October 3, 2025 | 12:10 pm
TEMPO.CO, Jakarta - The national airline Garuda Indonesia has scheduled an extraordinary general meeting of shareholders (EGMS) on October 15, 2025, at Soekarno-Hatta International Airport. The meeting will appoint the vacant position of Finance and Risk Management Director.
Garuda Indonesia's VP Corporate Secretary, Cahyadi Indrananto, said the role is crucial as the company will complete a series of overhauls supported by the sovereign wealth fund Danantara. "Hence, the presence of a definitive finance director is necessary," he said when contacted on Thursday, October 2, 2025.
However, Cahyadi did not reveal who the candidates for this role are. According to him, the proposal for the management is entirely the authority of the State-Owned Enterprises as the Series A Dwiwarna shareholder, with the approval of the EGMS. "Garuda will fully implement the decision of the EGMS," he said.
Previously, Garuda Indonesia's management said the management overhaul was proposed by the SOEs Ministry through Letter Number: SR-500/MBU/09/2025 on September 22, 2025. "This agenda must be decided in the EGMS," said GIAA management in a disclosure of information.
The Garuda Indonesia management overhaul had surfaced since early September 2025. In a meeting several weeks ago, House Member of Commission VI, Mufti Anam, admitted that he heard news that Singapore Airlines executives were joining Garuda Indonesia. If this is true, Mufti said, it would not automatically improve the performance of Garuda Indonesia. "If the governance and culture stay the same, it won't matter how smart the foreigners are," he said.
In the first half of 2025, Garuda Indonesia recorded a loss of US$142.8 million or Rp2.3 trillion. This figure represents an increase in losses compared to the Rp1.6 trillion reported during the same period last year.
According to the financial report for the company listed on the Indonesia Stock Exchange under the ticker GIAA, Garuda's revenue declined to Rp24.9 trillion from Rp26.6 trillion in the first six months of 2025. The majority of this revenue came from scheduled flights, which contributed Rp19.9 trillion, followed by unscheduled flights at Rp3.4 trillion and other sources at Rp2.6 trillion.
The company also reported total liabilities of Rp133.2 trillion and equity of Rp23.3 billion. Total assets as of June 30, 2025, were valued at Rp108.2 trillion, a decrease from Rp109.9 trillion in the previous year.
In June 2025, PT Danantara Asset Management (Persero) or DAM, a part of Danantara Indonesia, provided a shareholder loan amounting to Rp6.65 trillion to Garuda to finance its maintenance, repair, and overhaul needs. This fund is part of the financing support of around US$1billion or Rp16.3 trillion.
Editor’s Choice: Garuda Indonesia Posts US$142.8 Million Loss in First Half of 2025
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