Dubai toll operator Salik has reported a 3 per cent annual increase in its fourth-quarter profit, supported by higher revenue from toll gates.
Net profit for the period rose to Dh295 million ($80.3 million), the company said on Monday in a regulatory filing to the Dubai Financial Market, where its shares are traded.
Salik’s revenue rose 12.2 per cent annually to Dh563 million in the latest reported quarter, which helped offset a 21 per cent increase in net finance costs.
“We are thriving in the tolling business and remain focused on strengthening our core business offering as we expand our footprint within Dubai,” said Ibrahim Al Haddad, chief executive of Salik.
“At the same time, we are committed to delivering sustainable growth, with our updated strategy purpose-built to widen the revenue-generating opportunities that we pursue."
As part of its revised corporate strategy, the company plans to pursue additional revenue sources beyond its core tolling business, including providing technology solutions for parking.
In December, Salik teamed up with Emaar Malls to deliver a parking management system at Dubai Mall.
Salik is also focusing on building a portfolio of vehicle-centred mobility services that allow customers to pay for additional offerings directly through their Salik accounts, it said.
The company said revenue-generating trips during the fourth quarter rose 11.1 per cent year-over-year to 123.2 million. The revenue from toll usage fees, primarily generated through trips, constitutes the bulk of Salik's overall revenue.
For the full-year 2023, the company’s profit stood at about Dh1.1 billion, compared with Dh1.33 billion the previous year. Revenue during the same period increased by 11.4 per cent to Dh2.11 billion, driven by "strong macroeconomic environment and positive tourism trends", the company said.
Revenue-generating trips for the year reached new highs of 461.4 million, up 11.7 per cent on an annual basis.
Salik expects a 4-6 per cent year-on-year increase in revenue-generating trips for 2024, continuing the strong growth trend from last year, while maintaining a robust earnings before interest, taxes, depreciation and amortisation (Ebitda) margin of 65 per cent to 66 per cent.
“The achieved results for 2023 are a testament to our strategic vision and commitment to delivering long-term value to our shareholders, as well as to the positive macroeconomic environment in the UAE,” said Mattar Al Tayer, chairman of Salik.
GDP growth coupled with strong tourism inflow indicate that Dubai’s initiatives to expand the economy are “bearing fruit”, he added.
Dubai’s economy expanded by an annual 3.3 per cent in the first nine months of last year, driven by growth in the emirate's tourism and transport sectors.
Emirates NBD expects Dubai's GDP to grow 4 per cent this year, compared with a 3.3 per cent expansion in UAE's economy.
Salik's initial public offering, a part of the Dubai government's strategy to expand its financial market, raised Dh3.73 billion in September 2022.
The offering was oversubscribed by more than 49 times across all tranches, with total gross demand reaching 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 SPECS
Engine: AMG-enhanced 3.0L inline-6 turbo with EQ Boost and electric auxiliary compressor
Transmission: nine-speed automatic
Power: 429hp
Torque: 520Nm
Price: Dh360,200 (starting)
Killing of Qassem Suleimani
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
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Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
RIVER%20SPIRIT
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Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
THE BIO
Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place
Job Title: Human resources administrator, Expo 2020 Dubai
First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group
Entrepreneur: Started his own graphic design business
Favourite singer: Avril Lavigne
Favourite travel destination: Germany and Saudi Arabia
Family: Six sisters
