FGK returned to first place – Kommersant

The Federal Freight Company (FGK, controlled by Russian Railways) for the first time in several years has taken the first line in the rating of INFOLine Rail Russia Top operators. The shift occurred following the results of the publication by operators of data on revenue and profit. According to the results of both 2022 and the first quarter of 2023, FGC overtook the First Freight Company (PGK) of Vladimir Lisin. Freight One removed FGC from the top positions in 2021 (see Kommersant dated June 22, 2021): it held the first place for four years (see Kommersant dated October 12, 2017), and before that, Freight One headed the rating.

Mikhail Burmistrov, head of Infoline-Analytics, says that Freight One has remained the leader in terms of transportation and cargo turnover. In 2022, it actively optimized its asset portfolio, in particular, it sold cement carriers, universal platforms, and at the beginning of 2023, small-cube boxcars, which led to a reduction in the ownership and management of the fleet. The expert connects the improvement of FGK’s positions with the growth of revenue due to the use of the spot market conditions and the development of integrated transport and logistics services.

In absolute terms, the revenue of FGC and Freight One is approximately equal to 100.2 billion rubles. according to IFRS and RAS, respectively, in terms of specific indicators, Freight One is ahead of FGC – 2,797 rubles. per wagon per day against 2488 rubles. But growth in FGK is higher – 43% and 62.4% versus 19.4% and 28.4%, respectively. However, in terms of revenue per car per day, both of them in 2022 are noticeably ahead of Ugol-Trans with 9.4 thousand rubles, LUKOIL-Trans with 7.2 thousand rubles. and Gazpromtrans with 7 thousand rubles. Some traditionally profitable specialized operators, such as Transoil, are not disclosed.

FGK General Director Viktor Voronovich notes that in 2022 it was able to use “the maximum number of the fleet in domestic transportation.” According to him, the empty run to total ratio was reduced to 0.33 from 0.38 in 2021: “The company remains one of the key operators providing rolling stock for the transportation of humanitarian and socially significant goods (67% of the cargo base).” PGK declined to comment. In general, the rating notes, the revenue of the largest operators grew in 2022 by 28.4%, and profit almost doubled. This was helped by the growth of rental rates and profitability of operating, as well as the sale of assets.

Natalya Skorlygina