Salik's First Half Of 2024 Sees Net Profit Hit AED 544.8 Million Amid Expansion

The Board of Directors of Salik Company PJSC (Salik), Dubai’s exclusive tollgate operator, chaired by Mattar Al Tayer, announced the Company’s financial results for Q2 2024 and H1 2024. The company achieved a net profit after tax of AED544.8 million in H1 2024.

Salik reported a robust financial performance in the first half of 2024, with 238.5 million revenue-generating trips, marking a 4.9 percent year-on-year increase. This resulted in total revenue of AED1.1 billion. Revenue from toll usage, which makes up 87.1 percent of total revenue, rose by 4.9 percent year-on-year to AED953.8 million.

During H1 2024, Salik's EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) reached AED738.4 million, reflecting a 6.5 percent increase compared to the previous year. Profit before tax stood at AED598.6 million, up by 9.2 percent year-on-year.

In light of these strong financial results, the Board approved an interim dividend distribution of AED544.8 million, equivalent to 7.263 Fils per share, payable on 5 September 2024.

Mattar Al Tayer expressed satisfaction with the company's performance: "We are very pleased with our performance during the first half of the year, with strong revenue growth of 5.6 percent year-on-year, further supporting our ambition to become a global leader in mobility solutions."

Strategic Initiatives and Expansion

Al Tayer highlighted Salik's focus on expanding its core tolling business and diversifying revenue streams through new strategic initiatives: "Since the beginning of 2024, we have focused on expanding our core tolling business while diversifying our revenue streams through new strategic initiatives."

The addition of two new toll gates in Dubai is scheduled for operational status by the end of November 2024. Additionally, a recent parking solutions partnership with Emaar Malls became operational in July this year.

Commitment to Mobility Enhancement

Ibrahim Sultan Al Haddad, Chief Executive Officer of Salik, commented on the company's quarterly performance: "We are delighted to report another very robust quarter, with Salik’s performance a clear demonstration of the resilience of our business model and our commitment to enhancing mobility in Dubai."

The increase in revenue-generating trips and active accounts achieved in Q2 2024 reflects Salik's strategic efforts to meet growing transportation demands: "The increase in revenue-generating trips and active accounts achieved in Q2 2024 reflects our strategic efforts to meet the growing demand for efficient transportation."

Dubai continues to strengthen its position as a global tourism hub: "Dubai continues to strengthen its position as a global tourism hub, attracting more international visitors than ever before," said Al Haddad.

The city attracts new residents and businesses continuously: "The city continues to attract new residents and businesses," added Al Haddad.

Salik plays a pivotal role in making Dubai one of the most accessible cities globally: "We are proud to play a pivotal role in making Dubai one of the most accessible cities in the world," concluded Al Haddad.

With inputs from WAM