Kazakhstan Railways (KTZ): revenues up, volumes down, major debt and a 70% discount

Kazakhstan Railways (KTZ) is experiencing a contradictory financial situation.

Revenues are growing but freight volumes are declining — driven by inflation and tariff increases.

KTZ's debt remains large and the company is offering shares at a 70% discount.

This situation could affect transit through Uzbekistan — Kazakhstan is the key transit country in Central Asia.

Nevertheless, KTZ continues to play a vital role on the China–Europe route.

Uzbek logistics operators need to monitor changing transit prices through Kazakhstan.