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In the first half of 2022, operating revenue of "Latvijas dzelzceļš" Group increased, however, operating costs also went up as a result of the rapidly rising prices of energy resources

In 2022, "Latvijas dzelzceļš" Group continues work on improving the efficiency of operations that started a few years ago by reviewing business, organizational and technological procedures in order to optimize costs and ensure competitive and sustainable operations in the future.

One of the most important performance indicators of SJSC "Latvijas dzelzceļš" is the number of km travelled by trains, which is the basis for the calculation of infrastructure usage fees and determines infrastructure depreciation. In the first half of 2022, the number of train-km increased by 9.2% compared to the first half of last year, including a 15.2% increase in freight transportation and 4.7% increase in passenger transportation. In the first six months of 2022, freight transportation amounted to 2.59 million train-km and passenger transportation to 3.07 million train-km (including Gulbenes-Alūksnes Bānītis Ltd. – 23,800 train-km).

The amount of freight transported by railway stood at 12.23 million tons in the first half of 2022, which is 1.83 million tons or 17.6% more than in the same period of 2021. Import freights accounted for 72.8% of the total amount of freight transported by rail. Coal constituted the largest share of freight transportation (28.6%), as well as oil and oil products (17.7%) and grain, grain processing products, seeds and fruit (16.7%). The share of mineral fertilizers made up 5.9% of the total freight amount, the share of wood and articles of wood was 5.5%, and the share of other freights – 25.6%.

6.87 million passengers were carried by broad-gauge railways in the first half of this year, which is 46.4% percent more than in the first six months of 2021.

In the first 6 months of 2022, "Latvijas dzelzceļš" Group posted EUR 119.4 million in operating revenue, which is EUR 2.8 million euros more than in the first 6 months of 2021. It has to be said that last year, a financial settlement payment of EUR 8.3 million was received from the State and recorded in revenue, while this year the Group’s parent company SJSC "Latvijas dzelzceļš" closed the 6-month period with a profit of EUR 0.7 million, without receiving a financial settlement payment.

Not taking into account the EUR 8.3 million recorded in revenue in the first half of 2021, the Group’s revenues have actually increased by EUR 11 million this year, which is attributable to EUR 8 million increase in revenues of "LDZ CARGO" Ltd. and EUR 2 million increase in revenues of "LDZ Ritošā Sastāva Serviss" Ltd. Revenues of "LDZ CARGO" Ltd. rose thanks to increasing amounts of freight transportation, while revenue growth at "LDZ Ritošā Sastāva Serviss" Ltd. was based on repairs and maintenance of locomotives and wagons, sale of diesel fuel and oil, and staffing locomotives.

However, not only the Group’s revenues increased in the first 6 months of this year, so did its operating costs, which amounted to EUR 130.6 million in the first half of the year – EUR 7.3 million more than a year earlier. The cost of energy resources increased the most during the reporting period.

Since the total costs were higher than revenues in the first 6 months of 2022 and "Latvijas dzelzceļš" during this period did not seek a financial settlement payment from the State for 2022, losses from the Group’s operating activity amounted to a total of EUR 0.4 million.

In 2022, the main priorities and objectives of SJSC "Latvijas dzelzceļš" and the Group include improving efficiency of the companies’ operations, ensuring financial balance, developing and constantly improving organizational and technological procedures. Much attention will also paid to diversification of target markets and freight segments, attracting freight flows from new markets and developing new services. Furthermore, active work on the development of comfortable and efficient infrastructure for railway passengers will continue, as well as promoting safety near and on railway tracks.

Six-month financial reports of SJSC "Latvijas dzelzceļš'' and the Group are available here: