Georgian Railway – 1H 2021 Update

8 Oct, 2021
  • Fitch Ratings affirmed its BB- long-term issuer credit rating for Georgian Railway in August 2021 but revised the Negative Outlook to Stable, mainly due to the revision of Georgia’s sovereign outlook.
  • Georgian Railway posted a 13.2% YoY increase in its revenues in 1H 2021 in GEL terms (+3.3% YoY in USD terms due to the GEL depreciation).
  • The net finance loss improved by 9.5% YoY, resulting in a net loss of GEL 32.0mln in 1H 2021, a 51.3% YoY improvement.
  • Georgian Railway’s overall freight transportation tariff decreased by 7.2% in 1H 2021 in USD terms.
  • Georgian Railway’s containerized cargo throughput saw a 4.8% YoY decrease. The decline in containerized cargo can be explained by a 225% increase in global transportation prices.
  • The recent decline in World Container Index provides positive outlook for future railway containerized cargo.
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