Cavite Infrastructure Corp. (CIC) is targeting to increase revenues by 50 percent to P3 billion by end-2020 driven by the operations of its new tollways and the approval of its toll hike petition.
Bobby Bontia, CIC president and general manager, said the company expects to meet its revenue target this year of a little over P2 billion and raise this further to P3 billion by 2020, on the back of higher traffic volume with the opening of its new tollway projects.
“We’re going to hit our target of a little over P2 billion revenue (this year). We’re going to hit that, around P2.2 billion,” Bontia told reporters in Makati last week.
The company expects additional traffic volume with the partial operation of the Laguna segment of its Cavite-Laguna expressway project.
Higher revenues next year are also seen with the C5-Link project’s full year revenue contribution and hopefully, the grant of CIC’s toll fee hike petition for 2011 and 2014.
In terms of traffic volume, CIC will end the year with close to 175,000 vehicles a day, 14 percent higher than last year’s 149,000-150,000 vehicles daily.
In November, Manila-Cavite expressway (Cavitex) was averaging 190,000 vehicles a day, coming from a year to date of 175,000.
“Traditionally, December is a peak season, but we were beneficiaries of the SLEx (South Luzon expressway) problem. We saw an uptick in Kawit and in R1. In fact, we’ve seen 4-5 percent increase in traffic because of the SLEx problem,” Bontia said.
The additional volume came from the widening of Cavitex R1 and the opening of the first 2.2 kilometers of the Cavitex-C5 Link expressway last July 22. Since its opening, it has served more than the daily target vehicle volume of 8,000 and has helped decongest major choke points during peak hours in Sales interchange near Villamor Airbase, SLEx, East and West Service Roads, and EDSA.
“The C5-Link is actually doing good, averaging more than 10,000 vehicles a day. The business case is 8,000 vehicles a day, so we’re averaging more than 10,000,” Bontia said.
Meanwhile, CIC has a pending proposal with the Toll Regulatory Board to construct the spur road going to Sangley which is part of the P30-billion Cavitex Segment 5 extension project.
The project will pass through Kawit, Cavite to Noveleta, then going to Sangley, and from Sangley to Tanza, Cavite. CIC said it could begin construction by early 2021, a year after it completes the detailed engineering design.