Higher traffic drives NLEX earnings growth
NLEX Corp. grew its nine-month net income by 16 percent to P3.4 billion, driven by higher toll revenues in the North Luzon Expressway and the Subic-Clark Tarlac Expressway.
Revenues climbed nine percent to P8.6 billion owing to the steady increase in traffic in both the NLEX and SCTEX and steady revenue contributions from its non-toll business operations.
Toll revenues also increased nine percent to P8.5 billion.
The average daily traffic for NLEX reached 233,332 daily entries as of the end of September, up seven percent year on year while average daily traffic for SCTEX hit 53,407 entries or an increase of 22 percent.
Non-toll revenues went up 14 percent to P122 million due to increase in royalty fees, utility facility fees and other non-toll initiatives.
NLEX earlier said it was eyeing toll revenues of P24.1 billion by 2022, boosted by existing and new tollway projects.
Core net income is also forecast to grow to P9.68 billion in the next five years.
The company is investing P29.43 billion in new projects between 2018 and 2020. These projects include NLEX Segment 10 which is projected to be operational by first half of 2018, Segment 10 from C3 to R10 section which is targeted for completion by the first quarter of 2019, and the expansion of Subic Freeport Expressway which is slated to be finished by first quarter of 2019.