The net profits of Salik Company, the exclusive operator of toll gates in Dubai, after deducting taxes during the first nine months of this year, rose to 822 million dirhams, an increase of 2.4% compared to the same period last year.
In a statement yesterday, SALIC confirmed achieving a strong financial performance during the first nine months of 2024, as it recorded record total revenues reaching 1.64 billion dirhams.
The company’s profits before financing costs, taxes, depreciation and amortization amounted to 1.115 billion dirhams during the first nine months of this year, an increase of 8.9% on an annual basis, while profits before deducting taxes amounted to 903.3 million dirhams, an increase of 12.5% on an annual basis.
Revenues from fees for using the traffic toll system, which constitute 86.7% of total revenues, also increased by 5.1% on an annual basis to reach 1.422 billion dirhams during the first nine months of this year.
During the third quarter of 2024, traffic toll system revenues increased by 5.7% year-on-year to reach 468.4 million dirhams.
Profits during the third quarter, after deducting taxes, rose by 8.8% year-on-year to reach 277.3 million dirhams.
The number of revenue-generating trips reached 355.6 million, an increase of 5.1% year-on-year.
Mattar Al Tayer, Chairman of the Board of Directors of SALIC, said: “The company achieved strong performance during the first nine months of 2024, which reflects the flexibility of the company’s business model and its commitment to meeting the growing demand for effective transportation solutions in Dubai.”
He pointed out that the company achieved success during the third quarter after officially announcing the activation of the partnership with “Emaar” to provide technical solutions for parking in “Dubai Mall,” which is a pioneering initiative that contributes to diversifying the revenue base and improving financial performance.
Al Tayer added that, on November 24, the company will begin operating two new toll gates, at the Business Bay crossing and the southern Safa area, as a continuation of the comprehensive strategic plan of the Roads and Transport Authority, which aims to develop and integrate road networks and facilities, mass transit lines and services, and technical road and transport systems and implement policies. To improve the flow of traffic on the road network in the Emirate of Dubai, and to enhance Dubai’s position as a leading global destination.
In turn, Salik CEO, Ibrahim Sultan Al-Haddad, said, “The strong results for the nine-month period of 2024 are supported by the strong performance in the third quarter, where we witnessed a significant growth in the number of flights generating revenues by 5.7% on an annual basis, with the achievement of Strong profits.
He added: “We expect revenues to grow by 7% to 8% compared to the fiscal year 2023, especially since the fourth quarter of the year is usually the strongest quarter in terms of performance for SALIC. We also expect the growth momentum to continue next year, and to increase the number of flights generated.” For revenues of approximately 24% – 25% in the fiscal year 2025, including the contribution of flights through the two new gates.
According to the company, the number of registered active accounts increased by 7.1% on an annual basis to reach 2.5 million accounts during the first nine months of this year, compared to 2.3 million accounts in the same period of 2023.
• 355.6 million revenue-generating trips during the first 9 months of 2024, up 5.1% year-on-year.
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