The tollway unit of San Miguel Corp. on Wednesday reported net income growing 20 percent in 2023 to P4.17 billion, pushed by higher revenue and lower costs.
SMC SLEX Inc. said this was higher than income of only P3.48 billion the previous year.
Toll revenue amounted to P7.05 billion, an increase of 10 percent from P6.44 billion in 2022.
In 2023, the South Luzon Expressway (SLEX) achieved an annual average daily traffic (AADT) of 351,722 lower by 7 percent from 2022 AADT of 376,267.
“The decrease in traffic volume count was brought about by the implementation of seamless operations,” SMC SLEX said.
With the removal of the TR3 toll plaza, vehicles were counted at the exits. The change has no impact on toll revenue, it added.
The average transaction mode for the period was 82 percent for RFID and 18 percent for cash.
The majority of motorists traversing the SLEX consists of Class 1 vehicles accounting for 84 percent of total traffic volume in 2023
Overall, the AADT at SLEX registered a compounded annual growth rate( CAGR) of 4.5 percent in 2023, slower than the 5.6 percent rate posted in 2022.
“With the reopening of the economy in 2022, the industrial and socio-economic activities in the Calabarzon gained strength and enhanced the traffic volume in 2023,” SMC SLEX said.
Its operating expenses also decreased by 12 percent from P366 million to P323 million due to lower repair and maintenance costs.
SLEX spans 36.1 km from Alabang, Muntinlupa to Sto. Tomas, Batangas. It is one of three major expressways linking Metro Manila to the key southern provinces of the Philippines including Cavite, Laguna, Batangas, Rizal and Quezon (Calabarzon).
