Georgian Railway has published its financial report for 2023. According to the document, the salary fund of employees increased by GEL 42 million and reached GEL 239 million.
Georgian Railway ranks first among state companies in terms of number of employees. Up to 12,000 people work in the company, therefore, in 2023, the monthly salary of an average employee in the company stood at GEL 1,660.
In 2023, the income of the Georgian Railway decreased by GEL 47 million or 7% amounting to GEL 627 million.
However, the net profit of the company decreased by 79%, or by GEL 310 million, which amounted to GEL 87 million. The decrease in profit is mainly due to the change in the profit structure of the company. The point is that in 2022, the profit of Georgian Railway was mainly determined not by the operational activities of the company, but by the exchange rate difference caused by the strengthening of the national currency rate. Because of this, the value of debt denominated in foreign currency decreased, and this was recorded as a profit of GEL 219 million in the financial report. Accordingly, half of the railway's profit in 2022 was related to the effect of the exchange rate of GEL. In 2023, the strengthening of the lari exchange rate did not occur, so Georgian Railway did not receive a profit from this source, therefore the company's profit of GEL 87 million mainly reflected operational activities.
In 2023, the Georgian Railway served 13.6 million tons of cargo, which was 8.2% less than in 2022. Despite the decrease in cargo flow, in 2023, the Georgian Railways increased the salaries of its employees.
