Georgian Railway reports $18,000 profit in 2021 after four years of losses

Georgian Railway reported a profit of ₾52,711 ($18,399/€17,179) in 2021 following four years of operating losses, as part of a new financial statement of the company. 

The document also shows the consolidated revenue of the company reaching ₾547,868 ($191,237/€178,458) last year, compared to ₾489,370 ($170,818/€159,369) in 2020, in addition to about ₾164,000 ($57,245/€53,381) of losses. 

Georgian Railway revenues in 2021 were from the following operations:

• Freight traffic - ₾423,795 ($147,928/€138,026)
• Logistic services - ₾69,371 ($24,214/€22,590)
• Passenger traffic - ₾14,808 ($5,168/€4,821)
• Rent of cars and other rental income - ₾4,647 ($1,622/€1,513)
• Freight car cross-border charge - ₾9,910 ($3,459/€3,226)
• Other - ₾25,337 ($8,844/€8,250)

In the report, the company said railroad transportation in Georgia was a “natural monopoly,” noting the prices were not subject to Government regulation. 

Consisting of three business units including infrastructure, cargo and passenger transportation, the company is fully owned by the Georgian Partnership Fund.