Page 130 - SALIK PR REPORT - MARCH 2024

3/5/24, 2:04 PM Dubai’s Salik reports Q4 profit growth after rising toll gate 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.

Updated: March 04, 2024, 3:44 PM

SALIK DUBAI UAE EARNINGS

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