Salik, Dubai’s road toll company, reported a full-year profit of AED 1.326B, which was slightly lower than the previous year’s profit, but exceeded Refinitiv’s forecast of AED 1.272B. The company’s profit was higher than the Refinitiv forecast of AED 1.272B, with a current share price of AED 2.71, which is lower than the Refinitiv target price of AED 2.86.
The company started trading on the DFM after its IPO in September 2022. Its revenue increased to AED 1.892B in 2022 from AED 1.693B in 2021. However, comparing profitability from one year to another may not accurately reflect its performance due to changes in its operating structure after separating from the RTA. The separation incurred extra fees such as rent, concession fees, service fees, and finance costs. The company’s statement revealed that the number of revenue generating trips through Salik toll gates increased by 12.6% YoY to 413M.
