Accounting profit can have little meaning for toll roads. I would disregard it. The most important thing is cashflow as that is what the distribution is based on.
For Atlas this is mainly 1) dividends from APRR and 2) dividends from Chicago Skyway. The company shows this in its "Investor Reference pack". The total cashflow in FY23 was $610m which was mostly cash from APRR and Skyway.
Based on the latest presentation at Macquarie conference there is a question mark over the sustainability of the dividend after 2024. About 80% of the FY24 dividend (32-33c of the 40c) is covered by operating business cash flows and the other 20% (7-8cps) is a one-off payment from cash on hand.
This is what the company shows:
News: ALX Atlas Arteria Reached Agreement With Co-Investors In APRR Group, page-5
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