Public rail cannot be made profitable unless one price tickets above what the poor can afford which defeats the object. It cannot have competition since you cannot have two companies competing on the same rail, so, as a private company it will be an instant monopoly,  much like PRASA.  The only solution is to run it  as a government department by public servants.  Much like it used to in the old days as Spoornet. The aim here is not to make a profit but to provide reliable , safe and affordable public transport. Private investors are only interested in profit, not public service which should be a government function but no longer is.