Dubai's toll operator Salik has reported a net profit of AED275 million, for Q1-2023.
This was announced by the company during its meeting presided by Mattar Al Tayer, Chairman of the Board.
“Salik recorded the highest level of quarterly revenue-generating trips and toll usage revenue since the start of operations in 2007, at 113.6 million trips and AED 454 million, respectively. Toll usage revenue, which contributed 87% to total revenue, increased 7.9% YoY on the back of a return to business-as-usual in Dubai following the complete lifting of Covid-19 restrictions, as well as solid organic growth in commercial and tourist activity. Salik achieved net profit of c. AED 275 million during the quarter, with a net profit margin of 52.9%,”
said a disclosure by the company published by DFM today.
Al Tayer expressed satisfaction with the Company's strong results during the first quarter of 2023. He emphasised “Salik's position as Dubai's exclusive road toll operator and its contribution to the transportation sector's expansion” expressing confidence in the Company's ability to provide long-term value to shareholders.
He also recognised Dubai's economic resilience and ongoing efforts to attract a diverse population. He said:
“As a key player in Dubai's economy, Salik intends to persist in collaborating with stakeholders to establish fresh opportunities for the Emirate of Dubai residents and visitors, confirming that the Company’s unwavering commitment to advancing capital market growth and supporting the Emirate's wider economic development plans was exemplified by Salik's pivotal role in Dubai's initial public offering program through its momentous listing last September.”
Ibrahim Sultan Al Haddad, Chief Executive Officer of Salik, commented:
"We are delighted to announce Salik's financial and operational performance for the first quarter of 2023, following our successful listing on the Dubai Financial Market last September. The results we achieved demonstrated our ability to attain the desired level of success, driven by Dubai's economic resilience and record usage of our toll roads."
News Source: Emirates News Agency