Today's Edition
DUBAI (ALETIHAD)
Salik Company PJSC (“Salik” or the “Company”), Dubai’s exclusive toll gate operator, on Thursday announced that the total revenue for 9M 2025 increased 38.6% year-on-year (“YoY”) to Dh 2.275 billion, supported by a 36.9% YoY increase in Q3 2025. EBITDA grew 42.0% in 9M 2025 to Dh1,583.7 million, translating to a strong margin of 69.6%.
In a statement, Salik stated that the financial results for the three-month and nine-month periods ended September 30, 2025 (“Q3 2025” and “9M 2025”).
Salik’s strong performance was driven by two new gates introduced in November 2024, the successful implementation of variable pricing at the end of January 2025 and a sustained positive macroeconomic backdrop. In Salik’s core tolling business, total chargeable trips reached 470.5 million in 9M 2025, of which 152.2 million trips were recorded in Q3 2025.
Economic Growth
Mattar Al Tayer, Chairman of the Board of Directors of Salik, commented: "Salik’s performance during the first nine months of 2025 reflects the economic growth witnessed in Dubai and the attractive investment environment that has made the emirate a global model in business sustainability and the competitiveness of vital sectors."
He said, "It also highlights the strength of our operations and the continued resilience and scalability of our business model. Salik delivered strong top-line momentum, achieving a 39% year-on-year increase in total revenue, supported by continued growth in traffic volumes and the early benefits of variable pricing implemented earlier in January, alongside significant ancillary revenue growth."
He added: "This performance embodies the success of our strategy, which combines operational excellence with disciplined execution and innovation across the mobility ecosystem, as well as the success of our operational and financial plans in enhancing the efficiency of the smart mobility ecosystem, expanding the scope of its services in a way that contributes to delivering sustainable value for our shareholders while supporting Dubai's vision to build a diversified and sustainable economy."
Al Tayer affirmed that Salik also continues to benefit from Dubai’s robust economic backdrop, supported by key factors, namely steady growth in population, tourism and real estate sector activity, and intensive and well-planned infrastructure investment, reiterating Salik’s commitment to developing its digital infrastructure and investing in smart solutions, in line with Dubai’s ambition to become a global leader in smart, sustainable mobility.
Positive Impact
Ibrahim Sultan Al Haddad, Chief Executive Officer of Salik, commented: “Our strong performance in the first nine months of 2025 reflects Salik’s solid growth trajectory and the continued successful execution of our strategy. Total trips increased by approximately 38% YoY, and toll usage fees rose by around 42%, supported by the addition of two new gates, the positive impact of variable pricing, and underpinned by Dubai’s strong economic fundamentals, sustained population growth, and healthy tourism inflows."
Al Haddad added, "Our core tolling business continues to perform exceptionally well, complemented by steady progress across our strategic initiatives to diversify our revenue streams. Ancillary revenues continue to grow, driven by the success of our digital partnerships in mobility and payment solutions. Collaborations with Emaar Malls, Parkonic, and Liva Group are key contributors to this performance, strengthening Salik’s position as a leading innovator in seamless, smart and sustainable mobility. Through these partnerships, we are expanding across the mobility ecosystem and enhancing convenience and value for our users.
He said: With continued operational excellence, strong cash generation, and a solid balance sheet, we remain confident in Salik’s ability to sustain growth and create long-term value for our shareholders as we expand our footprint and continue to innovate within mobility and other services.”
The total number of trips, including discounted trips, made through Salik’s toll gates grew 38.3% YoY in 9M 2025 to record 628.4 million trips, driven by a strong 35.6% YoY growth in trips in Q3 2025, reaching 204.2 million. This growth reflects the impact of the two new gates introduced, along with Dubai’s strong macroeconomic environment, sustained tourism inflows, and continued population growth.
According to Salik statistics, the total chargeable trips reached 152.2 million in Q3 2025, following the 160.4 million in Q2 2025. This reflects the usual seasonal slowdown following the summer travel period, as Q3 typically records the lowest total number of trips. It is worth noting that the Q3 2025 period represented the second full quarter since implementing the new variable pricing system.
The statistical report showed revenue from fines increased 18.2% YoY to Dh 206.7 million in 9M 2025, with fines growing 23.3% YoY to Dh 72.4 million in Q3 2025. The number of net violations (accepted minus dismissed violations) grew by 39.9% YoY in Q3 2025, reaching 936,972 and representing 0.7% of net toll traffic, with revenue from fines contributing 9.7% to total revenue in Q3 2025.
The tag activation fees saw a 15.4% increase YoY in 9M 2025, reaching Dh 34.7 million, supported by a 13.8% YoY increase in Q3 2025 to Dh 11.8 million. Tag activation fees contributed 1.6% of total revenue in Q3 2025. Total ancillary revenue reached Dh 14.5 million during 9M 2025, driven by revenues from Parking Payment Solutions' partnerships with Emaar Malls and Parkonic. Furthermore, the company’s partnership with Liva Group has continued to gain momentum during 9M 2025.
Financial Performance
Solid 9M 2025 performance: total revenue +38.6% year-on-year to AED 2,275.0 million, EBITDA +42.0% year-on-year with a strong 69.6% margin, and a strong balance sheet position.
Salik generated EBITDA of Dh 1,583.7 million in 9M-25, up 42.0% YoY, with Q3-25 EBITDA increasing by 37.7% YoY to reach Dh 518.7 million. EBITDA margin stood at 69.6% in 9M-25, a 166 bps YoY increase compared to 68.0% in 9M-24. EBITDA margin was reported at 69.4% in Q3-25, compared to 69.0% in Q3-24, representing a 40 bps expansion YoY.
Salik’s net profit before taxes totalled Dh 1,256.9 million in 9M 2025, up 39.1% YoY. Net profit before taxes reached Dh 409.8 million in Q3 2025, marking a strong 34.5% YoY increase despite higher finance costs in the period.
Salik generated net profit after taxes of Dh 1,143.8 million in 9M 2025, up 39.1% YoY. Net profit after taxes reached Dh 372.9 million in Q3 2025, a solid 34.5% YoY increase. Net profit margin expanded by 18 bps to 50.3% in 9M 2025.
Salik recorded a net working capital balance of Dh -578.4 million as of September 30, 2025, equating to 19.1% as a percentage of annualised revenue, compared to 21.8% recorded in H1 2025. The increase in net working capital in the trailing four quarters compared to prior quarters is primarily driven by the semi-annual instalments for the toll rights fees relating to the new toll gates. As of September 30, 2025, net debt stood at Dh 5,336.7 million, a 10.0% increase from Dh 4,853.0 million at the end of Q2 2025. This translates to a trailing twelve-month net debt/EBITDA ratio of 2.61x in Q3 2025, compared to 2.55x at the end of Q2 2025 and well below the Company’s debt covenant of 5.0x.
Salik generated free cash flow of Dh 1,471.5 million in 9M 2025, up 39.5% YoY and a free cash flow margin of 64.7%, a 41 bps increase compared to 64.3% in 9M 2024.
Smart, Sustainable Mobility solutions
Implementation of variable pricing: As instructed by the RTA, based on the traffic studies and analysis, Salik implemented variable pricing on January 31, 2025. The variable pricing aims to enhance traffic flow across Dubai’s road networks and improve transportation efficiency across the city.
Salik reaffirmed its confidence in expanding its ancillary revenue streams over the medium to long term, building on the strong progress achieved in 2024 and the nine months of 2025. Key initiatives include the collaboration with Emaar Malls, the collaboration with Parkonic to integrate Salik accounts across UAE parking locations, and the continued collaboration with Liva Group to streamline vehicle insurance renewals. These partnerships reinforce Salik’s focus on innovation and enhanced user experience, while driving revenue diversification and supporting the Company’s long-term growth and sustainability.
Business Outlook
The total revenue growth of Salik in FY25 is expected to be in the range of 34-36% year-on-year, including the impact of the two new gates introduced in November 2024 and the implementation of variable pricing on January 31, 2025. The EBITDA margin is expected to be in the range of 68.5-69.5%.
