NRC Reports 13.83% Revenue Growth in Q3 2024

The Nigerian Railway Corporation (NRC) experienced a 13.83% year-on-year revenue growth in the third quarter of 2024, with total earnings of N1.70bn.

Ekohotblog reports that this increase can be attributed to a surge in passenger numbers and freight services, as reported by the National Bureau of Statistics (NBS).

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In Q3 2024, NRC transported 743,205 passengers, marking a 25.05% rise from the 594,348 recorded in the corresponding period of 2023.

Revenue generated from passenger travel amounted to N1.70bn, an increase of 13.83% from the N1.49bn recorded in Q3 2023.

Furthermore, the NRC’s revenue from goods and cargo transportation saw an impressive 89.60% growth, rising from N217.60m in Q3 2023 to N412.57m in Q3 2024.

Despite this progress, revenue generated from the movement of goods and cargo via pipelines experienced a decline, dropping to N51.85m in Q3 2024 from N69.18m in Q3 2023.

Other receipts amounted to N34.77m, indicating a decrease of 70.84 percent in Q3 2024 from the N119.22m received in Q3 2023.

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“The volume of goods/cargo transported via rail in Q3 2024 stood at 96,401 tons compared to 69,003 tons recorded in Q3 2023.

In the quarter under review, the Nigerian Railway Corporation (NRC) reported an additional volume of goods/cargo transported via pipeline which stood at 7,320 tons, lower than 12,960 tons in Q3 2023.”

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