2021 was a financially successful year for Georgian Railway
Georgian Railway showed a profit of 52.7 million lari in 2021.
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Despite the pandemic, the company’s cargo turnover increased by more than 12 million tons in 2021, according to the railway magazine Railway Supply, citing Georgian Railways.
Georgian Railway has maintained the growth trend of freight traffic since 2018. Positive changes in the company’s revenue are also observed. It increased by 12% to 547 million lari.
It should be emphasized that in the second quarter of 2021, the Georgian Railway successfully refinanced its Eurobonds issued in 2012.
With the issuance of new green bonds, the company reduced the annual coupon payment from 7.75% to 4%. Georgian Railway will save over $130 million over a 7-year period.
After 2016, the Georgian Railway suffered losses due to the depreciation of assets and the devaluation of the lari.
And in 2021, despite the pandemic and other challenges, the company’s management was able to reverse the negative trend and close the year with a profit.
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