Dubai toll operator Salik reported a yearly increase of more than 5 per cent in its third-quarter profit following record growth in revenue.
Net profit for the period jumped to Dh255 million ($69.5 million) from about Dh240 million for the same period last year, the company said in a regulatory filing to the Dubai Financial Market, where its shares are traded.
While depreciation and amortisation expenses for the period saw a small yearly increase to about Dh21 million, compared to about Dh20 million in the third quarter of last year, finance costs more than doubled to about Dh63 million from Dh29 million in the same quarter last year.
The company incurred a concession fee expense of nearly Dh111 million for the period.
Salik was established in its current form as a public joint stock company in June 2022. Toll usage revenue represents about 87 per cent of its revenue.
“We are very encouraged by year-to-date performance as well as by supportive macroeconomic indicators for the remainder of the year,” said Ibrahim Al Haddad, chief executive of Salik.
“Strong and sustained momentum in the third quarter is also evidence that the government of Dubai’s focus on expanding the economy, particularly focusing on population growth and maintaining the Emirate’s attractiveness to tourists.”
During the first nine months of 2023, Salik’s net profits declined about 23 per cent yearly to about Dh803 million.
Revenue for the nine-month period jumped about 11 per cent as revenue-generating trips increased 12 per cent yearly to Dh338.2 million.
“Salik continues to emerge as a leading toll gate operator globally, supported by a highly efficient business model and a buoyant local macroeconomic environment,” said Mattar Al Tayer, chairman of Salik.
The number of vehicles registered with Salik increased about 9 per cent yearly as of September 30, 2023 and registered active accounts increased 13 per cent to approximately 2.4 million, the company said.
Comparing Salik's profitability between the nine-month period of 2022 and 2023 may not accurately reflect the company's performance on a like-for-like basis, due to changes in its operating structure and cost profile, it said.
Since July 2022, Salik has been operating as a separate legal entity from the Roads and Transports Authority through a 49-year concession agreement.
“As a result, Salik incurs new costs, such as concession fees, rent, amortisation, and transitional service expenses, as well as finance costs,” the company said.
In September this year, Salik completed one year as a listed entity.
Salik raised Dh3.73 billion in September 2022 from its initial public offering that was more than 49 times oversubscribed across all tranches, with total gross demand at Dh184.2 billion.
The Dubai government sold more than 1.867 billion shares in the company, or 24.9 per cent, at Dh2 a share. The government retained a 75.1 per cent stake after the sale of the stake.
“The company’s achievements in the last twelve months reflect Dubai's resilience in a highly volatile global economy and a surge in the volume of traffic on the city’s toll roads,” it said.
KILLING OF QASSEM SULEIMANI
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
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Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
More from Rashmee Roshan Lall
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
