SMC Tollways Corp., the tollway unit of San Miguel Corporation (SMC), reported a 13 percent increase in net income for the first nine months of 2024, driven by sustained growth in vehicle traffic across its expressways. The company posted a net income of P7.26 billion, up from P6.43 billion during the same period in 2023.
Revenue for the period also rose by 5 percent to P15.67 billion, compared to P14.97 billion last year, reflecting higher traffic volumes across all vehicle categories. Notably, SMC Skyway Corporation saw its average daily traffic (ADT) rise 1 percent year-on-year, reaching 275,016 vehicles, while SMC Skyway Stage 3 Corporation recorded a more substantial 5 percent increase, reaching 160,206 ADT.
Despite the growth in income and traffic, consolidated costs of services increased by 17 percent, mainly due to higher amortization of the Skyway Extension and depreciation on newly acquired machinery and equipment. Operating expenses, however, declined by 12percent, driven by reductions in taxes, external services, and utility costs.
Looking ahead, SMC Tollways has allocated a significant P11.33 billion for capital expenditures in 2024, with a major portion directed toward the TR4 project. This P50 billion initiative will build a 66.74-kilometer toll road linking Sto. Tomas, Batangas to Lucena City, Quezon. Once completed in 2026, the toll road is expected to cut travel time between the two regions from 3 hours to just 45 minutes, improving regional connectivity and contributing to further growth in traffic volumes.
The TR4 project will be constructed in six sections, with major milestones including routes connecting Sto. Tomas to Makban in Laguna, and from Tayabas to Lucena in Quezon. With this strategic expansion, SMC Tollways is positioning itself for continued growth and strengthened market leadership in the Philippine tollway sector.
