SMC Tollways Corp. said over the weekend its net income rose 10 percent in 2024 on the back of higher vehicle traffic volume.
The company said net income amounted to P9.23 billion last year, up from P8.40 million in 2023.
Total revenue rose 4 percent to P21.17 billion from P20.26 billion. “Higher revenue was mainly due to higher traffic volume,” SMC Tollways said.
SMC Skyway Corp. achieved an annual average daily traffic (AADT) of 276,850, up by 2 percent from 272,383 in 2023, while SMC Skyway Stage 3 Corp. achieved an AADT of 163,031, higher by 5 percent than 154,736 in 2023.
Consolidated operating expenses went down by 0.02 percent mainly due to lower representation expense due to lesser external meetings, decrease in contracted services due to lower manpower services, decrease in cost of utilities due to lower consumption of power and water, lower insurance expense, seminars and trainings and other expenses.
‘These were offset by the increase in management fees due to inflationary increase, and higher personnel costs due to salary adjustments and related benefits,” SMC Tollways said.
SMC Tollways budgeted P11.33 billion for 2024 capital expenditure to partially finance the expansion of their existing expressway network and construction of a new toll road.
The company said a significant portion of the capex would go towards the TR4 project. The 66.74-kilometer toll road will connect Sto. Tomas, Batangas to Lucena City, Quezon.
Upon completion by 2026, the P50-billion project would significantly reduce travel time between the two points from three hours to 45 minutes.
The toll road will be divided into six sections including Sto Tomas, Batangas to Makban in Laguna (11.32 km.); Makban to San Pablo City (12.75 km.); San Pablo to Tiaong in Quezon (7.5 km.); Tiaong to Candelaria (15 km.); Candelaria to Tayabas (10.21 km.); and Tayabas to Lucena (9.96 km.).
