Lingkaran Trans Kota Holdings Berhad (LITRAK) operates and maintains two tolled highways — Lebuhraya Damansara-Puchong (LDP) and Western Kuala Lumpur Traffic Dispersal Scheme (SPRINT Highway — in Klang Valley. Highway concession businesses are not spared by the COVID-19 pandemic as we spend more time at home. As the concessions of these two highways will expire between 2030 and 2034, I was keen to find out more about the long-term sustainability of the company’s business. Here are five things I learned from the 2020 LITRAK AGM: 1. Revenue decreased 2% year-on-year to RM504 million in 2020. CFO Stephen Low Chee Weng attributed the decline to lower traffic recorded in March when the movement control order (MCO) was implemented on 18 March, which imposed travel restrictions in Malaysia. In fact, vehicle traffic on LDP has been dropping since 2015 and further declined from 460,000 vehicles in 2019 to 447,000 vehicles in 2020. This...