Vagonservis, a company specializing in maintenance of passenger railcars, posted a net loss of 5.8 billion tenge in 2025, compared with a profit of 2.8 billion tenge a year earlier, reports infohub.kz.
According to its financial statements, revenue edged up to 56.7 billion tenge from 55.8 billion tenge in 2024. Most of the revenue (52.6 billion tenge) came from services to related parties, nearly unchanged from 52.2 billion tenge in the previous year. Revenue from services to third parties rose to 3.8 billion tenge from 3.6 billion, while sales of goods to third parties jumped to 269.4 million tenge from 28.3 million tenge.
Cost of sales was driven higher by a rise in personnel expenses to 12 billion tenge from 11 billion tenge. Electricity costs increased to 100.4 million tenge from 91 million, and rental expenses to 184.1 million tenge from 145.1 million.
As of end-2025, the company's accumulated deficit stood at 3.7 billion tenge, compared with retained earnings of 4.9 billion tenge at end-2024.
In 2017, Vagonservis entered into a trust management agreement with Passenger Transportation, transferring fixed assets worth 6 billion tenge. By end-2025, the value of those assets had declined to 3.98 billion tenge.
In 2025, the company paid dividends of 2.8 billion tenge to its shareholder, up from 1.95 billion tenge in 2024. In 2023, Vagonservis listed 32.25 million bonds on the Astana International Financial Centre (AIX) with a face value of 1,000 tenge each and a maturity until 2033. The coupon is floating, linked to the base rate of the National Bank of Kazakhstan (currently 16.75% per annum) plus 1.5%.
In 2015, the company took a 5 billion tenge loan from the Development Bank of Kazakhstan (a subsidiary of Baiterek Holding) for 20 years at 1.75% per annum to purchase 28 passenger railcars (effective rate 7.38%). As of end-2025, the outstanding debt on this loan was 3.8 billion tenge.
Vagonservis specializes in current repairs and maintenance of passenger railcars, supplying the fleet with water and solid fuel, and leasing railcars.
Earlier it was reported that Passenger Transportation (a subsidiary of Kazakhstan Temir Zholy) posted a loss of 25.1 billion tenge in 2025, compared with a loss of 14.4 billion tenge in 2024. Rail passenger transportation is traditionally loss-making in Kazakhstan. Kazakhstan Temir Zholy offsets these losses with revenue from freight, though only certain export and transit cargoes are profitable. Additionally, Passenger Transportation made advance payments of 208.2 billion tenge to Stadler Kazakhstan (part of Swiss Stadler) for the purchase of passenger railcars, up from 162.6 billion tenge a year earlier.