CBS Holding, the company behind nearly 1,000 of Tbilisi’s familiar blue minibuses, saw a significant drop in profits in 2023, primarily driven by increased driver salaries. As the recently published data indicates, the holding group earned 122.7 million GEL in revenue, a decline of 8.5 million GEL compared to 2022. Profits fell more sharply, from 29.3 million GEL to 17.9 million GEL over the same period.
The report emphasizes wage expenses as the company’s largest cost, with driver salaries accounting for 48.9 million GEL in 2023. The group attributed its shrinking bottom line mainly to these rising personnel costs.
CBS Holding encompasses four minibus operators—Tbil Line, Capital Group, Tbil Car, and Public Car, all of which are integrated into the city’s cashless payment system managed by the Tbilisi Transport Company. Despite operating the fleet, the companies do not retain fare income directly, all revenue from passenger fares goes to the Tbilisi Municipality Transport and Urban Development Agency.
