NLEX Corp. said net income grew by 25 percent in 2023, driven by higher toll revenues and controlled costs.
The operator of North Luzon Expressway and Subic Clark-Tarlac Expressway said net income amounted to P10 billion last year, up from P8 billion in 2022.
The company’s toll revenues reached P21.5 billion, 19 percent higher compared to the prior year due to higher traffic figures and implementation of overdue toll rate adjustments.
NLEX’s toll revenues were 81 percent from NLEX and 18 percent from SCTEX. In addition, NLEX Connector started to contribute to the company’s toll revenues starting August 8, 2023.
The company also generated higher revenues from toll services facilities in 2023 amounting to P111 million, higher by 31 percent compared to the P85 million recorded in 2022.
Cost of services increased to P7.5 billion, 13 percent higher from 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 revenues, 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 currently spans about 105 kilometer 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-kms, 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 involves the design, financing, construction, operation, and maintenance of 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.