TransJamaican Highway Limited (TJH) wants compensation from the government after a 15 day toll suspension tied to Hurricane Melissa erased some US$3.5 million about J$550 million from fourth quarter revenue – even as the company posted its strongest annual results since listing on the Jamaica Stock Exchange.
The company argues the Toll Authority’s order to halt collections from October 26 to November 10, 2025, breached its property rights.
“Our attorneys have advised that these actions breached TJH’s right to protection of property rights and to equitable treatment by a public authority in the exercise of its functions and therefore requires compensation,” stated TJH in its financials. “We continue to have discussions with the Toll Authority in this regard.”
The Toll Authority is the state regulatory body overseeing toll road operations in Jamaica, with responsibility for monitoring concessionaires and administering toll orders under the Toll Roads Act.
The suspension weighed on the quarter. Revenue slipped 3.0 per cent year over year to US$21.8 million, while net profit fell 8.0 per cent to US$8.6 million. Its operating profit before adding depreciation and amortisation or EBITDA dropped 12 per cent to US$15.9 million, reflecting lost toll income and higher costs from “relief and recovery initiatives following Hurricane Melissa” .
The full year picture was stronger. Revenue rose 10 per cent to US$91.2 million, net profit climbed 17 per cent to US$36.7 million, and EBITDA advanced 8.0 per cent to US$71.8 million. The debt service coverage ratio improved to 3.11x from 3.04x, while liabilities fell by US$12 million to US$217 million, underscoring ongoing deleveraging.
Last November, TJH in a market filing indicated that the Authority under the Toll Roads Act suspended toll collections. It added at the time: “We have since written to the Government of Jamaica about the revenue lost over this period and expect to have further discussions with them on the matter”. No financial details or estimates was given in that notice. This week however with the release of financials TJH indicated that the “revenue impact of approximately US$3.5 million”.
Growth was bolstered by the acquisition of the Phase 1C highway leg, a 29 kilometre extension from May Pen to Williamsfield. The concession was signed October 23, 2025, with operations starting December 27 after a US$20.3 million payment to the National Road Operating and Constructing Company. The addition expands the toll network to six plazas and extends the T1 Corridor deeper inland. TransJamaican had held a Right of First Refusal on Phase 1C since 2021 and assigned operations to its subsidiary, TransJam Highway Operators Limited.
The company declared US$20 million in dividends for 2025, paid in two tranches, up from US$15 million in 2024. Management described the payout as “balanced capital allocation” despite the costs of the Phase 1C acquisition.
