16:40 31.03.2021

Cabinet approves financial plan of Ukrzaliznytsia for 2021 with UAH 3.6 bln profit

2 min read
Cabinet approves financial plan of Ukrzaliznytsia for 2021 with UAH 3.6 bln profit

The Cabinet of Ministers of Ukraine at a meeting on March 31 approved the financial plan of JSC Ukrzaliznytsia for 2021, providing for the company's revenues in the amount of UAH 93 billion.

According to the press service of Ukrzaliznytsia, the financial plan provides for the profit of Ukrzaliznytsia in 2021 at the level of UAH 3.6 billion. Through the sale of scrap metal, the company plans to receive UAH 1.5 billion, from the alienation of non-core assets - UAH 1.9 billion and from the write-off of non-current assets - UAH 1 billion.

The company plans to transfer UAH 24.7 billion in taxes and fees to the state and local budgets. Capital investment plan is UAH 27 billion. The volume of freight traffic is planned to increase by 1.7%, to 306.4 million tonnes.

The company plans to spend most of its capital investments on the renewal of railway rolling stock (purchase of new, modernization and overhaul of the existing fleet), increasing the capacity of bottlenecks in the infrastructure, as well as funds will be used to repair and modernize tracks. In particular, it is planned to purchase about 80 passenger cars, update about 23,500 freight cars, 451 passenger cars, two Skoda high-speed electric trains, 318 locomotives, 76 sections of multiple unit rolling stock, six diesel trains and three rail buses. The financial plan also increased the volume of rolling stock repairs to maintain the working fleet.

"Despite the crisis caused by COVID-19, significant investments in the development of the company are planned for this year. After the approval of the financial plan, we should make up for lost time in capital investments. Among the main projects are the beginning of large electrification of railways, namely the Dolynska-Mykolaiv and Izov-State Border sections, the purchase of a large batch of passenger cars for funds from the state budget, modernization of locomotives and repair of freight cars. Thanks to the government and our partners for supporting the financial plan," acting chairman of the board of Ukrzaliznytsia Ivan Yuryk said.

As reported, Ukrzaliznytsia in 2020 posted a loss of UAH 11.5 billion.

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