Salik reports net profit of AED242m in Q3 ’22

Dubai / WAM

Salik Company announced that it achieved a net profit of AED242 million in the third quarter of 2022, with revenues increasing 9.1 percent year-on-year (YoY) to AED445 million, driven by solid operational performance reflecting positive economic activity and growth in traffic, while Ebitda reached AED 291 million, yielding a strong margin of 65.4 percent.

During its meeting presided by Mattar Al Tayer, Chairman of the Board of Directors of Salik Company, the board approved Salik’s condensed interim financial results for the three-month and nine-month periods ending September 30, the first set of financial results for Dubai’s exclusive toll gate operator, as a stand-alone entity following its admission to the Dubai Financial Market.

Al Tayer expressed his pleasure at the robust set of results achieved by Salik over the last quarter. “The results were reflective of the company’s strength as Dubai’s exclusive road toll operator. Salik’s strong business model positions it at the heart of the roads and transport sector’s expansion plans in Dubai.”

“The outlook is positive as we stand in a pole position to benefit from Dubai’s ambitious expansion plans and Salik’s growth initiatives. We have full confidence in Salik’s ability to deliver great value over the long term to all our shareholders,” he added.

Ibrahim Sultan Al Haddad, Chief Executive Officer of Salik, commented, “Salik closed Q3 2022 with a strong financial performance that showcases our robust business model as the exclusive operator of the Emirate of Dubai’s eight toll gates. This is demonstrated by our robust revenue and net profit, which reached AED445 million and AED242 million respectively, reflecting our strong operational performance during the quarter.”

“During Q3 2022, we successfully completed our initial public offering on 29th September, and began an exciting journey with our new shareholders as a DFM-listed company. The overwhelming IPO demand with 49 times over-subscription is testament to the fundamentals underpinning Dubai’s capital markets, as well as Salik’s strong investment case,” he explained.