Georgian-based non-governmental organisation Society and Banks in its report in April said revenues from transport services in Georgia would increase by about $150 million compared to 2021 and exceed $960 million in the ongoing year. Photo: BTK Railway/Facebook
Georgian Railway will be able to carry about 21 more million tonnes of cargo annually following the completion of the modernisation of the network in the country, Georgian Railway Director General Davit Peradze told Business Morning TV programme on Monday.
Peradze noted the company was currently capable of carrying 27 million tonnes of freight per year, with an annual load amounting to 12-13 million tonnes. He added the figure would reach 48 million after the completion of the modernisation project.
The growth trend of the Georgian Railway has not stopped for the last four years, with a “record rate” of 10 percent increase observed in freight in 2021, Peradze was cited as saying by the local business online media outlet bm.ge.
He also spoke of the challenges facing the company, including the need for more locomotives, an upgrade of the existing fleet, and further improvements to railway tracks.
The Director General also said the Georgian Railway had generated a profit of ₾23.5 million in the first quarter of this year.
The company reported a profit of ₾52,711 ($18,399/€17,179) in 2021 following four years of operating losses, with 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-based non-governmental organisation Society and Banks in its report in April said revenues from transport services in Georgia would increase by about $150 million compared to 2021 and exceed $960 million in the ongoing year.