Dubai: The Dubai toll-gate company Salik turned in Dh255 million as net profit for Q3, with higher usage and subscribers fueling a 5.3 per cent year-on-year growth.
The operator says numbers for the full-year remain on course, and expects underlying revenue-generating trips to grow 9-10 per cent compared to 2022 and with an EBITDA margin in the range of 66-67 per cent. Salik currently operates 8 toll-gates in Dubai.
During July to September, Salik's revenue came to Dh508.8 million with 110.8 million revenue-generating trips. Toll usage revenue - making up 87.1 per cent of the total - increased 14.6 per cent year-on-year - and the 'highest third quarter' performance since Salik launched in 2007.
All this, of course, helped by Dubai 'remaining an attractive destination both for visitors and people relocating to the city'.
Strong and sustained momentum in the third quarter is also evidence that Dubai’s focus on expanding the economy, particularly focusing on population growth and maintaining the Emirate’s attractiveness to tourists, is bearing fruit
Dubai sparks the growth
“We maintained high levels of top-line performance during the third quarter, recording 14.2 per cent growth in revenue and an EBITDA margin of 64.9 per cent," said Ibrahim Sultan Al Haddad, CEO. "As such, we are very encouraged by year-to-date performance as well as by supportive macro-economic indicators for the remainder of the year.
"This was recently demonstrated by the number of students enrolling in private sector schools in Dubai recording its highest-ever growth since 2007 - clear evidence of the city’s strong attraction to new residents."
On a year-on-year basis, the net profit comes in lower, at Dh802.7 million against Dh1 billion a year ago. In terms of toll use, there were 436.7 million trips during the nine months, which is a near 11 per cent gain. (This tally includes 94 million discounted trips.)
In the third quarter, the Al Maktoum Bridge gate generated the highest revenue-generating trips (excluding paid taxi trips) with a 61.4 per cent increase due to the 'continued closure of the nearby Floating Bridge and diversion of traffic to the gate'.
The Al Garhoud Bridge saw revenue-generating trips (excluding those by taxi) increase 16.3 per cent. Of the other toll points, Al Barsha was up 10 per cent); Al Mamzar North (10 per cent); Airport Tunnel (14 per cent); and Jebel Ali (17 per cent).