The following discussion contains an analysis of our results of operations and financial position for the quarter ended March 31, 2026, including the subsidiaries Jamaican Infrastructure Operator Limited (JIO) and TransJam Highway Operators Limited (THO) and should be read in conjunction with the Audited Financial Statements for the year ended December 31, 2025, together with the notes thereto, which have been prepared in accordance with IFRS as adopted by the International Accounting Standards Board. Ivan Anderson, group chief executive officer of TransJamaican Highway Limited,
OVERVIEW
The Group delivered a strong start to 2026, continuing its trajectory of revenue growth, margin expansion, and disciplined balance sheet management. Performance for the quarter reflects sustained increases in traffic volumes, operational efficiency, and ongoing deleveraging, reinforcing the resilience of the toll road business model. With the recent addition of the Phase IC leg, the Group continues to maintain solid profitability and cash flow generation, underscoring the robustness of demand and the strength of its concession framework.
Revenue
The Group’s revenue consists mainly of Toll Collections. For the quarter ended March 31, 2026, the Group generated revenue of US$29 million, representing a 29% increase (US$6.5 million) over the US$22.5 million recorded in the same quarter in 2025. This growth was driven by a combination of organic demand and network expansion, including:
• The addition of the May Pen to Williamsfield leg, which contributed US$3.5 million, representing approximately 12% of total Group revenue
• Increased commuter traffic across the network
• Continued expansion in electronic toll (tag) adoption
• Improved throughput and operational efficiencies Revenue momentum remains strong, reflecting both sustained traffic growth and the successful integration of new infrastructure, alongside enhanced user convenience across the network.
Other gains and losses
Other gains and losses are comprised primarily of the gains produced by financial market operations and resulting financial income on investment instruments. Under the Concession Agreement, the Company also has the right to collect revenues generated from commercial exploitation of the areas surrounding the Toll Road, including gas stations and related ancillary services, electricity and telecommunication cables and fiber optics.
For the quarter ended March 31, 2026, the Group recorded other gains of US$0.2 million, representing a decrease of US$0.7 million compared to other gains of US$0.9 million recorded for the corresponding quarter of 2025. The reduction primarily reflects higher foreign exchange losses, movements that are noncore and do not detract from the strength of underlying operating performance.
Operating expenses
For the quarter ended March 31, 2026, operating expenses totaled US$6.5 million, compared to US$5.5 million in the same quarter of 2025. The US$1 million increase was mainly attributable to higher amortization of the intangible asset, increased maintenance activity, insurance and bank charges incurred during the quarter. Importantly, cost growth remains controlled relative to revenue expansion, supporting margin improvement.
Administrative expenses
Administrative expenses for the Group are primarily comprised of staff costs, depreciation of plant and equipment and other routine office expenses. For the quarter ended March 31, 2026, administrative expenses were US$2.8 million compared to the US$2.5 million recorded for the comparable quarter in 2025. The increase mainly reflects strategic investment in human capital to include continued focus on staff welfare and organizational development. These investments align with the Group’s long-term growth strategy.
Finance costs
Finance costs are comprised mainly of interest on the Secured notes issued. For the quarter ended March 31, 2026, finance costs were US$3.1 million, slightly lower than the US$3.3 million recorded in the first quarter of 2025. This reduction reflects the continued decline in interest expense as scheduled principal repayments are made each quarter on the secured notes, together with the ongoing redemption of preference shares, of which 20% have been redeemed as at January 2026.
Profit before tax
For the quarter ended March 31, 2026, the Group recorded a profit before tax of US$16.8 million, an increase of US$4.7 million compared to the US$12.1 million in the corresponding quarter of 2025. The increase is driven by the increase in revenues, despite the reduction in other gains and the increase in expenses mentioned above.
Net profit being total comprehensive income for the period
For the quarter ended March 31, 2026, the Group recorded net profit of US$13.2 million, an increase of US$4.2 million or 46%, when compared to US$9.1 million in the corresponding quarter of 2025. The increase reflects higher pre-tax earnings, offset by income tax expense of US$3.5 million, up US$0.5 million year over year.
Group Statement of Financial Position
Total assets
Key asset components continue to include intangible assets, deferred tax balances, and strong cash reserves. As of March 31, 2026, total assets stood at US$310 million, up 3.3% higher than the US$300 million reported as at December 31, 2025. This was primarily due to an increase in the reserve account balances, together with modest increases in trade receivables and was partially offset by ongoing amortization of the intangible asset and a further decrease in deferred tax assets.
Equity
As at March 31, 2026, share capital remained unchanged at US$27 million. Retained earnings at the end of the period was comparable to that reported as December 31, 2025, i.e. US$56 million. This is primarily attributable to income generated over the first quarter, reduced by the declaration of a US$13 million dividend in March 2026 for which payment is due in April 2026. The Group continues to balance shareholder returns with financial strength.
Liabilities
The Group’s liabilities consisted mainly of long-term debts, provisions and other trade-related payables. As at March 31, 2026 total liabilities rose to US$226 million, compared to US$217 million as at December 31, 2025. This increase is mainly attributable to the dividend payable and was partially offset by principal repayments on the secured notes, in addition to a further optional redemption made on the 8% (JMD) Cumulative Redeemable Preference Shares, a clear representation of the Group’s deleveraging path.
Interim dividend
At a Board meeting held on March 19, 2026, an interim dividend of JMD$0.1650 per share ($1.04USD per 1,000 shares) was declared (payable on April 28, 2026). Similarly in March 2025, an interim dividend of JM$0.1258 per share ($0.80USD per 1,000 shares) was declared and was paid on April 24, 2025.
TransJamaican Highway Limited (the Company) is a limited liability company incorporated and domiciled in Jamaica with registered office at 2 Goodwood Terrace, Kingston 10. The Company was listed on the Jamaica Stock Exchange in March 2020 with National Road Operating and Constructing Company Limited (“NROCC”) owning 20% of its shares and the remaining 80% being traded on the Jamaica Stock Exchange. In March 2025, NROCC completed the successful divestment of its remaining 20% stake in the Company via an oversubscribed public offering, underscoring robust investor confidence and further enhancing the company’s shareholder base and market visibility.” The Company also has Senior Secured Debt Notes which are listed at the Singapore Exchange Securities Trading Limited.
The Company holds a 35-year concession for the design, construction, operation and maintenance of the “Highway 2000 East-West”, a toll road of approximately 49.9 km connecting the capital of Jamaica, Kingston with (i) May Pen, with a connection to Spanish Town, through highway T1 (also known as the Kingston – May Pen corridor or the “T1 Corridor”) and (ii) the city of Portmore, through highway T2 (also known as the “Portmore Causeway, the “T2 Corridor”, and together with the T1 Corridor, the “Toll Road”) pursuant to a concession agreement, dated November 21, 2001, between the Company, as concessionaire and the NROCC, as grantor, as amended and restated from time to time (the “Concession Agreement”).
TransJamaican Highway Limited (TJH) – Unaudited Financial Statements For The First Quarter Ended March 31, 2026
