TransJamaican Highway Limited (TJH), Jamaica’s leading toll road operator, has delivered a stunning 46% year-over-year surge in first-quarter net profit, fueled by higher overall traffic volumes and outperformance from its newly launched May Pen-to-Williamsfield highway extension. For the three-month period ending March 31, the firm reported net income of $13.2 million, up sharply from $9.1 million logged in the same quarter last year. Total quarterly revenues also climbed 29% annually to hit $29 million, marking one of the company’s strongest quarterly growth stretches in recent years.
The new 1C extension of Jamaica’s Highway 2000, which connects the parishes of Clarendon and Manchester via the May Pen-to-Williamsfield corridor, entered full commercial operation in late December 2025. In its first full quarter of service, the leg contributed $3.5 million in total revenue, equal to roughly 12% of the company’s total group revenue for the quarter. In an interview with the Jamaica Observer on Tuesday, TJH Chief Executive Officer Ivan Anderson explained that the new corridor has exceeded all internal revenue projections, driven by higher-than-expected adoption among motorists.
“What we have seen is that most people now utilise the full length of the roadway from May Pen to Williamsfield,” Anderson said. “We’re seeing a little different mix in terms of traffic — more long-haul and less short-haul traffic — which has boosted the revenues as well.”
The solid quarterly results underscore the inherent strength of TJH’s toll road operating model, where fixed infrastructure costs mean that incremental revenue growth from new traffic translates directly to disproportionate gains in bottom-line profit. Beyond the new corridor lift, the company’s ongoing strategy of debt reduction also supported the sharp rise in profitability. While total revenues grew 29% year-over-year, TJH’s finance costs continued a steady decline as the firm paid down outstanding borrowings and redeemed outstanding preference shares.
For the quarter, pre-tax earnings rose to $16.8 million, while earnings before interest, tax, depreciation and amortization (EBITDA) climbed 31% annually to $23.7 million. Total borrowings fell to $182 million at the end of March, down from $192 million at the same point last year, continuing the company’s multi-year trend of deleveraging its balance sheet.
Aligning with its commitments to investors made during its initial public offering, TJH declared a $13 million dividend during the quarter that was paid out to shareholders in April. Anderson noted the company has stayed true to its promise of distributing nearly all excess cash to shareholders after accounting for planned maintenance, infrastructure upgrades and debt repayment obligations.
“We gave some commitments when we went to the IPO, which was that we would distribute almost all the cash we had except for what we needed for routine maintenance, major renewals, and paying down our debt,” Anderson said. “As our profits grow, we continue to pay out more in terms of dividends.”
Even with the strong contribution from the new extension, Anderson emphasized that TJH’s core earnings still come from the broader Highway 2000 network that spans from Kingston through Clarendon. “Phase 1C is not a significant portion of our revenues,” he said. “But obviously, because our costs are fixed, the additional revenues tend to flow to our bottom line.”
Looking ahead, TJH is actively positioning itself to bid for upcoming toll road operation concessions across Jamaica, starting with the Montego Bay perimeter road that is currently being developed by the Jamaican government. Anderson noted that the company expects the completed project will be opened to competitive bidding for experienced toll road operators, though he confirmed TJH holds no exclusive rights or first refusal option on the asset.
“We expect that once it is completed, it may be offered to the entities who can operate toll roads in Jamaica to provide a bid,” Anderson said.
The company is also monitoring additional proposed highway expansion projects connected to Jamaica’s North-South Highway, including planned new corridors linking to Discovery Bay and White River that Prime Minister Andrew Holness has publicly discussed. “We are very interested in those as well,” Anderson said. “Should they become opportunities, then obviously we’ll look at those in terms of trying to take advantage of those as well.”
Currently, TJH holds a 35-year concession to operate Highway 2000 East-West, with an option to extend the agreement for an additional 35 years, which would extend the operating rights through 2071.