Salik posts AED822 million net profit in nine months

Salik Company announced its financial results for the nine-month period ended on September 30, registering a net profit of AED 822.0 million after tax, up 2.4 per cent YoY.

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

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

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

The company's third quarter profit after tax increased by 8.8 per cent YoY to AED 277.3 million.

It also posted 5.1 per cent YoY growth in revenue-generating trips in nine-months of 2024, reaching 355.6 million.

The Chairman of the Board of Directors of Salik, Mattar Al Tayer, said: "On 24th 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."

Salik expects revenue growth to increase by 7-8 per cent compared to FY23, particularly in view of Q4 typically being a seasonally stronger quarter for Salik. We also expect this good growth momentum to continue into next year, with revenue-generating trips expected to increase in the range of 24-25 per cent in FY25, including the contribution from the two new gates."

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