Salik Q1 net profit: Dubai’s toll management company, Salik, has reported an unchanged year-on-year net profit of AED 275M ($75M).
Salik became publicly listed on the Dubai Financial Market (DFM) after a 20% stake sale last year. The company disclosed in a regulatory filing on Friday that while toll usage revenue increased, higher finance costs resulted in a 4% decrease in net profit on a quarterly basis.
Salik reported its highest quarterly revenue-generating trips and toll usage revenue since the company’s inception in 2007, at 113.6 million trips earning AED 454M.
Toll usage revenue, which made up 87% of the total revenue, increased by 8% YoY. The growth was attributed to the complete lifting of Covid-19 restrictions and increased commercial and tourist activity, leading to a return to normalcy in Dubai. Salik’s registered vehicles increased by 7% YoY to 3.9 million, and its free cash flow was AED 325M.