JSC "Georgian Railway" has published the financial report for 9M2021. According to the document, the company suffered a loss of GEL 10.9 million this year.
As of the financial report, the company received revenue of GEL408.9 million in January -September, which was GEL 45 million more compared to the previous year. Revenue growth was due to the shipment increase, as the company served cargo of GEL 315.6 million, which was 6% more compared to 2020.
However, this amount was not enough to cover the company's own expenses.
The document reads that financial expenses were the main expenses for the railway instead of the operating expenses, which amounted to GEL 200.8 million in the first 9 months of 2021. For comparison, financial expenses were GEL 93.5 million less in the last year.
As for the operating expenses of the company, the Railway transferred salaries of GEL 127 million to its 12,500 employees in the first 9 months of 2021.
The volume of electricity and other operating expenses amounted to GEL 36.3 million. The company's "other expenses" were GEL 71 million. At the same time, the volume of railway assets depreciated by GEL 52.4 million.
This year, the Georgian Railway refinanced debt of $ 500 million taken in 2012. The company’s bonds were traded at 4% on the London Stock Exchange.
100%-shareholder of Georgian railway is the Partnership Fund, which in turn is owned by the state. In 2020, the company's revenue amounted to GEL 489.4 million, which was 0.3% less than in 2019. At the same time, in 2020, the company's loss amounted to GEL 164.6 million. In 2019, the loss was GEL 5.6 million.
The company gained the largest profit in 2011, which amounted to GEL 174 million. However, Georgian Railway suffered the largest loss of 716 million in 2018. The main reason for the deterioration of financial indicators was the decline in freight traffic in recent years.
In 2012, the volume of cargo transported by the railways amounted to 20.1 million tons, while the amount of cargo turnover decreased every year from 2013 to 2018. In 2018, cargo turnover was reduced to 10 million tons. However, transit flows began resumption from 2019 and at first, it amounted to 10.9 million tons, and it equaled to 11.1 million tons in 2020.
