NLEX Corp. on Thursday reported net income rising 25 percent in 2023, driven higher by toll revenue and controlled costs.
The operator of the North Luzon Expressway and the Subic-Clark-Tarlac Expressway said net income amounted to P10 billion last year, up from only P8 billion in 2022.
Its toll revenue reached P21.5 billion, 19 percent more than prior year due to higher traffic numbers and adoption of overdue toll rate adjustments.
Eighty-one percent of its toll revenue were from NLEX and 18 percent from SCTEX. The NLEX Connector started to contribute to the company’s toll revenue starting 8 August 2023.
The company also generated higher revenue from toll service facilities in 2023 amounting to P111 million, higher by 31 percent compared to only P85 million in 2022.
Its cost of services increased to P7.5 billion, 13 percent higher than only P6.6 billion in 2022.
“The increase in costs was largely due to higher concession and PNCC fees which were charged as a fixed percentage of toll revenue, higher pavement repairs and maintenance costs of roads and tollways and higher amortization of concession assets due to the higher traffic and toll rate adjustments implemented in 2023,” NLEX said.
The NLEX spans 105 kilometers or 598 lane-kms and services an average of 323,791 vehicles per day as of end-2023.
The SCTEX, on the other hand, is a 91-km or 362 lane-km facility stretching from Subic-Tipo until La Paz, Tarlac, connecting the special economic zones in Subic and Clark, Olongapo City, to Tarlac City.
The NLEX Connector Road project is an 8-km elevated toll expressway over the right-of-way of the Philippine National Railways.
The alignment starts at the junction of Segment 10 at C-3 Road/5th Avenue in Caloocan City and ends at the Polytechnic University of the Philippines in Sta. Mesa, Manila.
