Toll revenue rises 31 per cent to US$82.2million for TransJamaican Highway

 

TransJamaican Highway Limited and its JIO subsidiary for the quarter ended December 31, 2024, had revenue of US$22.4 million, reflecting a 13 per cent increase of US$2.6 million, compared to revenue of US$19.8 million for the comparative quarter in 2023.


Revenue for the year ended December 31, 2024, was US$82.8 million, US$7.6 million more when compared to the US$75.2 million earned for the year 2023 and reflects an increase of 10 per cent.
Revenue increase was due both to increased traffic and rate adjustments during the year.

For the year ended December 31, 2024, the Group had net profit of US$31.3 million, a 31 per cent increase or US$7.3 million increase over net profit of US$24 million for the comparative year in 2023.

As of December 31, 2024, total assets stood at US$294 million, US$4 million more than total assets as at December 31, 2023 (US$290 million).

Under the concession agreement, the company also has the right to earn Secondary Income through the collection of revenues generated from commercial exploitation of the areas surrounding the Toll Road, including gas stations and related ancillary services, electricity and telecommunication cables and fiber optics.

Operating expenses included higher insurance, professional fees, bank and security charges incurred for the Group. Administrative expenses were US$2.6 million, reflecting an increase of US$0.2 million, compared to US$2.4 million for the same quarter in 2023 and were primarily due to salary changes resulting from the completed restructuring exercise and annual inflationary increases.

For the year ended December 31, 2024, the Group’s administrative expenses were US$9.6 million, reflecting an increase of US$1.2 million, over administrative expenses of US$8.4 million for the same period in 2023.

Finance costs for the year were US$13.9 million, a decrease of US$0.6 million, compared to finance costs of US$14.5 million for the 2023 comparative year. This reduction is in keeping with lower interest payments on the secured notes as the principal is also being repaid on a quarterly basis.

As at December 31, 2024, the Group’s liabilities consisted mainly of long-term debts, provisions and other trade related payables. Total liabilities stood at US$229 million, US$12 million less than total liabilities of US$241 million as of December 31, 2023.

This was primarily impacted by principal repayment made on the secured notes, a reduction in the provision for pavement repairs resulting from works done throughout the year and was offset by the declaration of dividends.

Photo credit: Dreamstime

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