KUALA LUMPUR: Amanat Lebuhraya Rakyat Bhd's highways portfolio has continued to deliver resilient operating and financial performance, according to MARC Ratings.
Its toll revenue rose to RM827.2 million in the financial year ended March 31, 2026 (FY26), supporting its debt-servicing capacity.
Average daily traffic remained stable at about 1.01 million vehicles in FY26 and the first three months of FY27, while toll revenue is projected to reach RM839 million for FY27.
MARC said cash flow from operations increased to RM815.2 million in FY26, while the cash flow from operations interest and debt coverage ratios stood at 3.1 times and 0.12 times respectively.
MARC said the portfolio's established operating history and predictable traffic patterns supported its assessment of low traffic volume risk.
The rating agency affirmed its AAAIS rating on Amanat Lebuhraya's RM5.5 billion sukuk programme, with a stable outlook.
Amanat Lebuhraya operates the Damansara-Puchong Highway (LDP), Shah Alam Expressway (Kesas), Western Kuala Lumpur Traffic Dispersal Scheme (Sprint) and Stormwater Management and Road Tunnel (Smart).
The three core highways - LDP, Kesas and Sprint - accounted for about 98 per cent of traffic volume and 97 per cent of toll revenue in FY26 and the first three months of FY27.
Traffic fluctuations across the portfolio remained limited, ranging from two per cent to nine per cent between FY23 and the first three months of FY27.
Smart recorded higher traffic volatility, at 17 per cent over the same period, but contributed only about 2.5 per cent of toll revenue.
Amanat Lebuhraya's total borrowings fell to RM4.80 billion at end-June 2026 from RM5.16 billion at end-March 2025, following a RM360 million sukuk principal repayment in October 2025.
Higher shareholders' funds also helped improve its debt-to-equity ratio to 5.8 times.
Liquidity remained strong, with cash balances rising to RM1.27 billion at end-March 2026 and RM1.32 billion at end-June 2026.
The finance service coverage ratio improved to 3.04 times in FY26 from 2.74 times in FY25, exceeding the projected 2.94 times.
MARC said the sukuk's zero-dividend structure supports cash retention and redemption at the first call date in FY34.
Even under a stressed scenario involving zero traffic volume and higher operating costs, the minimum projected finance service coverage ratio for FY27 to FY38 remains at 3.12 times, above the 1.5 times covenant threshold.
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