The Board of Directors of Salik Corporation PLC (Salik), Dubai’s exclusive toll operator, chaired by Mattar Al Tayer, announced the Company’s financial performance for Q2 2024 and H1 2024. During the first half of 2024, Salik generated a net profit after tax of AED544.8 million ($148.32 million).
Salik delivered a strong financial performance in the first half of 2024, recording 238.5 million revenue-generating trips, an increase of 4.9 percent year-over-year. This translated to total revenue of AED1.1 billion ($299.48 million), with toll usage revenue accounting for 87.1 percent of the total, growing by 4.9 percent year-over-year to AED953.8 million.
The company’s EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) reached AED738.4 million, up 6.5 percent year-on-year. Profit before tax also increased by 9.2 percent year-on-year, reaching AED598.6 million.
Reflecting the robust financial results, the Company’s Board of Directors has approved an interim dividend distribution of AED544.8 million, equivalent to 7.263 Fils per share, payable on 5 September 2024.
Diversifying revenue streams
The Chairman of the Board of Directors of Salik, Mattar Al Tayer, stated that the company was very pleased with its performance during the first half of the year. Salik had experienced strong revenue growth of 5.6 percent year-on-year, further supporting its ambition to become a global leader in mobility solutions.
Al Tayer explained that since the beginning of 2024, the company had focused on expanding its core tolling business while diversifying its revenue streams through new strategic initiatives. He highlighted the addition of two new toll gates in Dubai, scheduled to be operational by the end of November 2024, as well as Salik’s recent parking solutions partnership with Emaar Malls, which became operational in July of that year, as examples of the company’s commitment to diversification and growth.
Read more: Dubai’s Salik posts $153 million in revenues from 122.8 million trips in Q1 2024
Commitment to enhancing Dubai’s mobility
For his part, Ibrahim Sultan Al Haddad, chief executive officer of Salik, commented that the company was delighted to report another very robust quarter. He stated that Salik’s performance was a clear demonstration of the resilience of its business model and its commitment to enhancing mobility in Dubai.
Al Haddad explained that the increase in revenue-generating trips and active accounts achieved in Q2 2024 reflected the company’s strategic efforts to meet the growing demand for efficient transportation. He noted that Dubai continued to strengthen its position as a global tourism hub, attracting more international visitors than ever before, and that the city was also continuing to attract new residents and businesses. Al Haddad expressed pride in Salik’s pivotal role in making Dubai one of the most accessible cities in the world.
