The Ukrainian Railways joint-stock company (Ukrzaliznytsia) made a net loss of UAH 10.8 billion in 2022, according to expected data. It also made a loss of UAH 13.3 billion from passenger transportation.
Ukrzaliznytsia announced this in a statement on Thursday, the CFTS portal reports.
The company noted that the government allocated UAH 10 billion to Ukrzaliznytsia last year to support its liquidity and ensure smooth operation of the railway industry.
According to Ukrzaliznytsia’s financial plan for 2023, which was approved at the end of last year, the company expects losses of UAH 20.2 billion, revenues of UAH 83.9 billion, expenditures of UAH 107.9 billion, and EBITDA (earnings before interest, taxes, depreciation, and amortization) of UAH 8.4 billion this year.
The government plans to allocate UAH 1.7 billion from the state budget to the company. The company’s capital investments in 2023 should amount to UAH 50 billion, which, according to the company, is four times more than its capital investments in 2022.
Ukrzaliznytsia also stated that it does not plan to raise freight and passenger transport rates in 2023.
"These are the basic indicators stipulated in our financial plan. We are entering this year with a projected loss of UAH 20 billion. We forecast freight transportation at the same stabilized level. Furthermore, we do not plan to raise freight and passenger transport rates. Therefore, we have a projected loss. At the same time, we are counting on a record level of capital investments, which we will finance with borrowing from international financial institutions. We will receive the first grants for development of infrastructure this year," Ukrzaliznytsia’s Board Chairman Oleksandr Kamyshin said.