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: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
The years Ramadan fell in May
Votes
Total votes: 1.8 million
Ashraf Ghani: 923,592 votes
Abdullah Abdullah: 720,841 votes
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
The specs
Engine: 4.0-litre, six-cylinder
Transmission: six-speed manual
Power: 395bhp
Torque: 420Nm
Price: from Dh321,200
On sale: now
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
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Feeding the thousands for iftar
Six industrial scale vats of 500litres each are used to cook the kanji or broth
Each vat contains kanji or porridge to feed 1,000 people
The rice porridge is poured into a 500ml plastic box
350 plastic tubs are placed in one container trolley
Each aluminium container trolley weighing 300kg is unloaded by a small crane fitted on a truck
bundesliga results
Mainz 0 Augsburg 1 (Niederlechner 1')
Schalke 1 (Caligiuri pen 51') Bayer Leverkusen 1 (Miranda og 81')
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
