Salik Company PJSC

Salik Company PJSC, Dubai's exclusive toll gate operator, announced its financial results for the first half of 2024, revealing a 5.6% year-on-year increase in revenue to AED 1.1 billion and a 9.2% rise in profit before tax to AED 598.6 million. The company recorded 238.5 million revenue-generating trips, a 4.9% increase from the previous year, and saw a 14.6% rise in active registered accounts to approximately 2.5 million. Despite the new 9% UAE corporate tax, Salik maintained a net profit of AED 544.8 million for H1 2024. Consequently, the Board of Directors approved distributing 100% of the net profit as dividends to shareholders, amounting to AED 544.8 million or 7.263 Fils per share, payable on September 5, 2024. The company also plans to expand its tolling business and diversify revenue streams with new toll gates and a parking solutions partnership with Emaar Malls.

Salik Company P.J.S.C. has released its condensed interim financial statements for the three-month and six-month periods ending on June 30, 2024. These statements are unaudited.

On 07 August 2024, Ibrahim Sultan Al Haddad, the Chief Executive Officer of Salik Company PJSC, addressed a letter to Hamed Ahmed Ali, the CEO of Dubai Financial Market, regarding a forthcoming Board of Directors resolution by circulation. The meeting is scheduled for Tuesday, 13 August 2024 at 3pm, where the board will approve: 1. Condensed interim unaudited financial statements for the three and six-month periods ending 30 June 2024. 2. Distribution of interim cash dividends for the first half of the financial year 2024, as authorized by shareholders in the General Assembly Meeting held on 6 April 2023. 3. Normal business activities.

Salik Company PJSC, the exclusive toll gate operator in Dubai, has joined the United Nations Global Compact, the world's largest corporate sustainability initiative. This move aligns Salik with over 20,000 companies globally committed to upholding principles in human rights, labor, environment, and anti-corruption. The membership supports Salik's long-term vision of creating positive social and environmental impacts alongside its business activities. CEO Ibrahim Haddad emphasized the company's commitment to ethical standards and environmental responsibility, stating that the collaboration will help integrate sustainable practices and contribute to the UN's Sustainable Development Goals (SDGs). Salik is exploring innovative solutions to minimize its environmental footprint and promote social progress.

Salik Company PJSC announced that its barrier-free parking payment solution will be operational at Dubai Mall starting July 1, 2024, covering the Fashion, Grand, and Cinema parking zones. The agreement with Emaar Malls will last for five years. Salik's technology will enable automatic fee collection using vehicle plate recognition, enhancing the parking experience for visitors. This initiative is part of Salik's strategy to expand its ancillary revenue streams beyond its core tolling business. Salik aims to leverage its high penetration rate in the UAE and is exploring further growth opportunities in the private parking market in Dubai.

Salik Company, Dubai's exclusive toll gate operator, reported Q1 2024 revenues of AED 562 million, an increase of 8.1% from the previous year. The company attributed the growth to a strong macroeconomic environment and positive tourism trends. Revenue-generating trips also increased by 8.1% to 122.8 million. The number of active registered accounts rose by 16.5% to 2.5 million, while active vehicles increased by 9.2% to 4.1 million. Net profit before tax grew by 10.7% to AED 304.7 million, while net profit after tax was AED 277.3 million, up 0.7% from the previous year, after accounting for the new 9% corporate tax in the UAE. The company also announced the addition of two new toll gates, to be operational by November 2024.