NLEX Corp. reported a 35 percent increase in net income last year due to higher vehicular traffic and toll rate adjustments.
The operator of the North Luzon Expressway and Subic Clark-Tarlac Expressway (SCTEX posted a net income of P8 billion last year from P5.91 billion in 2021.
Consolidated revenues reached P18.2 billion last year, up 29 percent compared to the year prior due to the lifting of mobility restrictions.
“The increase in revenues was due to higher traffic figures due to revenge travel and the toll rate adjustments implemented during the year,” NLEX said.
Vehicular traffic at NLEX last year averaged 287,628 daily entries while the SCTEX reported average daily traffic of 72,403 vehicle entries.
“Traffic figures for 2022 were higher than 2021 by 14 percent and 28 percent, respectively, due to recovery in traffic figures and implementation of toll rate adjustments during the year,” NLEX said.
Eighty-two percent of its toll revenues were from NLEX while SCTEX accounted for only 18 percent of the total reported in 2022.
In addition to toll revenue, NLEX also generated higher revenue from toll services and utility facilities in 2022 amounting to P106 million, higher by 63 percent compared to the P65 million reported in 2021.
“The increase in non-toll revenues is attributed to the increase in TSF royalty fees due to the increase in traffic volume and higher revenues from utility facilities,” NLEX said.
The company’s cost of services increased by 24 percent to P6.6 billion due to higher concession and PNCC fees which were charged as a fixed percentage of toll revenues and higher amortization of concession assets due to higher traffic and toll rate adjustments implemented in 2022.
General and administrative expenses in 2022 amounted to P960 million, the same as in 2021.
The NLEX spans across 105 kilometers as the main infrastructure backbone connecting Metro Manila to Central and Norther Luzon.
