Income of Georgian Railway JSC increases by 23%

Business Materials 1 August 2019 15:52 (UTC +04:00)

Baku, Azerbaijan, August 1

By Tamilla Mammadova – Trend:

The income of the Georgian Railway JSC from freight traffic increased by 23 percent within 6 months of 2019, Trend reports with reference to Georgian Railways JSC.

The income of the JSC from freight traffic increased by 32.7 million lari (about $11 million), which is 23 percent more compared to the same period in 2018.

Georgian Railway JSC is a monopolist of rail freight and passenger traffic in Georgia. The turnover of the company, according to the Ministry of Finance, is about 388.2 million lari. The company employs over 12,600 people.

The company notes that despite the fact that in recent years, rail transportation of crude oil has decreased significantly, and during 2019 this type of transportation was generally zero, the increase in revenue of Georgian Railway JSC is due to the tendency of increasing shipments of dry cargo.

In addition, in the first quarter of 2019, the volume of freight traffic by rail was 2.5 million tons, which is 105,000 tons more than in the same period of 2018.

The growth in freight turnover, according to the JSC data, is due to both the growth in rail freight traffic and the growth in container traffic.

In addition, since 2018, the company has been carrying out transit shipments of wheat and coal from Kazakhstan.

(1 USD = 2.97 GEL on August 1)