Renfe president says revenue will surge in 2022 as freight and passengers return

SPANISH national operator Renfe anticipates a €1.05bn revenue increase in 2022 through an increase of almost 120 million passengers and 1.5 million tonnes of freight, president, Mr Isaías Táboas, told the Spanish government’s Congress of Deputies Committee on Transport, Mobility and Urban Agenda on October 27.

Táboas said the expected increase in Renfe’s turnover will follow a significant rise in passengers and a sustained increase in freight volumes . Renfe is expected to transport 463 million passengers in 2022, up from 345 million in 2021, a 34% increase. This includes an expected 34 million passengers on high-speed and long-distance services, a return to pre-pandemic numbers.

Regarding freight, Táboas told the committee that Renfe will carry 17.5 million tonnes in 2022, an increase of 1.5 million tonnes compared with the 16 million tonnes expected this year.

Táboas says these improvements in performance will result in revenues of €2.49bn in 2022, a €935m increase compared to 2021 which is expected to close with a sales figure of €1.56bn. The company’s Ebitda is expected to close this year at €71m, but in 2022 it’s expected to be €438m - an improvement of 517%.

Táboas also expects a 24.5% increase in revenue from the Haramain high-speed railway line in Saudi Arabia to €64.4m, which is expected to be €13 million more than in 2021. The only income that decreases is that derived from state for Public Service Obligation (PSO) contracts, which is expected to decrease by €15m from €1.470bn to €1.455bn in 2022.

Renfe’s expenses are expected to rise by €682m to €3.93bn in 2022 as a result of the increase in activity.

The global results of the Renfe Group will go from a closing forecast of a loss of €348.5m in 2021 to a surplus of €7.9m in 2022.

Renfe also reports an increase of 2064 employees following the decision to take strategic activities such as ground services in-house through its Logirail business.

The company also plans to spend €918m in 2022. This includes €632m for the renovation of passenger and train fleets, of which €420m will be allocated to new passenger and freight trains while €112m will be for comprehensive train renovations.