11:55 - 11.07.2025

---

July 11, Fineko/abc.az. Azerbaijan Railways (ADY) is currently operating profitably, but the balance sheet and profitability indicators are changing over time.

ABC.AZ reports that from January to September 2024, ADY's overall earnings amounted to 323.4 million manats. This figure is 2.7% less versus Jan-Sept 2023. Obviously, compared to 2023, revenues have shown balance.

Freight traffic in 2024 increased by 1.5% up to 18.565 million tons, and transit cargo grew by 6.2% up to 7.3 million tons. The number of passenger traffic increased more than by 16% in the first 4 months of 2025 up to 2.98 million people. Moody's credit rating was upgraded from B1 to Ba3 in May 2025.

This decision was made in 2024 amid rising incomes, improved economic performance, increased transit volumes, and reduced debt. Thus, it is possible that a 2.7% decrease in revenue in 2024 may affect profits, but transit and passenger traffic are growing, which justifies the recovery in revenue. Debt reduction and credit rating improvement (B1 → Ba3) during the specified period are significant indicators of financial stability.