Dubai-listed Salik reported a net profit after tax of Dh277.3 for the first quarter of 2023, according to a filing with the Dubai Financial Market (DFM).
The toll gate operator recorded a 10.7% per cent growth in Q1-2024 net profit before tax of Dh304.7 million, driven by the earnings from the 156 million trips that passed through the 8 Salik gates in the first three months of 2024.
“We are very pleased to have started the year strongly, with revenue-generating trips increasing by over 8 per cent year-on-year, supporting our ambition to become a global leader in mobility solutions,” said Ibrahim Sultan Al Haddad, CEO of Salik.
“We continue to thrive in our core tolling business and remain focused on diversifying our portfolio through the expansion of ancillary revenue streams.”
Salik anticipates a “strong H2-24” as it opens up new revenue streams, including the alliance with Emaar Malls to operate the parking payment system at The Dubai Mall and the addition of two new toll gates.
In 2023, Salik’s revenue surged 11.4% year-on-year (YoY) to Dh2.10 billion in 2023. The company attributed the revenue surge to an increase in toll usage due to the improved economic activity and growth in traffic, with revenue-generating trips increasing by 11.6% year-on-year to c. 461 million trips through Salik gates.
