March 30, 2026 | 08:02 am
TEMPO.CO, Jakarta - The Investment Management Agency (BPI) Danantara affirmed that the improvement in PT Garuda Indonesia Tbk's (GIAA) performance began to be visible in early 2026, in line with the impact of the fund injection intervention carried out in the previous year.
Chief Operating Officer (COO) Danantara and Head of State-Owned Enterprises (BUMN) BP Dony Oskaria stated that the performance pressure still reflected in the 2025 financial report is a condition before the intervention took place.
"The problems recorded today are the 2025 revenues. The intervention that we conducted occurred at the end of 2025. The performance will be visible in early 2026. We will release it in quarter 1 and quarter 2," said Dony in Jakarta, Sunday, March 29, 2026, as reported by Antara.
He explained that one of the main factors that pressured Garuda's performance throughout 2025 was the high number of non-operational aircraft (grounded), which still incurred costs, especially from the leasing side. Another challenge is aircraft maintenance, repair, and overhaul (MRO), which requires a lot of time.
"Before the intervention by Danantara, how many were grounded. Now, how many have taken off. But it still cannot reach 100 percent," he explained.
Nevertheless, Dony ensured that signs of improvement began to appear in 2026. He mentioned that Garuda's subsidiary, Citilink, has recorded positive results in the first quarter of 2026, which is an initial indication of Garuda Indonesia's group recovery.
"We still have many ongoing PR efforts. Because it is not enough to just provide money, but also its transformation," he said.
Meanwhile, Garuda Indonesia still records performance pressure, with a net loss of US$319.39 million throughout 2025.
Previously, Garuda Indonesia's President Director, Glenny H. Kairupan, emphasized that the additional capital of Rp23.67 trillion from PT Danantara Asset Management (DAM) was an important push to strengthen the transformation of the state-owned airline's business.
Out of the total Rp23.67 trillion, around Rp8.7 trillion (37 percent) is allocated for working capital needs such as aircraft maintenance and service improvement. Meanwhile, Rp14.9 trillion (63 percent) is intended to strengthen Citilink's operations, including settling fuel obligations to Pertamina for the 2019-2021 period.
Read: Garuda Indonesia's 2026 Strategy to Improve Performance
Click here to get the latest news updates from Tempo on Google News
Indonesia Could Lose Rp300 Trillion from Raw Material Exports
1 hari lalu
According to Danantara, the potential loss of state revenue due to raw material exports is estimated at around Rp300 trillion.
Prabowo Meets Ray Dalio at Jakarta Palace: What Was Discussed?
2 hari lalu
President Prabowo meets billionaire investor Ray Dalio at Jakarta Palace to discuss new special economic zones (SEZ) and renewable energy projects.
Prabowo Orders Faster Waste-to-Energy Rollout Across Indonesia
3 hari lalu
Prabowo has ordered ministers to speed up waste management programs nationwide under Danantara's waste-to-energy initiative.
The Haj Village, Who Is It for?
4 hari lalu
Danantara is building the Haj Village in Mecca for pilgrims. The government's role is becoming increasingly dominant without adequate oversight.
Our Village in the Holy Land
4 hari lalu
Danantara invests in building an Indonesian Haj Village in Saudi Arabia. Its management remains unclear.
Danantara Opens Second Tender for Waste-to-Energy Project Partners
11 hari lalu
Danantara declares that the registration process for the Waste-to-Energy Electricity Project opens up opportunities for technology selection and expanded funding.
Prabowo Targets $50 Billion Annual Return from Danantara
17 hari lalu
According to Prabowo, a well-performing company should aim for at least a 10 percent RoA.
Prabowo Wants to Place Special Envoys in Every Indonesian State-Owned Company
18 hari lalu
President Prabowo has appointed several special envoys, including Muhamad Mardiono as the Special Presidential Envoy for Food Security and Raffi Farid Ahmad as the Special Presidential Envoy for Youth Development and Art Workers.
Prabowo Warns Aides Against Giving Him 'Bogus' Reports
18 hari lalu
Prabowo's warning was delivered as he talked about Danantara's performance over the past year.
Prabowo: Danantara Indonesia's Return on Assets Surges Over 300%
18 hari lalu
President Prabowo Subianto highlights Danantara Indonesia's remarkable performance over the past year, achieving a return on assets (ROA) of over 300 percent.
