NBS: NRC generated N5.6bn in 2022 — down by 7.7% in one year

According to the Nigerian Railway Corporation (NRC), in 2022, revenue from passengers, cargo, and other services totaled N5.57 billion.

When compared to the revenue (N6.03 billion) generated in 2021, this amount reflects a decline of 7.69 percent to N464.74 million.

The National Bureau of Statistics (NBS) published a report on rail traffic for the third and fourth quarters (Q3 and Q4) of last year that includes the NRC data.

The organization earned N4.54 billion from passengers in 2022 compared to N5.69 billion in 2021, the study states.

Revenue from goods and cargo increased to N416.85 million in the reviewed year from N299.80 million in 2021, while revenue from other receipts increased to N607.80 million, or N569.38 million, from N38.42 million in 2021.

QUARTER THREE AND QUARTER FOURTH 2022 REVENUE

NBS added that the business earned N715.09 million in the third quarter of 2022.

Comparing this to the revenue of N1.48 billion earned in the second quarter (Q2), it shows a decline of N764.91 million (51.68 percent).

A 60.52 percent decrease from the N1.81 billion received in Q3, 2021, is also shown by this amount.

The data agency reports that in Q3 of last year, there were 500,348 fewer passengers at the NRC.

Speaking of the quarter’s components, NBS reported that revenue from goods and cargo totaled N101.84 million in Q3 2022, a decrease of 7.04 percent from the N109.56 million earned in Q3 2021.

The report states that from the N14.61 million reported in Q3 2021, “other receipts” increased by 707.31 percent in Q3 2022.

This is less than the 696,841 figures from the third quarter of 2021, which represents a growth rate of -28.20 percent.

33,312 tonnes of products were moved in Q3 2022, as opposed to 51,726 tonnes reported in Q3 2021, according to TheCable Index study.

NBS said that the company’s passenger-related revenue for the fourth quarter of 2022 was N1.15 billion, down from N1.91 billion in the same quarter the previous year.

According to the agency, there were 1.34 million passengers in Q4 2022, a 30.10 percent rise over the 1.03 million travelers who were documented in Q4 2021.

The office also said that Q4 2022’s revenue from goods increased by 63.56 percent to N157.23 million from the N96.13 million reported in the same quarter the previous year.

However, the study reveals that the amount of products moved fell by 1.50 percent in the quarter under evaluation.

“Other income receipts were N382.17 million, up 3,316.18% from the N11.19 million reported in Q4.”

However, on an annual basis, the number of passengers increased by 18.36 percent.”