August 13, 2026
Transjamaican Highway Limited (TJH)
Unaudited Interim Financials for the Six Months Ended June 30, 2026
Transjamaican Highway Limited (TJH), for the six months ended June 30, 2026, reported a 28% increase in Revenue to US$57.48 million relative to US$45.01 million in the corresponding period in 2025. Revenue for the second quarter alone amounted to US$28.46 million (Q2 2025: US$22.50 million), a 27% increase year-over-year. This strong performance was driven by continued traffic volume growth across the network and the first full six-month contribution from Phase 1C, which commenced commercial operations in December 2025.
Other Gains and Losses amounted to US$0.84 million relative to US$2.11 million for the comparable period in 2025. For the quarter, Other Gains and Losses totalled US$0.65 million relative to US$1.25 million in Q2 2025. The decline was primarily attributable to lower foreign exchange gains and reduced investment income during the period.
Operating Expenses increased 18% to US$13.38 million (H1 2025: US$11.35 million), reflecting the expanded operating footprint of the Group following the integration of Phase 1C, resulting in higher maintenance, operational support and amortization costs. Administrative Expenses for the period closed at US$5.42 million, an 9% increase from the US$4.97 million reported in the first half of 2025, driven primarily by additional staffing and support costs associated with the expanded business.
Finance Costs for the six-month period closed at US$6.22 million relative to US$6.73 million in H1 2025, a 8% decrease, reflecting the continued decline in interest expense as scheduled principal repayments are made on the Senior Secured Notes, together with the ongoing redemption of the 8% JMD Cumulative Redeemable Preference Shares, of which 20% had been redeemed as at January 2026.
Profit Before Tax for the six months ended June 30, 2026 closed at US$33.29 million versus US$24.06 million for the corresponding period in 2025, representing a 38% improvement. For the second quarter, Profit Before Tax amounted to US$16.51 million relative to US$11.99 million in Q2 2025, also a 38% increase. The improvement was driven primarily by higher toll revenues from Phase 1C and lower financing costs, partially offset by increased operating and administrative expenses.
The Group reported Taxation of US$8.43 million (H1 2025: US$6.29 million), resulting in a Net Profit of US$24.86 million relative to US$17.78 million in the first half of 2025, a 40% increase. Net Profit for the second quarter amounted to US$11.63 million relative to US$8.71 million in Q2 2025.
Total Comprehensive Income for the six-month period was US$24.92 million (H1 2025: US$17.71 million).
Consequently, Earnings Per Share for the six months amounted to US$0.00199 (H1 2025: US$0.00142), while Earnings Per Share for the second quarter totalled US$0.00093 (Q2 2025: US$0.00069). The twelve-month trailing EPS was US$0.00360 (J$0.57) and the number of shares used in these calculations was 12,501,000,000.
Notably, TJH’s stock price closed on August 12, 2026 at J$10.58 with a corresponding P/E ratio of 18.59x.
Balance Sheet Highlights
The Group’s total assets stood at US$304.18 million as at June 30, 2026, compared to US$295.44 million as at June 30, 2025, a 3% increase year-over-year. The growth was primarily driven by an increase in restricted cash balances, cash and bank balances, and higher intangible assets reflecting the addition of the Phase 1C concession, partially offset by ongoing amortization of the concession intangible asset and a reduction in deferred tax assets.
Total Shareholders’ Equity increased to US$94.98 million as at June 30, 2026, compared to US$72.99 million as at June 30, 2025, representing a book value per share of J$1.20 (2025: J$0.94).
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