SMC SLEX Inc. said Monday net income acclerated 41 percent in the first nine months from a year ago, on the back of higher vehicle traffic.
The operator of South Luzon Expressway said net income amounted to P2.49 billion from January to September, up from P1.76 billion it registeredin the same period last year.
Revenue grew 19 percent to P4.73 billion from P3.98 billion last year and was 1 percent higher than the pre-pandemic figure of P4.68 billion in 2019.
SLEX recorded an annual average daily traffic of 372,471 vehicles this year, higher by 16 percent than 321, 323 AADT last year.
“This is higher by 1 percent than the pre-pandemic figures of 368,119 due to the continuing implementation of lowest mobility restriction of Alert Level 1 beginning March 1, 2022,” the company said.
It said vehicle volume increased across all classes with the highest increase in class 1 and class 2 by 17 percent and 11 percent, respectively.
The company said the average transaction mode for the period was 80 percent for RFID and 20 percent for cash.
SMC SLEX said it budgeted P14.19 billion for 2022 capital expenditures, higher than its earlier announcement P9.49 billion.
It said it would use the amount to fund TR4 projects and other enhancement and expansion projects along SLEX, which includes preventive replacement of equipment to ensure that the toll collection system, traffic control and surveillance system and other critical systems of tollway operation are in good working condition.
The company in March 2019 started the construction of the 66.74-kilometer SLEX Toll Road 4 that would connect Sto. Tomas, Batangas to Lucena City, Quezon.
The toll road will shorten the travel time from Sto. Tomas to Barangay Mayao in Lucena City from the usual three hours to just 45 minutes.
The P26.1-billion project is expected to be completed by 2026. TR4 is a part of SLTC’s 30-year concession which will last until 2036.