KUALA LUMPUR: Prolintas Infra Business Trust posted a profit from operations of RM46.5 million in the second quarter ended June 30 2024 (Q2 2024), 12 per cent higher than the preceding quarter.
The trust's revenue stood at RM79.3 million, up 3.7 per cent from the RM76.5 million in the preceding quarter.
This was primarily driven by an increase in traffic volume, with toll collection continuing to be the key revenue driver.
The trust recorded total toll collection of RM77.2 million, with additional non-toll revenue streams contributing RM0.4 million.
Its highway assets performed steadily in Q2 with Sistem Lingkaran-Lebuhraya Kajang (SILK) contributing the most or 45 per cent of the total toll collection (RM34.7 million), followed by Guthrie Corridor Expressway (GCE) at 30 per cent (RM22.8 million).
"The consistent performance of these two longest highways, which cover a wide range of residential areas with four and three toll plazas respectively, has resulted in collection increases of 2.6 per cent and 3.8 per cent as compared to Q1.
"Lebuhraya Kemuning–Shah Alam contributed 14 per cent (RM10.8 million), whereas the Ampang–Kuala Lumpur Elevated Highway accounted for 11 per cent (RM8.9 million).
For the six-month period, its revenue turned out at RM153.4 million, achieving 99 per cent of its forecast of RM154 million. Net profit totalled RM6.1 million, against the RM4.1 million projected for 1H 2024.
Prolintas Infra declared its first interim distribution for 1H 2024.
It will distribute 3.18 sen per unit, amounting to RM35.0 million, to its unit holders. The distribution will be payable on Sept 18 to those registered in the Record of Depositors as of Sept 3 2024.
"We are pleased to announce our first milestone interim distribution for FY2024. Our strong financial performance is a testament to the stability and resilience of our highway concession business, and we are dedicated to maintaining this momentum for the benefit of our unit holders," it said.
The trust expects the strong momentum seen in the first half of 2024 to continue into the second half of the year.
"We remain on track to achieve our FY2024 target of RM70 million in total distribution. This achievement exemplifies our strong financial management and focus on creating long-term value. We remain confident in our ability to deliver consistent growth and are optimistic about our future performance."
Prolintas Infra BT is Malaysia's first listed Islamic business trust on Bursa Malaysia with four highway assets.