The Ukrainian Railways joint-stock company (Ukrzaliznytsia) made a net profit of UAH 227.3 million in the first 11 months of 2021, the company’s Board Chairman Oleksandr Kamyshin has announced.

Ukrzaliznytsia announced this in a statement, the CFTS portal reports.

According to Kamyshin, the company continues to achieve positive financial results and has every prospect of ending 2021 with a profit.

"Ukrzaliznytsia had a positive financial result of UAH 113.9 million in November and a net profit of UAH 227.3 million in the first 11 months of 2021. The company is becoming more efficient and has every prospect of reaching a profitable level by the end of 2021," he said.

According to him, Ukrzaliznytsia made losses of about UAH 12 billion in the first 11 months of last year and UAH 147.3 million in November 2020.

"Such a difference in the financial results for the first 11 months of this and last year demonstrates that the company has entered into a phase of stable development," Kamyshin said.

The company’s EBITDA was UAH 12.6 billion in the first 11 months of 2021, which is UAH 3.9 billion more than its EBITDA in the corresponding period of last year. Its net sales revenue increased by 12.8% to UAH 77.4 billion.

As usual, revenue from freight transportation accounted for the largest share of the company’s sales revenue in January-November 2021, amounting to UAH 64.4 billion.

As the CFTS portal reported earlier, Ukrzaliznytsia reported a net profit of UAH 113.5 million for the first 10 months of 2021.

Kamyshin recently said that Ukrzaliznytsia would end 2021 with a profit. According to him, the company is expected to return to profit in 2021 despite making a loss of UAH 1.4 billion in the first six months of the year.

However, based on information provided by Ukrzaliznytsia, the Ministry of Finance has predicted that the company will make losses this year and in the next three years. It made the prediction in an analysis of the state budget’s fiscal risks.