Salik Reports 12.5% Profit Growth in 9M-2024, Projects 24-25% Trip Rise in 2025

Photo : Dubai Government Media Office

Salik Company PJSC, Dubai's exclusive toll gate operator, has reported a robust financial performance for Q3 and the nine-month period ending September 30, 2024. The company achieved AED 1,640.9 million in total revenue for the nine-month period, marking a 5.1% year-over-year increase driven by 355.6 million revenue-generating trips. Revenue from toll usage, representing 86.7% of total revenue, rose to AED 1,422.2 million, with Q3 toll revenues increasing 5.7% year-on-year to AED 468.4 million.

Salik also reported significant growth in key financial metrics. EBITDA increased by 8.9% year-over-year to AED 1,115 million, with a strong Q3 performance that saw a 14% increase compared to the same period last year. Profit before tax for the nine-month period rose by 12.5% year-over-year to AED 903.3 million, while net profit after tax reached AED 822 million. Salik’s EBITDA margin expanded to 68% over nine months and 69% in Q3.

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Chairman His Excellency Mattar Al Tayer highlighted the company’s commitment to enhancing mobility in Dubai and the strategic initiatives that contributed to this strong performance. Key developments included a partnership with Emaar for a seamless parking solution at Dubai Mall, which has already positively impacted financial results. Additionally, Salik is preparing to operationalize two new toll gates, the Business Bay Crossing and Al Safa South, on November 24, 2024, as part of Dubai’s plan to improve traffic flow and infrastructure.

CEO Ibrahim Sultan Al Haddad expressed optimism about the company’s growth prospects, noting an expected revenue increase of 7-8% for FY24. He also anticipates sustained growth into 2025, with revenue-generating trips projected to grow by 24-25% due to the new toll gates.

Salik’s operational highlights include a 7.1% increase in active registered accounts and an 8.7% rise in registered vehicles, reflecting Dubai's growing economy and increased tourism. The parking solution at Dubai Mall contributed AED 2.57 million in revenue during its first full quarter. Furthermore, the company maintained a solid balance sheet, with a net debt/EBITDA ratio of 2.1x, well below its target threshold.

The company continues to build its reputation as a leader in sustainable, smart mobility solutions, with a focus on growth, diversification, and leveraging its environmental, social, and governance (ESG) strengths. Salik’s recent accomplishments, including the launch of new toll gates and the parking solution at Dubai Mall, are expected to further its position in the mobility sector and support Dubai’s status as a global destination.

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