Plus Expressways Bhd, provider of expressway operation services, reported RM1.624 billion in higher pre-tax profit for the year ended Dec 31, 2009 - 7.1 percent higher from RM1.516 billion in 2008.

Turnover was also higher at RM3.179 billion, 7.1 per cent higher from RM2.968 billion in 2008.

In its announcement to Bursa Malaysia, Plus Expressways said it has exceeded the Key Performance Indicators (KPI) set for the increase in lane-km by recording 33.5 percent growth, surpassing the 30 percent target.

plus highway 050105 toll booths It was achieved through the commencement of its maiden highway project in India, the Bhiwandi-Kalyan Shil Phata Highway, on  Aug 22, 2009 and acquisition of strategic stakes in Indu Navayuga Infra Project Private Limited, concession company for Padalur-Trichy Highway, India.

On the KPI for revenue growth, the group has exceeded the five percent target for FY2009 by recording 6.5 percent growth contributed by higher traffic volume growth.

Plus Expressways will recommend 10 sen per share as final single tier dividend at the forthcoming annual general meeting to honour its dividend commitment for the financial year 2009.

Together with the 6.5 sen per share interim single tier dividend, the total dividend payout for financial year 2009 will be 16.5 sen, surpassing the 16 sen per share KPI target.

Gov't-related institutions to benefit

The dividend payout represents 70 percent of the group’s net profit in line with the group’s 70 percent minimum dividend payout policy of its net profit for the year.

As 83 percent of Plus Expressways shares are owned by government-related investment institutions, the dividend will benefit the public.

Cash RM2.075 billion from operating activities was 14.4 percent higher than 2008, with cash and cash equivalents balance of RM2.884 billion inclusive of RM995 million set aside for reserve amounts required under the loan covenants.

The group also announced its new Headline KPIs for financial year 2010.

The group targets five percent revenue growth with minimum revenue contribution from new business at three per cent and 18 per cent minimum return on equity.

On the outlook for 2010, managing director Noorizah Abd Hamid said the results for 2009 had exceeded expectations despite uncertainties at the beginning of the year, stemming from weakening global economic conditions.

- Bernama