The main concession property owned by railwaythe Canadian highway 407 ETRin the Toronto area, has just paid its third dividend since shareholder compensation was recovered in December and is clearly on the upside.
The concessionaire, 43.23% owned by the Spanish company, has just distributed 200 million Canadian dollars (148.9 million euros) among its participants, representing a payout of 0.452 Canadian dollars per share. This amount is in stark contrast to the absolute drought in the third quarter of 2021. A new tranche of 350 million Canadian dollars (260 million euros) has already been approved for the last stretch of the year. Previous payments were $0.387 last December and $0.258 in July.
The Toronto turnpike operator has suspended dividend due to the outbreak of the pandemic and its recovery is key to a railway who is still awaiting the resuscitation of his other asset, the London airport of heather. Before the health crisis, the 407 ETR distributed 1,050 million Canadian dollars of its benefits in 2019, representing a 14% increase.
The company 407 International has presented quarterly results with 392 million Canadian dollars in revenue between July and the end of September, out of 331 million received in the same period of 2021. EBITDA added $345 million (289 million in Q3 2021), and net income of $140 million, compared to 106 a year ago.
Activity on the highway benefits from the total lifting of mobility restrictions related to Covid-19. With that, improve traffic data by 17% compared to the comparable quarter of last year.
On an annualized basis, the net profit of this concession is 307 million Canadian dollars, representing an advance of 128%. Revenues improved 35% to $965 million, leaving EBITDA of $834 million, up 39%.
Besides Ferrovial with its 43%, the other shareholders of the 407 are the local fund Canada Pension Plan Investment Board (50.01%) and also Canadian CNS Lavalin (6.76%).