KUALA LUMPUR (Nov 14): Prolintas Infra Business Trust (KL:PLINTAS), which owns highways, nearly tripled its net profit for the third quarter thanks to a jump in toll collection and tax credit.

Net profit for the three months ended Sept 30, 2024 (3QFY2024) was RM12.09 million, Prolintas said in an exchange filing. Revenue was 2.5 times higher year-on-year at RM81.41 million from higher traffic volume, and the company also booked deferred tax gain of RM2.1 million during the quarter.

“The trustee-manager maintains an optimistic outlook,” Prolintas said. The key focus is to support organic growth “with value-added services and amenities along the highways to maximise its revenue-generating potential and to establish the highways as preferred routes,” it said.

Prolintas did not propose any distribution for the quarter under review but said it is on track to meet its targeted RM70 million total distribution for FY2024.

Toll collections totalled RM78.9 million during the quarter. Lingkaran-Lebuhraya Kajang (LKSA) generated the most revenue, accounting for 45% of the total collection followed by Guthrie Corridor Expressway at 29%.

Lebuhraya Kemuning–Shah Alam contributed 14%, and the Ampang–Kuala Lumpur Elevated Highway (AKLEH) made up the remaining 12%. In terms of traffic volume, AKLEH was up 2.3% from 2QFY2024 while that of LKSA was up 1.2%.

For the first nine months of FY2024, the trust recorded a net profit of RM18.21 million, reversing from a net loss of RM62.79 million in the same period last year. Cumulative revenue more than doubled to RM237.27 million.

Prolintas Infra units gained one sen or 1.1% to 94.5 sen on Thursday, valuing it at RM1.04 billion. The counter is down 0.5% compared to its listing price of 95 sen on March 25.