The UAE Salik company announced that it recorded a net profit of 242 million dirhams at the end of the third quarter of this year, with a profit of 0.03 dirhams per share.
Salik also achieved revenues of 445 million dirhams at the end of the period, an increase of 9.1% on an annual basis, as a result of the strong operational performance that reflects a recovery in the economic movement and a growth in traffic within the Emirates.
Salik's profit before financing, taxes, depreciation and amortization costs amounted to about AED 291 million, with a profit margin of 65.4%.
Salik witnessed an increase in the number of revenue-generating trips in the third quarter of 2022 by an estimated 10%, to reach approximately 97 million trips; That is only 5% lower than pre-pandemic levels, and these numbers reflect the return of recovery in economic activity and traffic in the UAE.
The total number of trips through the eight Salik gates increased by 11%, recording approximately 128 million trips in the third quarter of 2022, compared to approximately 116 million trips for the same period last year.
The number of revenue-generating trips increased in line with the increase in the total number of Salik trips, reaching 97 million trips in the third quarter of this year.
On the other hand, the number of revenue-generating trips decreased in the third quarter of 2022 by about 3%, compared to the second quarter due to the seasonal nature of the movement, as traffic tends to slow relatively during the third quarter due to the summer holidays, before resuming its rise in the fourth quarter.
The total number of trips through the Salik gates during the first nine months of this year increased by 15% to nearly 395 million trips, compared to 343 million trips in the same period last year.
These indicators reflect the rapid recovery from the repercussions of the Corona pandemic, and the positive growth achieved by hosting the Expo 2020 in the UAE, where the number of revenue-generating trips during the mentioned period increased by approximately 16% to reach approximately 302 million trips, compared to approximately 260 million trips for the first nine months. from the year 2021.
Mattar Al Tayer, Chairman of the Board of Directors of Salik, expressed his happiness with the results achieved by the company in the past months, which confirm the strength of the company, which is the exclusive operator of the traffic tariff system in Dubai, as well as its adoption of a business model that qualifies it to remain at the heart of the expansion plans of the road and transportation sector.
Al Tayer said: “We have a positive outlook. We are well positioned to benefit from Dubai's ambitious expansion plans and natural growth initiatives for our business, and we have great confidence in the company's ability to provide added value to all stakeholders in the long term.”
In turn, Ibrahim Sultan Al-Haddad, CEO of the UAE’s Salik, said: “The financial performance indicators for the third quarter of 2022 confirm the strength and solidity of the company’s unique business model as the exclusive operator of the eight toll gates in the Emirate of Dubai, and this is clearly evident in the operational performance. Strong and high levels of revenues by 445 million dirhams, and profitability by 242 million dirhams.”
Al-Haddad added: “In the third quarter, (SALIC) succeeded in completing the public offering of the company, and it began its journey with the new shareholders as a company listed on the Dubai Financial Market on September 29, 2022, after it recorded a record number of IPO applications, exceeding the supply by 49 times, to confirm the strength of the foundations. The economic situation of the Dubai financial markets, and the strong investment case of Salik.
