SNCF Group profits from ‘sharp rise’ in rail passengers

French rail operator SNCF Group made a net profit of €143 million in the first half of 2024 as passenger numbers reached record levels, including carrying nearly 80 million passengers on its high-speed services.

The state-owned company has now made a profit for six consecutive half-year periods – a stark contrast to Germany’s Deutsche Bahn Group, which announced job cuts last week after recording a huge €1.2 billion loss in the first half of the year.

SNCF saw group revenue rise by 3.4 per cent year-on-year to reach €21.4 billion for H1, driven by a “sharp rise” in passenger traffic across its network, with SNCF Voyageurs seeing an 8.1 per cent rise in revenue to €10.1 billion over this period.

This included a 7.5 per cent year-on-year rise in passengers on its TGV high-speed network in France and Europe, which benefited from an “energetic sales strategy”, as well as a 10 per cent increase on its Intercités long-distance trains.

SNCF is also the majority shareholder in Eurostar, which carried around 9.4 million passengers during the half-year period, up by 7.5 per cent on the first six months of 2023.

The company added that around 50 per cent of TGV tickets were sold for less than €45 during the half-year, including its expanding Ouigo low-cost services.

“In summer 2024, SNCF voyageurs beefed up its offer to meet increased demand for train travel, offering 400,000 more seats on TGV Inoui trains than in summer 2023,” added SNCF in its results statement.

“The decision was made to expand Ouigo offers by adding new destinations and more trains – an additional 12 trainsets over the next three years.”

Laurent Trevisani, deputy CEO of the SNCF Group, added: “Our diversification strategy has paid off, securing solid positions in our markets, and we are generating profitable growth while scaling back our debt.

“These results, in turn, will help us fund heavy investments in France’s core rail network, and more broadly to contribute to decarbonisation within the transport sector.

Trevisani highlighted that these financial results had been achieved while the company was preparing for the influx of international visitors attending the Paris Olympics and the forthcoming Paralympic Games.

“Millions of visitors will be transiting through the 56 railway stations serving Paris 2024 sites in France, and those visitors include Olympic and Paralympic athletes for whom SNCF Group is providing transport throughout the Games,” he added.