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Monday, February 17, 2025

SMC tollway unit earned P7.26b in 9 months

The tollway unit of San Miguel Corp. (SMC) said its net income rose 13 percent in the first nine months of 2024 on the back of higher vehicle traffic.

SMC Tollways Corp. posted a net income of P7.26 billion from January to September last year, up from P6.43 billon in the same period in 2023.

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Total revenue amounted to P15.67 billion, a 5-percent increase from P14.97 billion in the same period in 2023.

Volumes increased across all vehicular classes in the nine-month period.

SMC Skyway Corp. achieved an average daily traffic (ADT) of 275,016, up by 1 percent from 271,074 in September 2023, while SMC Skyway Stage 3 Corp. achieved an ADT of 160,206, higher by 5 percent than 152,111 in September 2023.

Consolidated cost of services grew 17 percent on additional amortization of Skyway Extension and recognition of depreciation expense on machinery and equipment acquired during the period.

Consolidated operating expenses recorded a 12-percent decrease on lower taxes and licenses, decreased outside services due to lower manpower services, lower representation expense due to lesser external meetings, decline in cost of utilities due to lower consumption of power and water, lower insurance expense, seminars and trainings and other expenses.

These were offset by an increase in management fees due to inflationary factors, increase in professional fees due to legal fees for the Manila RPT case and higher personnel costs due to salary adjustments and related benefits.

SMC Tollways budgeted P11.33 billion for 2024 capital expenditures to partially finance the expansion of their existing expressway network and construction of a new toll road.

The company said a significant portion of the capex would go towards the TR4 project.

This 66.74-kilometer toll road will connect Sto. Tomas, Batangas to Lucena City, Quezon.

Upon completion in 2026, the P50-billion project aims to reduce travel time between these two points, from 3 hours to just 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).

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