May 12, 2026
Transjamaican Highway Limited (TJH)
Unaudited financials for the first quarter ended March 31, 2026:
Transjamaican Highway Limited (TJH), for the first quarter ended March 31, 2026, reported a 29% increase in Revenue to US$29.03 million relative to US$22.51 million in the corresponding period last year. This was driven by a combination of organic demand and network expansion, including the addition of the May Pen to Williamsfield leg, which contributed approximately US$3.5 million (12% of Group revenue), increased commuter traffic across the network, continued expansion in electronic toll (tag) adoption, and improved operational efficiencies.
Other Gains and Losses amounted to US$190,000 relative to Other Gains of US$862,000 for the comparable period in 2025, with the decline primarily reflecting higher foreign exchange losses.
Operating Expenses increased by 20% to US$6.55 million (2025: US$5.45 million), driven mainly by higher amortization of the intangible asset, increased maintenance activity, insurance, and bank charges.
Administrative Expenses for the three months closed at US$2.80 million, a 12% increase from the US$2.50 million reported in 2025, reflecting strategic investment in human capital and organizational development.
Finance Cost for the period closed at US$3.10 million relative to US$3.34 million in 2025, a 7% decrease year over year, attributable to continued declines in interest expense as scheduled principal repayments are made each quarter on the secured notes, alongside the ongoing redemption of the 8% (JMD) Cumulative Redeemable Preference Shares (20% redeemed as at January 2026).
Profit Before Tax closed at US$16.78 million versus a Profit Before Tax of US$12.08 million for the first quarter ended March 31, 2025, an increase of 39%.
Tax charge amounted to US$3.55 million (2025: US$3.01 million). As such, Net Profit increased by 46% to US$13.23 million relative to US$9.07 million in 2025.
Consequently, Earnings Per Share for the three months amounted to J$0.17 (2025: EPS: J$0.11). The twelve-month trailing EPS was J$0.53 and the number of shares used in these calculations was 12,501,000,000.
Notably, TJH’s stock price closed the trading period on May 11, 2026, at a price of $6.86 with a corresponding P/E ratio of 12.86x.
Balance Sheet Highlights
The company’s assets totalled US$309.69 million (2025: US$300.93 million). The movement in total assets was influenced primarily by a US$6.61 million uptick in ‘Intangible assets’ reflecting the addition of the Phase 1C concession (May Pen to Williamsfield), together with a US$4.80 million increase in ‘Cash and bank balances’, a US$1.41 million increase in ‘Property and equipment’, and a US$1.13 million increase in ‘Other receivables’, while ‘Deferred tax assets’ and ‘Restricted cash’ declined by US$3.98 million and US$1.28 million respectively, partly offsetting the movement during the period.
Shareholder’s equity was US$83.37 million (2025: US$64.32 million), representing a book value per share of J$1.06 (2025: J$0.81).
Total liabilities stood at US$226.32 million (2025: US$236.61 million), with the year-over-year decline reflecting principal repayments on the secured notes and the optional redemption of the 8% (JMD) Cumulative Redeemable Preference Shares, consistent with the Group’s deleveraging trajectory. The Group reported a Debt Service Coverage Ratio of 3.43x as at March 31, 2026.
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