Georgian Railway reported revenue growth along with a significant drop in net profit for the first nine months of 2024, highlighting financial issues caused by increased expenses and exchange rate losses. Revenue increased by 2% to GEL 490 million, but net profit fell by 26% to GEL 75.4 million, with the decline primarily driven by an exchange rate loss.
Detailed overview is as follows:
- Employee salaries: GEL 171.7 million allocated to its 12,000 staff members
- Depreciation and amortization: GEL 48 million
- Operating expenses (electricity, fuel): GEL 63 million
- Miscellaneous costs: GEL 108 million
Despite revenue growth, the company faces significant debt due to the allocation of rising operational expenses. Georgian Railway is currently exploring strategies to address its economic challenges.
