Vagonservice, which provides service maintenance for passenger carriages of the parent company Passenger Transportation (a subsidiary of Kazakhstan Temir Zholy), posted a loss of 5.8 billion tenge in 2025, compared with a profit of 2.8 billion tenge in 2024. This was reported by Qazaqyia.kz citing Kursiv Media.
According to the company's financial statements, Vagonservice's revenue slightly increased to 56.7 billion tenge from 55.8 billion in 2024.
Revenue and costs
Revenue from services to related parties amounted to 52.6 billion tenge (in 2024 – 52.2 billion), services to third parties – 3.8 billion (3.6 billion), sales of goods to third parties – 269.4 million (28.3 million).
In the cost of sales, the increase in personnel costs to 12 billion from 11 billion in 2024, electricity to 100.4 million from 91 million, and rent to 184.1 million from 145.1 million draws attention.
Total loss
At the end of 2025, the company's uncovered loss amounted to 3.7 billion tenge, compared with undistributed profit of 4.9 billion tenge at the end of 2024.
In 2017, Vagonservice entered into a trust management agreement with Passenger Transportation, transferring fixed assets worth 6 billion tenge to the latter. At the end of 2025, the value of transferred assets decreased to 3.98 billion tenge.
Dividends and bonds
In 2025, Vagonservice paid 2.8 billion tenge in dividends to its shareholder, and 1.95 billion tenge in 2024. In 2023, the company issued 32.25 million bonds on the Astana International Financial Centre (AIX) exchange with a face value of 1,000 tenge and a maturity until 2033. The coupon rate is floating – the base rate of the National Bank of Kazakhstan (currently 16.75% per annum) + 1.5%.
Loans
In addition, in 2015, Vagonservice received a loan of 5 billion tenge from the Development Bank of Kazakhstan (a subsidiary of the Baiterek holding) for 20 years at 1.75% per annum to purchase 28 passenger carriages (the effective rate is 7.38%). At the end of 2025, the debt on the DBK loan amounted to 3.8 billion tenge.
Activities
Vagonservice is engaged in current repairs and technical maintenance of passenger carriages, supplying the carriage fleet with water and solid fuel, as well as leasing carriages.
Passenger Transportation losses
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 in 2024, as reported earlier. It is worth noting that railway passenger transportation is traditionally unprofitable in Kazakhstan. Kazakhstan Temir Zholy resorts to cross-subsidization of passenger transportation at the expense of revenues from freight transportation. Moreover, in freight transportation itself, only the transportation of certain goods is profitable – during export and transit. Passenger Transportation paid an advance at the end of 2025 to Stadler Kazakhstan (part of Swiss Stadler) 208.2 billion tenge for the purchase of passenger carriages (a year earlier – 162.6 billion tenge).