SALIC achieves strong financial performance within 9 months, with profits reaching 822 million dirhams

SALIC announced a strong financial performance during 9 months, as the number of revenue-generating trips reached 355.6 million trips, an increase of 5.1% year-on-year, recording record total revenues that reached 1.64 billion dirhams.

The company explained in a statement issued today, Wednesday, that revenues from fees for using the traffic toll system – which constitute 86.7% of total revenues – rose by 5.1% on an annual basis to reach 1.42 billion dirhams during the period, and in the third quarter they rose by 5.7% on an annual basis. To reach 468.4 million dirhams.

During the first 9 months of 2024, SALIC’s profits before financing costs, taxes, depreciation and amortization amounted to 1.11 billion dirhams, an increase of 8.9%, and profits before deducting taxes reached 903.3 million dirhams, an increase of 12.5%, while net profit after deducting taxes for the period increased. The same increased by 2.4% to 822 million dirhams, and profits after deducting taxes in the third quarter increased by 8.8% on an annual basis to reach 277.3 million dirhams.

Active accounts

According to the company’s statement, the number of registered active accounts increased by 7.1% year-on-year to reach 2.5 million accounts at the end of the third quarter, compared to 2.3 million accounts a year ago. Salik card activation operations reached about 268,000 in the third quarter, an increase of 18.6% year-on-year. Moreover, the number of vehicles registered with SALIC in the third quarter increased by 8.7% year-on-year.

Dubai Mall parking

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 our business model and our commitment to meeting the growing demand for efficient mobility solutions in Dubai. The company also achieved success in the third quarter after the announcement.” officially announced 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. On November 24, the company will begin operating two new toll gates, at the Business Bay crossing and Al Safa South, in completion of the strategic plan. The comprehensive Roads and Transport Authority aims to develop and integrate road networks and facilities, mass transit lines and services, 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.

Two new gates

For his part, Ibrahim Sultan Al-Haddad, CEO of SALIC, said: “We are pleased to achieve strong results during the first nine months ending September 30, 2024, supported by the strong performance in the third quarter, as we witnessed a significant growth in the number of flights generating revenues by 5.7% on an annual basis with Realize very strong profits. With the implementation of our new parking solutions at The Dubai Mall and the operation of the two new toll gates on November 24, 2024, we are optimistic about the positive economic trends that support our growth in Dubai. Accordingly, we are pleased to confirm our recently updated business outlook for fiscal year 2024, where we expect revenues to grow by 7-8% compared to 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 the number of flights generating revenues to increase by 24-25% in the fiscal year 2025, including the contribution of flights through the two new gateways.”