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Mar 21, 2019

Net profit of Russian Railways rises to 18.4 billion roubles in 2018

 

 

The Company’s financial statements in accordance with Russian Accounting Standards (RAS) reflect the performance indicators at more than 60 branches and representative offices across the Russian Federation and abroad.

In 2018, OJSC Russian Railways recorded positive growth compared to 2017 in its main production, financial and economic indicators. The Company’s activity largely reflects the situation in the Russian economy and industry at large since it is closely tied to the work of the country’s largest producers of goods and manufactures.

Loading volumes in 2018 amounted to 1,289.6 million tons, 2.2% more than the level of 2017. Freight turnover taking into account empty runs of wagons belonging to other owners increased by 4% compared to 2017 and amounted to 3,304.8 billion ton-kilometres. This includes tariff freight turnover of 2,596.9 billion ton-kilometres, which is 4.2% more than during the previous year. The increase in freight turnover was mainly due to an increase in the volume and average distance of freight shipments.

Passenger turnover on the infrastructure owned by Russian Railways was up by 5.2% compared to 2017 and amounted to 129.4 billion passenger-kilometres. Long-distance passenger turnover amounted to 96.3 billion pass-km, an increase of 5.7% compared to 2017, while suburban turnover was 33.1 billion pass-km, up by 3.9%.

Total revenues at Russian Railways increased by 5.9% in 2018 compared with 2017 and amounted to 1,798.4 billion roubles, up from 1,697.6 billion roubles in the previous year. Freight revenues increased by 6.4% to 1,454.5 billion roubles, among other things due to an increase in freight turnover, while income from passenger traffic increased by 14.3% to 24.9 billion roubles.

The Company’s work to improve internal efficiency and optimise costs meant that the increase in unit costs at Russian Railways in 2018 came in lower than the rate of inflation. As a result, the Company’s profits from sales in 2018 amounted to 140.8 billion roubles, which is better than the figure in the previous year.

Net profit at Russian Railways in 2018 amounted to 18.4 billion roubles, up from 17.5 billion roubles in 2017. The increase in the reporting year was due to an improvement in the Company’s operating results.

In 2018, productivity growth at the Company was 6.8%. In accordance with the collective agreement, Russian Railways indexed wages and increased the minimum wage, which led to a rise in real wages of 5.9%.

In 2018, Russian Railways continued to implement projects aimed at renewing its locomotive fleet, increasing capacity and ensuring the safety of the railway infrastructure, including the implementation of priority infrastructure projects as part of the government’s programmes to develop transport infrastructure. Russian Railways invested over 500 billion roubles in the renewal of fixed assets.

The Company’s total assets in 2018 increased by 5% and amounted to 6,257.6 billion roubles as of 31 December 2018.

 

 

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