Durrant Pate/Contributor

Domestic toll road operator TransJamaican Highway (TJH) has seen a return to profitability for its 2023 financial year, reversing the losses made in the previous year.

The fiscal bounceback was due in part to cutting losses as a result of the company restructuring following the December 2022 acquisition of Jamaica Infrastructure Operators (JIO); 2023 marks the first full year of operations since the acquisition.

TransJamaican Highway has seen a significant decline in operating expenses, moving from US$39.9 million in 2022 to US$22.4 million in 2023.  Net profit stood at US$23.97 million, an increase of US$31 million over net loss of US$7.14 million posted in 2022. 

When the one-off settlement loss of US$13.9 million is added back to the net loss for last year, the profit for 2023 is still 356 per cent higher than the profit for 2022. Revenues also increased by 16 per cent from US$65 million in 2023 to US$75.2 million in 2023. 

Revenues 41% above pre-pandemic levels

The company in its 2023 annual report says “When compared with the pre-pandemic period, revenues for the group have also fully recovered and are now more than 41 per cent above the pre-pandemic levels. As seen throughout the pandemic, our financial structure continues to remain solid. Our commitments to our bond and shareholders continue to be fully protected.”

Company chairman Charles Paradis gave an update on certain developments such as TJH  negotiations concerning its right of first refusal to operate the Phase 1C leg of Highway 2000 East-West network (28 kilometres between May Pen and Williamsfield). Construction on this leg was completed by the Government of Jamaica in September 2023 through the National Road Operating and Constructing Company (NROCC). 

As part of TJH’s commitment to expand the network, it signed a contract for the expansion of the interchange at Freetown. Work is now expected to commence in the second quarter of 2024. 

Another Rubis highway gas station coming

In addition, Paradis advised that negotiations have also been completed with Rubis for the construction of a second service station on the Highway at Portmore. Work is expected to commence in 2024. 

This service station will be located on lands adjacent to the Portmore toll plaza. Approval has also been received from the Portmore Municipal Authority for the construction of TJH’s  new head offices on lands adjacent to the Portmore Toll Plaza. 

“Our development projects are always very much in our minds, whether they are located around our corridor, elsewhere in Jamaica or in the Caribbean region. The experience accumulated since our inception in 2001 is undoubtedly a major asset and allows us to look to the future with serenity and with the ambition to help shape a better life for the people of the territories crossed,“ Paradis explained in his statement in the annual report.