SMC SLEX Inc., the tollway arm of San Miguel Corp., saw its net income grow by 20 percent to P4.17 billion in 2023, from P3.48 billion a year earlier, on the back of higher revenues and lower costs.

Toll revenues stood at P7.05 billion, an increase of 10 percent from P6.44 billion in 2022.

SLEx achieved an annual average daily traffic (AADT) of 351,722 lower by 7 percent from 2022's AADT of 376,267.

"The decrease of traffic volume count was mainly brought about by the implementation of seamless operations," the company said in a statement.

"With the removal of the TR3 toll plaza, vehicles will be counted at their respective exits. The change has no impact on the toll revenue," it added.

Average transaction mode was 82 percent for RFID and 18 percent for cash payments.

The majority of motorists traversing the SLEx consisted of Class 1 vehicles, accounting for 84 percent of total traffic volume last year.

Overall, SLEx's AADT registered a compound annual growth rate (CAGR) of 4.5 percent last year, lower than 5.6 percent during the previous year.

"With the re-opening of the economy in 2022, the industrial and socio-economic activities in the Calabarzon area are expected to gain strength again and enhance the traffic volume in 2023," it said.

The company's operating expenses, meanwhile, declined by 12 percent from P366 million to P323 million due to lower repair and maintenance.