NLEX Corp. said it is on track to meet its P10-billion revenue target this year on higher vehicle volume at North Luzon Expressway and Subic-Clark Tarlac Expressway.
NLEX president and chief executive Rodrigo Franco said the company is likely to end the year with a total revenue of P10 billion, higher from the P8 billion revenues last year.
Franco attributed the increase in revenues to the higher number of vehicles plying at NLEx and SCTEx.
He said vehicle traffic at NLEx was projected to grow 4.3 percent to 240,000 per day this year from last year’s 230,000 vehicles a day while vehicle traffic at SCTEx was predicted to increase to 50,000 vehicles a day from last year’s 40,000 vehicles a day.
NLEX’s total revenues rose 8 percent to P5.7 billion in the first half to P5.7 billion from a year ago, on increasing traffic at both NLEx and SCTEx.
The company’s net profit in the first six months hit P2.3 billion, up from last year’s P2 billion.
NLEX earlier said it expected toll revenues to reach P24.1 billion by 2022, up from only P11.7 billion this year, boosted by existing and new tollway projects.
Core net income is expected to grow to P9.68 billion by 2022 from P4.7 billion this year.
The company is investing P29.43 billion in new projects between 2018 and 2020.
These projects are NLEx Segment 10 which is projected to be operational by first half of 2018; Segment 10 from C3 to R10 section to be completed by first quarter of 2019; and the expansion of Subic Freeport Expressway to be finished by first quarter of 2019.
The NLEx-SLEx Connector Road is expected to be completed by the first quarter of 2021.
NLEX also submitted unsolicited proposals worth P122.43 billion to build two major expressway projects in Manila, including the C-5 Expressway Project and the NLEx-Cavitex Port Expressway Link Project.