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Saturday, February 24, 2024

More cars, higher toll lifted NLEX Corp.’s income in first half

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NLEX Corp. said over the weekend net income grew 28 percent in the first half from a year ago, driven by vehicle traffic recovery and increased toll.

The operator of North Luzon Expressway and Subic-Clark Tarlac Expressway said it earned P4.5 billion from January to June, higher than P3.5 billion it posted in the same period last year.

Six-month revenues climbed 23 percent to P10.4 billion from a year earlier on strong traffic demand and implementation of toll adjustments.

NLEX implemented toll adjustments on NLEX and SCTEX in May 2022 and June 2022, respectively.

All vehicle classes posted double-digit growth in revenues, with Class 1 revenues growing by 19 percent, Class 2 by 31 percent and Class 3 by 21 percent. This was partly due to the base effect of mobility restrictions still enforced in the first quarter of 2022, the company said.

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The company said that as of June 2023, average daily traffic on NLEX reached 322,540 daily vehicle entries, higher than the 2022 figures by 16 percent, while average daily traffic in SCTEX went up 14 percent to 80,938 daily vehicle entries.

Cost of services amounted to P3.7 billion, up 17 percent from P3.2 billion in the same period last year.

NLEX paid P999 million in concession fees to the Bases Conversion and Development Authority, representing 50 percent of toll revenues on SCTEX.

The company said that as of the second quarter of 2023, concession fees increased 37 percent from the same period in 2022, driven by higher toll revenues on SCTEX.

Philippine National Construction Corp.’s fee amounted to P519 million, which consisted of the government’s share in NLEX revenues.

NLEX spans about 105 kilometers or 598 lane-kms. and is the main infrastructure backbone that connects Metro Manila to Central and Northern Luzon. SCTEX is a 93.77-km four-lane divided highway, traversing the provinces of Bataan, Pampanga and Tarlac.

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