TransJamaican Highway’s impressive first-quarter results sent the stock’s price over the $2 mark for the first time since it listed on the Jamaica Stock Exchange in 2020.

TJH is responsible for the development, operation and maintenance of Highway 2000 East-West toll roads, which runs from Mandela Highway in St Catherine to May Pen in Clarendon. TJH is also responsible for the toll road along the Portmore Causeway Bridge.
According to the company’s latest results, TJH recorded a 21% increase in revenues bringing in approximately US$18 million for its first quarter ended March 31.

The company also recorded net profits of US$5 million compared to just US$700,000 for the same period last year.

It is a massive improvement from the net loss of US$1.87 million the company recorded in 2020, following Government imposed lockdowns and curfew restrictions designed to help curb the spread of COVID-19.

Speaking on Taking Stock with Kalilah Reynolds, business Journalist David Rose noted that the continued reopening of the country’s economy is one of the main contributing factors to the company’s performance.

“Apart from just the increased cost for toll, you have more persons driving on the road without any restrictions. There’re no curfews and people have the ability to go about their lives,” he said.

The stock closed Monday at $2.04, the highest price the stock has been since it listed on the Main Market of the JSE in 2020 at $1.33.

The stock closed the week at $1.93, slightly down from its midweek high.

Rose said that he expected more good news to come from TJH’s Q2 results as the Carinval week, which was in April, was massively successful for other industries.

“Summer is just around the corner. And this year there are absolutely zero restrictions, we everyone will be out in full force,” he said.

Additionally, the May Pen to Mandeville leg of Highway 2000, which is almost completed, is expected to boost the company’s revenue.

While TJH does not currently own the leg, Rose explained that the company’s agreement with the Government gives them the right to enter negotiations to acquire that leg of the highway before any other company.

Speaking on a previous episode of Taking Stock, Managing Director at TJH, Ivan Anderson said an average of 14,000 cars travel through May Pen daily, and he expects a similar level of traffic once the highway is open.

Anderson also said TJH had begun partnering with housing developers to create access points along Highway 2000 to various housing developments.

“We see the new Phoenix Park development taking place around Bernard Lodge, which has a few thousand units, so we’re looking to open up access to Phoenix Park,” he said at the time.