PT Garuda Indonesia (Persero) Tbk reported a 13.2% year-on-year increase in revenue to US$2.71 billion for the first nine months of 2026, as its transformation programme gained traction despite persistent pressure from high jet fuel prices. The results, announced on NEWMEDIAWIRE, underscore the airline's expanding revenue base and improving cost discipline as it advances its financial recovery.
Revenue from scheduled airline services increased 12.6% year-on-year, contributing an additional US$233.2 million, while non-scheduled services grew 2.1%. More significantly, non-airline businesses recorded a US$77.0 million revenue increase, accounting for approximately 24.3% of the Group's total revenue growth. This diversification is important because it reduces reliance on the core airline business, which remains exposed to volatile fuel costs driven by geopolitical tensions in the Middle East and global energy market fluctuations.
The Group's fuel expenditure rose 42.9% year-on-year, equivalent to US$309.8 million, contributing to a 15.7% increase in overall operating costs. However, excluding fuel, operating expenses increased by only about 3.1%, significantly below revenue growth of 13.2%. This gap highlights progress in cost management and operating efficiency. Garuda Indonesia Group recorded an operating profit of US$97.2 million, while its net loss narrowed by 3.0% to US$179.3 million.
Non-airline revenue rose 31.3% year-on-year to US$322.8 million, supported by a 42.4% increase in aircraft maintenance revenue from external customers at GMF AeroAsia and a 76.1% rise in travel agency services revenue. These gains demonstrate the growing commercial potential of the Group's broader business ecosystem. Garuda Indonesia President Director and Chief Executive Officer Thomas Oentoro said the performance reinforces the importance of developing stronger contributions from across the Group's businesses. "Strengthening our core airline operations remains essential, but our future growth must also come from making better use of the capabilities and opportunities across the Group," he said, adding that support from Danantara, the Group's shareholder, would play an important role in advancing operational improvements.
Operational improvements also contributed to stronger traffic performance. Garuda Indonesia Group carried 16.7 million passengers, up from 15.6 million a year earlier, with combined flight frequencies increasing 7.9% to 117,868 services. The Group's serviceable fleet reached 106 aircraft as of September 2026, up 24 from 82 in the same period last year, reflecting ongoing fleet reactivation efforts. On-time performance improved to 92.01%, up 5.86 percentage points from 86.15% a year earlier.
Looking ahead, the Group will continue to focus on fleet productivity, disciplined network optimization, stronger contributions across its business portfolio and sustained cost management. For a company still posting a net loss, the ability to grow revenue at more than four times the rate of non-fuel cost increases is a critical signal that its transformation is beginning to translate into financial resilience. The full release is available at www.newmediawire.com.
