Incomes of Georgian Railway still reducing

Incomes of Georgian Railway still reducing

Last year, the incomes of the Georgian Railway reduced again. Namely, the state company generated an annual income of 434,5 mln GEL, which was 1.2% less than in 2016. In Q4, incomes of the Railway were equal to 131,2 mln GEL, which was 12% more than in the same period of the previous year.

A major part of the income of Georgian Railway is generated from freight transportation. The annual income of the company generated from freight transportation made 262.7 mln GEL, which was 29.9 mln less than in 2016.

Only 6% of the income generated from freight transportation is the share of local freight. Majority of it was transported from Azerbaijan and Armenia (28% and 23% respectively). The major part (38%) is from Russia, Kazakhstan, and Turkmenistan.

Incomes generated from transportation of fluid cargo makes 44% of the total volume. The rest is solid cargo.

In its annual review, Georgian Railway states that the incomes are mainly influenced by GEL exchange rate, since incomes of the company are calculated in GEL and tariffs are denominated in USD.

A major part of the fluid cargo is oil and oil products. In Q4 2017, the incomes generated from transportation of oil products reduced by 4% compared to the previous year, however, it increased by 6% compared to Q3 2017.

Oil and oil products are mainly transported from Azerbaijan, Turkmenistan, Russia, and Kazakhstan, however, last year the volumes dramatically changed. Namely, the share of Azerbaijan in total volume reduced to 19%, while in 2016 the share of Azerbaijan in a total volume of oil product transportation was 36%. Instead, the share of Kazakhstan increased to 34%, while in the previous year it made only 11%.

In Q4 2017, incomes from crude oil transportation reduced annually by 75%, however, compared to Q3, growth made 97%. Incomes generated from transportation of this type of freight made 8.1 mln GEL, instead of 28.3 mln in 2016. Crude oil gets to the Georgian corridor mainly from Azerbaijan and Turkmenistan. Its final destination is USA and Italy.

Last year, incomes from transportation of ore increased. In 2017, Georgian Railway generated income of 25.29 mln GEL from ore transportation and in 2016 – 24.82 mln GEL.

In Q4, incomes from grain transportation reduced by 48% annually, however, compared to Q3 2017, it increased by 16%. In 2017, the railway generated 44% less from grain transportation. Total earned made 8 mln GEL.

As to ferrous metal and metal scrap, in 2017, incomes from transportation of this type of freight reduced by 49% and made 10.5 mln GEL.

Cargo turnover and incomes of the Georgian Railway changed in years as follows:

Cargo turnover:

• 2012 – 20,076 mln tons

• 2013 – 18,185 mln tons

• 2014 – 16,673 mln tons

• 2015 – 14,143 mln tons

• 2016 – 11,882 mln tons

• 2017 – 10,6 mln tons

Incomes:

• 2012 – 469.8 mln GEL

• 2013 – 481.7 mln GEL

• 2014 – 511.5 mln GEL

• 2015 – 574.7 mln GEL

• 2016 – 439,9 mln GEL

  2017 – 434,5 mln GEL

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