Pasifik Eurasia increases net profit by 125%
Pasifik Eurasia announced its inflation-adjusted financial statements dated 31.12.2023 yesterday (30 April 2024). According to the statement published on the Public Disclosure Platform (KAP), Pasifik Eurasia’s net profit for the period increased by 125% compared to 2022, reaching 235 million TL, while its revenue was recorded at 710 million TL. During the same period, the company’s equity rose by 578% to 1.1 billion TL, and its total assets reached 1.6 billion TL, reflecting a 97% increase as of the end of 2023.
“Our goal is to grow the company by positioning railway transportation at the center”
Pasifik Holding CEO F. Nusret Dur stated that demand for railway transportation is increasing significantly in the global logistics sector. Noting that rail freight currently accounts for only 1% of Türkiye’s international transport share, Dur said: “We will continue our investments and efforts to raise this share to 5% as soon as possible. Railway transportation has recently become the most-discussed mode in logistics. The main reason for this is the concept of ‘Green Logistics.’ Railway transport conducted over electrified lines significantly strengthens the foundation of green logistics by reducing carbon emissions. As a company, we operate in line with this purpose. We have partnered with leading railway companies in Europe. Our negotiations continue for additional agreements, including terminal investments that will increase capacity.”
Dur emphasized that Türkiye will allocate significant investment to railway infrastructure in the coming period, and that as a DTI (Railway Train Operator), Pasifik Eurasia will conduct transport operations with its own locomotives and wagons — reducing costs and increasing business volume. Dur continued:
“In the world, most of the rail freight traffic between China and Europe flowed through the northern corridor — China–Kazakhstan–Russia–Ukraine. However, due to the ongoing war in the region, the Middle Corridor gained importance. Since we began operations on the Middle Corridor in 2019, transport volumes declined last year due to modernization and maintenance works on the BTK line, which limited capacity. To ensure uninterrupted transport, our company supported operations through a rail–road–sea combination by using our vessel on the Karasu–Samsun–Batumi route across the Black Sea. We know that modernization of the line will be completed very soon, which will translate into significant volume increases for our transports to Turkic Republics and China. Additionally, our negotiations and trial shipments with major corporate clients in Türkiye for project cargo continue — all of which signal growth in our rail operations in 2024.”
“We will continue to grow in 2024”
Dur highlighted that Pasifik Eurasia has worked intensively on both national and international platforms since its establishment to contribute to Türkiye’s foreign trade. Reminding that the company has signed major international agreements and carried out key transports since 2019 to help realize the Iron Silk Road vision from Asia to Europe, Dur added that by entering air and sea freight in 2022, they have shaped logistics across all transport modes. He stated that Pasifik Eurasia continues to work with the goal of becoming the sector leader in combined, intermodal and multimodal transportation.
Dur also emphasized the importance of the 1,200-kilometer "Development Road Project," which will link the Persian Gulf to Europe via Iraq and Türkiye, in positioning Türkiye as a logistics hub. He continued: “This new route will facilitate the movement of cargo from the region to Europe and Central Asia. We are closely following this project. Together with the new agreements we signed in Europe, the project cargo operations we launched, our existing partnerships in the eastern geography, terminal investments planned for strategic points and new leasing activities, we will continue to grow in 2024. Acceleration in public railway investments, favorable economic conditions expected in the second half of the year, increased focus on green logistics, and the cost impact of carbon footprint — all indicate that we are on the right path. With all these sectoral developments, as well as the agreements we have made, our international collaborations, our DTI and terminal investments, and the near completion of BTK line modernization, we are fully confident that we will achieve our revenue and profitability targets in the coming periods.”