Salik posts AED 822 million net profit in 9 months

Salik Company today announced its financial results for the nine-month period ended 30 September 2024, registering a robust net profit after tax of AED 822 million, up 2.4 percent YoY, reported Emirates News Agency (WAM).

Salik continued to deliver strong financial performance during the first nine-months of 2024, registering AED 355.6 million revenue-generating trips, which increased 5.1 percent YoY to drive total revenue of AED 1,640.9 million, according to WAM.

Salik also reported EBITDA of AED 1,115.0 million, up 8.9 percent YoY, and profit before tax of AED 903.3 million, up 12.5 percent YoY.

Revenue from toll usage, comprising 86.7 percent of total revenue, rose 5.1 percent YoY to AED 1,422.2 million in the nine-month period, with third quarter revenue from tolls increasing 5.7 percent YoY to AED 468.4 million, according to WAM.

The company's third quarter profit after tax increased by 8.8 percent YoY to AED 277.3 million. It also posted 5.1 percent YoY growth in revenue-generating trips in nine-months of 2024, reaching 355.6 million.

Mattar Al Tayer, Chairman of the Board of Directors of Salik, was reported by WAM saying, "Our performance in the first nine-months of 2024 is a testament to our robust business model and commitment to enhancing mobility in Dubai. We made further strategic progress in the third quarter, having officially launched our parking partnership with Emaar to provide parking solutions at Dubai Mall, a key initiative to diversify our revenue base that is already contributing positively to our financial performance.

On 24 November, we will be commencing operations of the Business Bay Crossing and Al Safa South gates. The launch of the two new gates is a continuation of the RTA's strategic plan, aimed at enhancing road networks and facilities, public transport lines and services with the aim of improving the flow of traffic across the Emirate of Dubai, further strengthening Dubai's position as a leading global destination."

Registered active accounts increased 7.1 percent YoY to c.2.5 million in the nine months of 2024 from c.2.3 million in the nine-month period of 2023.