operated at their peak performance again.