TJH Reports Robust Q3 Earnings Growth on Higher Toll Revenue

  • For the third quarter ending September 30, 2025 (Q3 2025), Toll Operator TransJamaican Highway Ltd. (TJH), delivered another quarter of robust earnings growth (+23.7%), buoyed by higher toll collections and lower administrative costs.
  • Revenues for the period increased by US$25.57Mn (+16.7% year-over-year) mainly due to higher toll revenue from its Portmore, Spanish Town, Vineyards and May Pen toll booths aided by sustained increases in traffic volumes and the continued expansion of T-tag usage across the network.
  • Higher maintenance spending and amortisation of intangible assets which was partially offset by reduced consultancy fees resulted in TJH’s operating expenses (OPEX) growing by 10.4% to US$5.90Mn. Meanwhile, administrative expenses, primarily comprising staff costs, depreciation of plant and equipment and other routine office expenses, were well contained, inching up by just 0.7% to US$2.5Mn.
  • With revenue growth outpacing OPEX and administrative expenses, the operating profit margin increased from 75.60% to 76.91% during Q3 2025, while net profit margin expanded to 33.84% from 31.93% for Q3 2024.
  • Ultimately, TJH’s strong Q3 performance along with robust performance since the start of the year, supported a 27.5% increase in its nine-month earnings to US$27.99Mn.
  • Toll collection across Jamaica’s major highways resumed at 12 a.m. on Monday, November 10, 2025. The suspension, first implemented ahead of Hurricane Melissa’s passage, had been extended to facilitate recovery and relief operations. While there is no confirmed damage to toll infrastructure, the company reportedly absorbed loss of J$41 million per day during the suspension. This means that the upcoming Q4 release may show temporary weakness in performance compared to the same period in 2024.
  • Following the passage of Hurricane Melissa, TJH committed J$100 million in relief efforts and the government’s new protocol following the resumption of toll fees allows authorised humanitarian and emergency vehicles to traverse the tolls free of cost.
  • At Tuesday’s close, TJH’s stock price was J$4.17, A 10.0% decline year-to-date. At this price, TJH trades at a P/E of 9.1x, which is below 14.1x for the Main Market Energy, Industrials and Materials average.

(Source: TJH Unaudited Financial Results, JIS, NCBCM Research)