Beyond the Passenger Load: An Integrated Financial and Technological Analysis of Garuda Indonesia’s 2024 Net Loss
DOI:
https://doi.org/10.56294/saludcyt20262587Keywords:
Financial Performance, Cost Control, Liquidity, Technological Adaptation, Garuda IndonesiaAbstract
Introduction: the aviation industry faces significant financial and operational challenges amid global economic uncertainty and post-pandemic recovery pressures. In 2024, the company reported a net loss of USD 69.8 million, mainly driven by rising fuel and maintenance costs, currency depreciation, and high leverage. These factors highlight the need to explore not only financial management weaknesses but also the role of technological adaptation in operational efficiency and resilience.
Objective: This study aims to identify the key factor contributing to Garuda Indonesia’s 2024 financial losses—whether ineffective cost control, inadequate liquidity management, or insufficient use of digital financial systems had the strongest impact on performance.
Method: a quantitative-descriptive design was employed using secondary data from financial statements, operational reports, and macroeconomic indicators. Financial ratio analysis was used to measure profitability, liquidity, and efficiency, while a technological assessment examined Garuda’s digital transformation and cost optimization systems. Comparative benchmarking with industry peers was conducted to contextualize the findings and assess technological alignment with best practices in airline financial management.
Results: findings show that while Garuda Indonesia achieved a 16 % increase in revenue, it suffered losses due to poor cost control, weakened liquidity, and underutilization of technological tools for real-time financial monitoring. Liquidity indicators—particularly current and quick ratios—fell below sustainable thresholds, while slight improvements in turnover ratios indicated marginal operational efficiency gains.
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