NLEX Corp. reported net income growing 28 percent in the first quarter this year, driven higher by traffic recovery and increase in toll rates.
The operator of North Luzon Expressway (NLEX) and Subic Clark-Tarlac Expressway (SCTEX) posted a net profit of P2.7 billion in the January to March period, up from P2.09 billion last year.
Operating revenue derived mainly from toll fees at NLEX, SCTEX and NLEX Connector.
Toll revenue reached P6 billion in the first quarter, higher by 19 percent from P5 billion posted in the first quarter of 2023 because of higher traffic volume and impact of toll rate adjustments implemented in June and October 2023.
In addition, NLEX Connector started to contribute to the company’s toll revenues starting August 2023.
As of end-March, average daily traffic at NLEX reached 333,270 daily vehicle entries, higher than 2023 by 4 percent, while average daily traffic at SCTEX reached 81,446 daily vehicle entries or 1 percent above last year’s figures.
NLEX Connector traffic reached 17,173 daily entries during the quarter.
Total cost of services for the first quarter amounted to P2.1 billion, higher by 11 percent versus P1.9 billion recorded during the same period last year.
Bases Conversion and Development Authority (BCDA )revenue share of P573 million pertain to fees paid to the state-run corporation, representing 50 percent of toll revenue in SCTEX.
As of the first quarter of 2024, BCDA revenue share increased 17 percent versus the same period in 2023, driven by higher toll revenue at SCTEX.
Philippine National Construction Corp. fee consists of the government share in NLEX revenue, of which 90 percent was remitted directly to the national government and the balance of 10 percent to PNCC.
PNCC fee increased 7 percent during the quarter from P258 million in 2023 to P275 million in 2024, proportional to the increase in NLEX toll revenue during the period.
The NLEX spans over 105 kilometers and services an average of 323,791 vehicles per day as of end-2023.
The SCTEX, on the other hand, is a 91-kilometer stretch from Subic-Tipo until La Paz, Tarlac, connecting the special economic zones in Subic and Clark, Olongapo City, to Tarlac City.
