Salik posts AED822 million net profit in 9 months

emirates7 - Salik Company has announced its financial performance for the nine-month period ending September 30, 2024, reporting a solid net profit after tax of AED 822.0 million, reflecting a 2.4% year-on-year (YoY) increase.

The company recorded strong growth during the first nine months of 2024, with 355.6 million revenue-generating trips, a 5.1% YoY rise, contributing to total revenues of AED 1,640.9 million. Salik also achieved an 8.9% YoY increase in EBITDA, reaching AED 1,115.0 million, and a 12.5% YoY increase in profit before tax, which stood at AED 903.3 million.

Toll usage revenue, representing 86.7% of total income, grew 5.1% YoY to AED 1,422.2 million during the period, with Q3 toll revenues rising 5.7% YoY to AED 468.4 million. Q3 profit after tax climbed 8.8% YoY to AED 277.3 million.

Chairman Mattar Al Tayer highlighted Salik’s robust business model and strategic initiatives, stating, "Our performance reflects our commitment to enhancing mobility in Dubai. In Q3, we expanded our services by partnering with Emaar to introduce parking solutions at Dubai Mall, diversifying our revenue streams and positively impacting our results. On November 24, we will launch the Business Bay Crossing and Al Safa South gates, advancing the RTA’s strategy to improve Dubai’s road networks and strengthen the city’s global standing."

CEO Ibrahim Sultan Al Haddad emphasized Salik’s strong Q3 results, noting, "Revenue-generating trips grew 5.7% YoY in Q3, driving profitability. We are confident in our upgraded FY24 guidance, forecasting a 7-8% revenue growth compared to FY23, with Q4 traditionally being a stronger quarter. For FY25, we anticipate a 24-25% rise in revenue-generating trips, including contributions from the new gates."

Additionally, Salik reported a 7.1% YoY growth in active registered accounts, increasing to approximately 2.5 million in the first nine months of 2024 from 2.3 million in the same period of 2023.