16.Aug .2022 12:00

Georgian Railway Ends H1 with Record Profit

Georgian Railway Ends H1 with Record Profit
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Georgian Railway LLC, national railway company of Georgia, ended the first half of 2022 with a record GEL 161 million profit. Operating revenue has enhanced by 12%, reaching GEL 311 million.

Salaries of the employees and other expenditures of the company amounted to GEL 97 million. To recap, in the third quarter of 2021 the company increased the salaries of its 12, 000 employees, which accordingly has been reflected in salary expenses. The average salary exceeded 1300 GEL.

The net financial income amounted to GEL 59 million, which is mainly due to the reduced interest expense as a result of the 2021 refinancing and the strengthening of the GEL against the U.S. dollar.

The liquidity ratio of the company has also improved. The cash balance of the Georgian Railway as of June 30, 2022 amounted to GEL 252 million, which is GEL 68 million more than the cash balance as of June 30, 2021, and GEL 40 million more than the cash balance at the end of 2021.

Prime Minister of Georgia, Irakli Garibashvili also commented on enhanced revenues of the Georgian Railway. He emphasized grown rail freight in the direction of our corridor which contributed to successful financial results of the Georgian Railway.