By The Financial District
Nov 18, 20231 min
NLEX Corp. reported that its net income grew by 24% in the first nine months of the year, driven by higher traffic and tolls.
The increase was attributed to higher traffic volumes and the impact of NLEx toll rate adjustments implemented in June 2023. I Photo: MGM
The operator of the North Luzon Expressway (NLEx) and Subic Clark-Tarlac Expressway (SCTEx) posted a net income of P7.07 billion in the January to September period, higher than the P5.72 billion it generated for its comparative period last year.
Total revenues amounted to P15.67 billion, up 20% from P13.1 billion. The company attributed the increase to higher traffic volumes and the impact of NLEx toll rate adjustments implemented in June 2023.
NLEX said all vehicle classes posted double-digit growth, with Class 1 revenues growing by 18%, Class 2 by 26%, and Class 3 by 18%.
As of September 30, average daily traffic at the NLEx reached 321,384 vehicle entries, 15% higher year on year, while the SCTEx average reached 77,878 or 10% above last year's figure.
Average daily traffic for the Connector Road Section 1, meanwhile, averaged close to 12,000 vehicles per day. NLEX said it paid P1.39 billion in concession fees to the Bases Conversion and Development Authority, representing 50% of toll revenues from the SCTEX.