Dubai: The Dubai toll-gate operator Salik lighted up with a 10.7 per cent growth in Q1-2024 net profit before tax of Dh304.7 million. The profit after tax, after accounting for the new 9 per cent corporate tax in the UAE, came to Dh277.3 million.
These came through 156 million trips that passed through the 8 Salik gates between January to end March. It was 146.9 million same time last year.
These set up Salik for an anticipated strong H2-24 as it opens up new revenue streams, including the alliance with Emaar Malls to operate the parking payment system at The Dubai Mall.
Of course, there is also the increase in the number of toll-gates to 10 as a a further two key routes come under it.
“We are very pleased to have started the year strongly, with revenue-generating trips increasing by over 8 per cent year-on-year, supporting our ambition to become a global leader in mobility solutions," said Ibrahim Sultan Al Haddad, CEO>
"We continue to thrive in our core tolling business and remain focused on diversifying our portfolio through the expansion of ancillary revenue streams. The first quarter marked a period of strategic progress, having announced an expansion of our toll gate network, which we plan to be operational by November of this year.
"This follows the diversification into parking management solutions through our partnership with Emaar Malls, as announced at the end of 2023. Both strategic milestones are exciting developments for our business, placing Salik in a position of strength going forward.”
Revenue tally
The first quarter revenue totaled Dh562 million, up 8.1 per cent year-on-year. "GDP growth coupled with strong tourism inflow are evidence that the Government of Dubai’s initiatives to expand the economy, particularly focusing on population growth and maintaining the Emirate’s attractiveness to visitors, are bearing fruit,” said Mattar Al Tayer, Chairman of Salik.
