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Wednesday, May 29, 2024
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NRZ records profit

Story by Lisa Masuku

THE National Railways of Zimbabwe (NRZ) recapitalisation is paying off after the company recorded a profit of more than ZWL270 billion in 2021 compared to a net loss of ZWL3.4 billion in the previous year.

The transformation of the NRZ came to the fore during the entity’s Annual General Meeting in Bulawayo this Monday, where the organisation’s 2021 annual report was presented.

“The company continued to operate below break-even point due to decline in tonnages and resultant revenues generated thereof, however during the period under review, the company realised a comprehensive profit of ZWL270 billion compared to a net loss of ZWL 3.4 billion in the previous year,” said NRZ General Manager, Ms Respina Zinyanduko.

The entity is also targeting to increase the capacity of its freight from the current 2.5 million to 6.5 million by 2025 to ensure the ailing railway giant becomes a key economic enabler.

The critical role of NRZ as an economic enabler will entail increasing capacity of freight from the current 2.5 to 6.5 million tomes by 2025 and improvement of the passenger train services,” noted the Deputy Minister of Transport and Infrastructural Development, Honourable Mike Madiro.

Government is convinced that the revitalization of NRZ is central in ensuring the organisation becomes the dominant logistics player in the region by 2030.

“The government’s commitment towards revamping NRZ from the highest office is beyond doubt. The objectives are to improve the rail infrastructure quality index to 68% by 2025 from the current 57% and increase freight volumes to 6.7 million tonnes per annum from the current 2.3 million tonnes as well as increase passenger services. The Government is eager to see the success of NRZ and hence our emphasis to make good the NRZ vision: To be the dominant logistic player in the region by 2030, he added.

The country’s railway giant has so far managed to refurbish 257 wagons against a target of 300.

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