DUBAI: Salik Company today announced its financial results for the nine-month period ended 30th September 2024, registering a robust net profit after tax of AED822.0 million, up 2.4 percent year-on-year.
According to Emirates News Agency, 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 year-on-year to drive total revenue of AED1,640.9 million. Salik also reported EBITDA of AED1,115.0 million, up 8.9 percent year-on-year, and profit before tax of AED903.3 million, up 12.5 percent year-on-year.
Revenue from toll usage, comprising 86.7 percent of total revenue, rose 5.1 percent year-on-year to AED1,422.2 million in the nine-month period, with third-quarter revenue from tolls increasing 5.7 percent year-on-year to AED468.4 million. The company’s third-quarter profit after tax increased by 8.8 percent year-on-year to AED277.3 million. It also posted a 5.1 percent year-on-year growth in re
venue-generating trips in the nine months of 2024, reaching 355.6 million.
Mattar Al Tayer, Chairman of the Board of Directors of Salik, stated that the company’s performance in the first nine months of 2024 is a testament to its robust business model and commitment to enhancing mobility in Dubai. He highlighted the strategic progress made in the third quarter, including the launch of a parking partnership with Emaar at Dubai Mall, which is already contributing positively to financial performance. Salik plans to commence operations of the Business Bay Crossing and Al Safa South gates on 24th November, as part of the RTA’s strategic plan to improve road networks and traffic flow in Dubai.
Ibrahim Sultan Al Haddad, Chief Executive Officer of Salik, commented on the strong performance in the third quarter, with revenue-generating trips increasing by 5.7 percent year-on-year, along with robust profitability. He expressed confidence in the upgraded guidance for FY24, expecting revenue growth to increase by 7-8 p
ercent compared to FY23, particularly with Q4 being a seasonally stronger quarter. He also anticipated continued growth momentum into next year, with revenue-generating trips expected to increase in the range of 24-25 percent in FY25, including contributions from the two new gates.
The number of registered active accounts increased by 7.1 percent year-on-year to approximately 2.5 million in the nine months of 2024, up from approximately 2.3 million in the same period of 2023.