Fourth quarter net profit grew 15.9 percent versus the prior quarter
AED550 million dividend equivalent to 7.3338 fils per share proposed for the second half of 2023
Dubai toll operator Salik has announced a 3 percent increase in its fourth-quarter profit, driven by higher revenue from toll gates. According to the company’s regulatory filing to the Dubai Financial Market, its net profit for the period reached AED295 million ($80.31 million). Salik’s revenue for the quarter rose by 12.2 percent to AED563 million, offsetting a 21 percent rise in net finance costs.
During the fourth quarter, revenue-generating trips increased by 11.1 percent year-over-year to 123.2 million, contributing significantly to Salik’s overall revenue. For the full-year 2023, the company’s profit was approximately AED1.1 billion, compared to AED1.33 billion the previous year. The company attributed this growth to a strong macroeconomic environment and positive tourism trends. Revenue for the same period increased by 11.4 percent to AED2.11 billion ($574.45 million)
In 2023, revenue-generating trips reached a record high of 461.4 million, marking an 11.7 percent annual increase. Salik anticipates a 4-6 percent year-on-year growth in revenue-generating trips for 2024, maintaining a robust EBITDA margin of 65 percent to 66 percent.
Source: economymiddleeast
By Elias Al Helou
March 4, 2024
