Record revenues for railway in 2017
“City staff strive to operate the Railway in a safe and profitable manner and have worked hard over the last three years to increase its financial performance,” says Peter Cartwright, acting CEO of Guelph Innovation District. “Operating costs have been reduced, new business has been brought in and safety improvements have been made—all of this has resulted in this positive financial return and illustrates the company’s collective objective of continued improvement.”
City staff from multiple departments worked with the Guelph Junction Railway Board to initiate improvements to the Railway’s business operations in 2015 after Les Petroczi joined the City as the General Manager of the Railway. A focus on financial management, and increased marketing efforts and service delivery have helped improve the Railway’s fiscal and service sustainability.
The Railway’s Board of Directors also approved a dividend policy in December 2016 to ensure the strategic growth of Guelph Junction Railway while adding growth in shareholder value.
“This first dividend helps demonstrate the Railway’s value as an asset to the City,” says Ian Brown, Chair of Guelph Junction Railway Ltd. “Our Board members are confident that Guelph Junction Railway will continue to provide benefit to the community through safe, sustainable and well maintained rail service for our customers.”
Focus on safety
Guelph Junction Railway received a $25,000 grant from Transport Canada in 2017 as part of the Rail Safety Improvement Program. Some funds were used to improve safety at the Macdonell Street rail crossing, and to remove a rail crossing at Elmira Road. More safety improvements will be made in 2018.
- Guelph Junction Railway was originally established in 1886 by a Special Act of the federal government to foster economic growth in Guelph and the surrounding communities.
- The City has owned Guelph Junction Railway since 1908. It is managed by a board of directors.
- Guelph Junction Railway owns 38.6 kilometres of track that runs from the Guelph Junction near Campbellville, Ontario to Guelph’s northwest industrial park.
- Guelph Junction Railway connects with the Canadian Pacific Railway and the Canadian National Railway.
- Guelph Junction Railway has 10 customers and provides transloading services (moving shipments from one mode of transportation to another) to local Guelph businesses as well as others.
- Guelph Junction Railway is used to move industrial products such as grain, plastics and lumber.
Acting CEO, Guelph Innovation District, Business Development and Enterprise
519-822-1260 extension 2820