NLEX 9-mo net up 24% to P7B

NLEX Corp. on Thursday said that net income grew by 24 percent in the first nine months of the year, driven by higher traffic and tolls.

The operator of North Luzon Expressway (NLEx) and Subic Clark-Tarlac Expressway (SCTEx) posted a net income of P7.07 billion in the January to September period, higher than the year-earlier P5.72 billion.

Total revenues amounted to P15.67 billion, up 20 percent from P13.1 billion. The company attributed the increase to higher traffic volumes and the impact of NLEx toll rate adjustments implemented in June 2023.

NLEX said all vehicle classes posted double-digit growth with Class 1 revenues growing by 18 percent, Class 2 by 26 percent and Class 3 by 18 percent.

As of September 30, average daily traffic at the NLEx reached 321,384 vehicle entries, 15 percent higher year on year, while the SCTEx average reached 77,878 or 10 percent above last year’s figure.

Average daily traffic for the Connector Road Section 1, meanwhile, averaged close to 12,000 vehicles per day.

NLEX said it paid P1.39 billion in concession fees to Bases Conversion and Development Authority, representing 50 percent of toll revenues from the SCTEX.

As of the second quarter of 2023, concession fees increased by 21 percent versus the same period in 2022, driven by higher toll revenues in the SCTEx.

Philippine National Construction Corp. fees, meanwhile, amounted to P792 million, consisting of the government share in NLEX revenues.