SMC Tollways Corp. reported a 13% increase in net income during the first nine months of 2024, attributed to higher vehicle traffic across its expressway network.
The tollway unit of San Miguel Corp. (SMC) saw net income grow by 13 percent in the first nine months of 2024 due to higher vehicle traffic. SMC Tollways Corp. posted a net income of P7.26 billion from January to September last year, up from P6.43 billion in the same period in 2023, as revenue climbed 5 percent to P15.67 billion from P14.97 billion. Volumes increased across all vehicular classes during the period, the firm added. SMC Skyway Corp.
was said to have achieved an average daily traffic (ADT) of 275,016, up 1 percent from 271,074 a year earlier, while SMC Skyway Stage 3 Corp. achieved an ADT of 160,206, higher by 5 percent from 152,111. Consolidated cost of services increased by 17 percent mainly due to additional amortization for the Skyway extension project and recognition of depreciation expense on machinery and equipment acquired during the period. Consolidated operating expenses, meanwhile, fell by 12 percent on lower taxes and licenses, a decrease in outside services due to lower manpower services, lower representation expenses due to fewer external meetings, decrease in cost of utilities due to lower consumption of power and water, lower insurance expense, and lower seminars and trainings and other expenses. These were offset, however, by an increase in management fees due to inflation, higher professional fees, and personnel costs due to salary adjustments and related benefits. SMC Tollways set aside P11.33 billion for capital expenditures in 2024 to partially finance the expansion of its existing expressway network and construction of a new toll road, with a significant portion of the capex allotted for its TR4 project. The TR4 is a 66.74-kilometer toll road that will connect Sto. Tomas, Batangas to Lucena City, Quezon and reduce travel time between these two points to just 45 minutes from three hours. The P50-billion project is expected to be completed in 2026. 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). Shares of parent firm San Miguel were unchanged at P85 apiece on Friday
SMC TOLLWAYS NET INCOME TRAFFIC CAPITAL EXPENDITURES TR4 PROJECT
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