The new president and CEO of GMF AeroAsia says it is working on a strategy aimed at establishing it among the top 10 MROs globally by 2020 upon announcing plans to issue an initial public offering later this year.
Iwan Joeniarto, confirmed by Garuda Indonesia as the replacement for Citilink Indonesia-bound Juliandra Nurtjahjo in its maintenance division, says the MRO is ramping up strategies across three main pillars identified for growth: staff, business expansion and technology.
Financial targets for this year, announced in Jakarta on May 5, are $454 million in revenues with $69 million net profit margin, an increase of last year’s $387 million revenues and $58 million net profit.
The third quarter of 2017 should also see GMF AeroAsia unveil an IPO to release its first shares to the public.
The MRO first unveiled plans for the share offering in February. In the past year, the airline affiliated aftermarket provider has enhanced its safety certifications, with the FAA deeming it as a low risk MRO which was upgraded earlier this year a “very high-level quality” rating.