The net income of San Miguel Corp.’s tollway unit surged 21 percent in the first quarter of 2024, fueled by a rise in vehicle traffic.
SMC SLEX Inc. earned P1.16 billion from January to March, up from P964 million in the same period last year.
Revenue from toll operations reached P1.94 billion, higher by 15 percent than P1.68 billion last year. Average transaction mode for the period was 94 percent for RFID and 6 percent for cash.
South Luzon Expressway recorded an average daily traffic (ADT) of 357,774 as of end-March, a 2-percent increase from 352,185 last year.
Cost of service posted an increase of P30.1 million on higher operations and maintenance fee, higher Philippine National Construction Corp.’s (PNCC) share due to increase in top revenue, higher amortization of service concession rights, higher provision for resurfacing and maintenance oblivion and higher concession insurance premiums.
Operating expenses, however, dropped 22 percent to P67.3 million from P86.4 million due to lower depreciation and amortization, lower advertising cost by P8.1 million and lower repair and maintenance for vehicle and equipment.
SMC SLEX earlier allotted P8.06 billion for 2024 capital expenditures (capex) to partially finance the TR4 project and the widening of the South Luzon Expressway (SLEX).
Upon completion in 2026, the P50-billion project 66.74-kilometer toll road will connect Sto. Tomas, Batangas to Lucena City, Quezon that would significantly reduce travel time between these two points, from 3 hours to 45 minutes.
The toll road will be divided into six sections, including Sto. Tomas, Batangas to Makban in Laguna (11.32 km); Makban to San Pablo City (12.75 km); San Pablo to Tiaong in Quezon (7.5 km); Tiaong to Candelaria (15 km); Candelaria to Tayabas (10.21 km); and Tayabas to Lucena (9.96 km).
SLEX spans 36.1 km from Alabang, Muntinlupa to Sto. Tomas, Batangas. It is one of the three major expressways that link Metro Manila to the key southern provinces of the Philippines, including Cavite, Laguna, Batangas, Rizal and Quezon (Calabarzon).
