The company said in a statement posted on the Dubai Financial Market website that revenue from user fees for the road toll system, which accounted for 87% of total revenue, increased by 7.9% from the previous year. first quarter of 2022 after the restrictions imposed are fully lifted. in the aftermath of the pandemic, in addition to growth. The strong natural growth of commercial and tourist activities in Dubai and Salik achieved a net profit of 275 million dirhams (approximately 75 million dollars) during the quarter, with a margin of 52.9%.
Here are the most important results of the company’s activities for the first quarter of 2023:
“Salik” records the highest quarterly revenues from traffic toll system fees in the first quarter of 2023 since the start of operation, as they increased by 8% to a record 454 million dirhams, contributing 87% to total revenues. the number of revenue-generating trips reached 113.6 million, surpassing the previous record high recorded before the pandemic, thanks to the return of full economic and tourist activity and the usual movement of traffic. The number of active accounts and the number of registered vehicles increased by 4 percent and 7 percent, respectively, reaching 2.1 million accounts and 3.9 million vehicles at the end of the first quarter, compared to the same quarter of the previous year EBITDA and net profit margins for the first quarter of 2023 were 66.8 percent and 52.9 percent respectively, reflecting SALIC’s fluid business model and strong franchise framework, SALIC delivered strong net income of $275 million AED and a free cash flow of 325 million dirhams in the first quarter of 2023
Commenting on the results, the company’s Chairman, Mattar Al Tayer, spoke of Dubai’s economic resilience and its continued efforts to attract various segments of the population, and said: “As a major player in Dubai’s economy , Salik intends to continue to cooperate with stakeholders to find new opportunities for residents and visitors to the emirate of Dubai, stressing that the “company” has shown a strong commitment to promote the growth of the market for capital and support the country’s broader economic development plans, through ‘Salik’s’ pivotal role in Dubai’s public offering program through his significant inclusion last September.”
For his part, Ibrahim Al-Haddad, CEO of SALIC, said: “The results achieved have shown our ability to achieve the desired success, largely thanks to the economic flexibility enjoyed by the Emirate of Dubai, the increased use of the road toll system, and our strong business model. He has been a strong contributor to the success of the business, which delivered remarkable earnings in the first quarter of 2023 with a strong EBITDA margin of 66.8%, reflecting our commitment to delivering exceptional results for Salik and achieving the highest possible value for our shareholders.
The statement also showed that the company achieved an EBITDA of 348 million dirhams in the first quarter of 2023, reflecting a strong margin of 66.8%.
Compared to the last quarter of 2022, earnings before financing costs, taxes and amortization remained largely stable despite the increase in revenues during the first quarter, due to the non-recurrence of income related to a matured bond which was reversed in the fourth quarter of 2022 for a value of 8 million dirhams.
The net profit of “Salik” stood at 275 million dirhams during the first quarter, down 4.1% compared to the last quarter of 2022, mainly due to the increase in financing charges and income nonrecurring of the obligation that was reversed during the comparison period. Salik’s net profit margin reached 52.9% in the first quarter.
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