06.Dec .2021 11:00

How Much Did Georgian Railway Revenue Increase In 9M2021?

How Much Did Georgian Railway Revenue Increase In 9M2021?
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Georgian Railway posted a 10.7% YoY increase in its revenues in 9M 2021 in GEL terms. Growth was also observed in USD terms, however at a lower pace, at +3.9% YoY, due to the GEL fluctuation, - according to the data from TBC Capital.

The net finance loss improved by 56.2% YoY in the same period, resulting in a positive comprehensive income for the 9M 2021 at GEL 10.9mln.

Regardless a major 16.0% decrease in tariff, transportation of oil products, the largest revenue generating category in freight transportation, posted a 32.0% YoY increase in 9M 2020 in USD terms.

An 11.6% YoY growth in Georgian Railway’s transported cargo volume is mainly attributable to a 44.0% YoY increase in oil & oil products, a first growth after an elongated period of downward sloping trend.

"Freight transportation remains the largest share holder in Georgian Railway’s revenues in 9M 2021, posting a 7.0% YoY increase in USD terms. Despite the COVID-19 related mobility restrictions in Q1 2021 and limited international visitors’ activity throughout 2021, revenue from passenger traffic saw a 3.3% YoY increase. The largest decline in revenue categories was observed in the freight car rental category at -43.2% YoY in 9M 2021. Regardless a major 16.0% decrease in tariff, transportation of oil products, the largest revenue generating category in freight transportation, posted a 32.0% YoY increase in 9M 2020 in USD terms. Revenues for freight transportation categories decreased only for grains and other products at -63.9% and -8.8% YoY, respectively, in the same period", - TBC Capital reprots.