San Miguel Corp.’s tollway unit reported a 36 percent increase in net income to P964 million in the first quarter of the year, driven by higher vehicle traffic.
Toll revenue also saw a significant rise, climbing 13 percent to P1.68 billion during the same period.
SMC’s South Luzon Expressway (SLEX) achieved an average daily traffic of 352,185 vehicles, nearly matching the levels seen in 2022. Of the total transactions, 78 percent were conducted through RFID (Radio Frequency Identification) while 22 percent were in cash.
Operating expenses for the tollway unit decreased by 8 percent to P86.4 million.
San Miguel Corp.’s SLEX has allocated P7.4 billion for capital expenditures this year, which will be used to partially fund the construction of an expressway connecting Batangas to Lucena, as well as for repair and maintenance of the existing SLEX.
The company has set a budget of P6.77 billion for this year, which will be allocated towards financing the TR4 project and the widening of SLEX.
The construction of the 66.74-kilometer SLEX Toll Road 4 began in March 2019 and aims to reduce travel time from Sto. Tomas, Batangas to Lucena City, Quezon from three hours to just 45 minutes.
The P26.1-billion project is expected to be completed by 2026 and is part of San Miguel Corp.’s 30-year concession for the SLEX.
SLEX Toll Road 4 will be divided into six sections, spanning different areas including Sto. Tomas, Batangas to Makban in Laguna, Makban to San Pablo City, San Pablo to Tiaong in Quezon, Tiaong to Candelaria, Candelaria to Tayabas, and Tayabas to Lucena.