Page 233 - SALIK PR REPORT AUGUST 2024

8/15/24, 9:42 AM Salik announces H1 results, approves interim dividend of Dhs544.8m
Growth was notably strong at the Jebel Ali toll gate, which saw a 10 per cent increase,

while Al Maktoum Bridge and Al Safa gates experienced high-single-digit growth.

Salik ’s CEO, Ibrahim Sultan Al Haddad, highlighted the company’s resilience and strategic

efforts to enhance mobility in Dubai. “The increase in revenue-generating trips and active
accounts reflects our commitment to meeting the growing demand for efficient

transportation. As Dubai continues to attract international visitors and new residents, we

are proud to play a pivotal role in making the city one of the most accessible in the world,”
he said.

Financially, Salik’s revenue for Q2 2024 reached Dhs532.7m, a 3.1 per cent increase YoY.

Revenue from fines and tag activation fees also saw significant growth, with fines up 8.4

per cent to Dhs57.2m and tag activation fees rising 53 per cent to Dhs10m.

Salik maintained strong profitability with an EBITDA of Dhs361.5m in Q2 2024, up 4.5 per

cent YoY. However, introducing a 9 per cent corporate tax in the UAE led to a net profit

after taxes of Dhs267.5m for the quarter, a slight 1.9 per cent decline YoY. Despite this,
Salik’s balance sheet remains solid, with a net debt/EBITDA ratio of 2.05x, well below the

company’s debt covenant of 5.0x.

Looking ahead, Salik is advancing its strategy to become a global leader in mobility

solutions, with two new toll gates expected to be operational by the end of 2024.

The company also launched a barrier-free parking payment solution at Dubai Mall in

partnership with Emaar Malls, and joined the UN Global Compact to further its
sustainability goals.

Salik plans to update its financial guidance for the year later this month, factoring in the
positive financial impact of the new toll gates, ancillary revenue streams, and the recent

reduction in the RTA concession fee.

Read: This is where Dubai’s new Salik gates will be located

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