The toll road operator on Thursday announced it would pay a 2023/24 distribution of 62 cents per share, up 7.0 per cent from last year and in line with guidance.Â
It forecasts increasing that distribution by five per cent to 65 cents in 2024/25, subject to traffic performance and macroeconomic performance.
The company said it made proportional operating earnings of $2.6 billion in 2023/24, up 7.5 per cent, as toll revenue grew 6.7 per cent to $3.5 billion.
Transurban's average daily traffic was up a total of 1.7 per cent, with growth in Sydney (1.3 per cent), Melbourne (1.6 per cent) and Brisbane (1.5 per cent) outpaced by growth in North America (5.5 per cent).
But its traffic in Melbourne was down 3.7 per cent compared to the year before the pandemic and the associated rise of working from home.
In Sydney, traffic on the Lane Cove Tunnel is down 15.6 per cent and the M1 Eastern Distributor down 9.5 per cent, compared to 2018/19, although it's up 116.5 per cent on the expanded WestConnex.
Transurban said it and other investors were committed to working with the NSW government on toll road reform, after an independent review in July recommended the state government take back control of tolls with a state-owned tolling entity that set charges.
The state government has yet to respond to the final report but Transurban highlighted that it had recognised the importance of honouring existing contracts.
Transurban said it wanted to work together to develop solutions that improved efficiency, fairness, simplicity and transparency for motorists while protecting the $36 billion investment it and its partners had made in the network.
Among the options being considered include distance-based tolling and toll notice reform, Transurban said.
Late on Thursday morning, Transurban shares were down 1.4 per cent to $12.70.
