Emirates News Agency – 275 million dirhams net profit of “Salik” in the first quarter

DUBAI, 12th May, 2020 (WAM) — The Board of Directors of SALIC, chaired by Maalal Ymattar Al Tayer, Chairman of the Board, approved the interim financial results for the first quarter of this year, with a net profit of AED 275 million, with a margin of 52.9%.
The company recorded the highest number of quarterly revenue-generating trips and toll gate usage fee revenue since the start of operation in 2007, with 113.6 million trips and 454 million dirhams, respectively.
Revenue from the traffic toll system, which accounted for 87% of total revenue, increased by 7.9% compared to the first quarter of last year, after the complete lifting of restrictions imposed in the wake of the pandemic, in addition to the strong natural growth of commercial and tourism activities in Dubai.
His Excellency Mattar Al Tayer emphasized the solid position of Salik as the exclusive operator of toll gates in Dubai, and its contribution to the expansion of the transport sector, expressing his confidence in the company’s ability to provide long-term value to shareholders.
His Excellency referred to Dubai’s economic resilience and its invested efforts to attract diverse segments of the population, and added: “As a major player in Dubai’s economy, Salik intends to continue cooperating with the concerned authorities to create new opportunities for residents and visitors of the Emirate of Dubai.”
His Excellency stressed that the company has shown a firm commitment to promoting the growth of the capital market and supporting the country’s economic development plans on a larger scale, through the pivotal role it played in the public offerings program in Dubai through its important listing last September.
For his part, Ibrahim Sultan Al-Hadid, CEO of Salik, said: “The results achieved showed our ability to achieve the desired success, due in large part to the economic flexibility enjoyed by the Emirate of Dubai, the increased use of the traffic toll system, and our business model Al-Qawi contributed significantly to the success of the company, which achieved remarkable profits in the first quarter with a strong EBITDA margin of 66.8%.”
He added: “We continue to invest in the company’s human capital, while including the importance of having a diverse and inclusive workforce that reflects the communities we serve, while continuing to prioritize employee development and upgrading their competencies, striving hard to achieve our goals, and making a positive impact on the economy and society.”