Dubai toll operator Salik has reported a nearly 50 per cent annual surge in its second-quarter net income, driven by a sharp rise in revenue from new toll gates in the emirate and the variable pricing system it introduced this year.
Net income for the three months to the end of June climbed above Dh400 million ($109 million), the company said in a regulatory filing on Wednesday to the Dubai Financial Market, where its shares trade.
Year-on-year revenue for the reporting period also jumped 45.6 per cent to Dh775.7 million, while earnings before interest, taxes, depreciation and amortisation (Ebitda) – a central metric of a company's profitability – increased by nearly 51 per cent to Dh545.3 million to record Salik's best quarterly Ebitda.
“Salik’s strong performance … underscores the strength of its resilient business model and high operational efficiency … further solidifying its robust financial position,” said Mattar Al Tayer, the chairman of Salik's board.
For the first six months of the year, Salik said its profit climbed by 41.5 per cent annually to Dh770.9 million, while first-half revenue grew almost 40 per cent to about Dh1.53 billion. The company's Ebitda for the six-month period rose 44.2 per cent to nearly Dh1.07 billion.
The board of the company, which is the sole toll operator in the emirate, also recommended a cash dividend equivalent to its first-half profit, which translates into 10.278 fils earning per share, Salik said.
New gates boost
Total chargeable trips during the April-June quarter hit 160.4 million, up 1.6 per cent annually. Trips during the peak period − when a toll of Dh6 per trip is charged – grew 46.7 per cent to 57.7 million, which Salik said was driven by the opening of two new toll gates in the emirate.
Salik introduced the new gates on Business Bay Crossing on Al Khail Road and at Al Safa South on Sheikh Zayed Road in November. The company followed the move in January this year with the introduction of a new dynamic pricing scheme that includes free passage for vehicles from 1am to 6am.
The toll operator said its revenue from fines issued to motorists during the second quarter rose 15.7 per cent year-on-year to Dh134.3 million, with net violations recorded during the period hitting about 808,500.
Total ancillary revenue, on the other hand, reached Dh8.7 million in the first half, underpinned by earnings from parking partnerships with Emaar Malls and Parkonic, particularly from higher volume at The Dubai Mall.
Earnings outlook
Salik has also upgraded its guidance for the full year 2025, and said it expects revenue to grow between 34 per cent and 36 per cent, compared to its earlier guidance of between 28 per cent and 29 per cent. Ebitda margins are now projected in the range of 68.5 per cent to 69.5 per cent.
“Our new guidance underscores our confidence in Salik’s outlook and future growth potential, particularly given our commitment to strengthening our non-core offering and exploring new opportunities within ancillary revenues,” Salik's chief executive Ibrahim Al Haddad said. Salik's shares settled 1.87 per cent lower at Dh6.30 on the DFM at the end of trade on Wednesday.
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"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
