Salik Records AED 822 Million Profit In 9 Months
Salik Company has announced its financial results for the nine months ending 30th September 2024, reporting a solid AED822.0 million net profit after tax, a 2.4% increase compared to the same period last year.
This performance highlights Salik’s strong business model and its role in enhancing mobility across Dubai. The company registered 355.6 million revenue-generating trips, a 5.1% year-on-year (YoY) increase, driving total revenue to AED1,640.9 million.
Key Financial Highlights
- Net Profit After Tax: AED822.0 million, up 2.4% YoY.
- Revenue: AED1,640.9 million, driven by toll usage contributing 86.7% of total revenue.
- EBITDA: AED1,115.0 million, up 8.9% YoY.
- Profit Before Tax: AED903.3 million, up 12.5% YoY.
- Third-Quarter Profit: AED277.3 million, up 8.8% YoY.
Toll Revenue & Operational Growth
Toll revenue reached AED1,422.2 million in the first nine months, rising 5.1% YoY. Third-quarter toll revenue also showed significant growth, increasing by 5.7% YoY to AED468.4 million.
The company experienced a 7.1% growth in active accounts, with around 2.5 million accounts registered as of September 2024, compared to 2.3 million in the same period of 2023.
Strategic Developments
Salik continued to diversify its offerings, launching a parking partnership with Emaar at Dubai Mall, a move that has already begun contributing to its financial performance.
Additionally, Salik is gearing up to enhance Dubai's traffic flow with the launch of the Business Bay Crossing and Al Safa South gates on 24th November. This expansion aligns with the RTA’s strategic plan to improve the road network and public transport infrastructure across Dubai.
Leadership Perspectives
Mattar Al Tayer, Chairman of Salik’s Board of Directors, remarked:
"Our strong nine-month performance reflects Salik’s robust business model and commitment to enhancing mobility in Dubai. The upcoming launch of two new gates is a key step in strengthening Dubai’s position as a global destination."
Ibrahim Sultan Al Haddad, Salik’s CEO, added:
"With Q4 traditionally being a strong quarter for us, we are optimistic about achieving our recently upgraded guidance for FY24, projecting revenue growth of 7-8% over FY23. Looking ahead, we anticipate a 24-25% increase in revenue-generating trips for FY25, boosted by the addition of the new gates."
Read More: Salik Increases Its IPO Offer to 24.9%
Future Outlook
Salik is on track for sustained growth, with robust trip volumes, strategic initiatives, and infrastructure expansions positioning the company to meet and exceed its FY24 targets.
Salik’s dedication to improving mobility and diversifying its revenue base ensures its pivotal role in Dubai’s transportation ecosystem for years to come.