Today's Edition
DUBAI (WAM)
The Board of Directors of Salik Company PJSC (Salik), Dubai’s exclusive tollgate operator, chaired by Mattar Al Tayer, Chairman of the Board, on Tuesday announced the Company’s financial results for Q2 2024 and H1 2024, generating a net profit after tax of Dh544.8 million in H1 2024.
Salik delivered a very healthy financial performance in the first half of 2024, registering 238.5 million revenue-generating trips which increased by 4.9 percent YoY to record total revenue of Dh1.1 billion.
Revenue from toll usage, comprising 87.1 percent of total revenue, rose by 4.9 percent YoY to Dh953.8 million.
During the first half of 2024, Salik reported EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) of Dh738.4 million, up 6.5 percent year-on-year, and profit before tax of Dh598.6 million, up 9.2 percent year-on-year.
In view of the strong financial results, the Company’s Board of Directors approved an interim dividend distribution of Dh544.8 million, equivalent to 7.263 Fils per share, payable on September 5, 2024.
Al Tayer said, “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. 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, scheduled to be operational by the end of November 2024, and our recent parking solutions partnership with Emaar Malls, which became operational in July this year, underscore our commitment to diversification and growth.”
Chief Executive Officer of Salik, Ibrahim Sultan Al Haddad, also commented, “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 our strategic efforts to meet the growing demand for efficient transportation. Dubai continues to strengthen its position as a global tourism hub, attracting more international visitors than ever before. The city continues to attract new residents and businesses, and we are proud to play a pivotal role in making Dubai one of the most accessible cities in the world.”
