Salik, Dubai's toll gate operator, reported strong financial performance for 2023, driven by a robust economy and positive tourism trends. Total revenue reached a record-breaking AED 2.1 billion, representing an 11.4% increase from the previous year.
Toll usage revenue, accounting for the majority of income, surged 11.7% year-on-year to AED 1.85 billion, marking the company's strongest performance since its inception. Net profit also rose, reaching AED 1.098 billion, with the fourth quarter experiencing a 15.9% increase compared to the previous quarter.
The Board of Directors proposed a dividend payout of AED 550 million for the second half of 2023, subject to shareholder approval.
Salik also witnessed significant growth in mobility trends. Revenue-generating trips reached a new high of 461.4 million in 2023, reflecting an 11.7% year-on-year increase. The number of active registered accounts grew by 16.0% to 2.4 million, while registered vehicles increased by 8.3% to reach 4.0 million in 2023.
Salik unveiled its updated five-year corporate strategy aiming to position the company as a global leader in sustainable and smart mobility solutions. This strategy focuses on both expanding its core tolling business within Dubai and diversifying revenue streams through new initiatives and exploring ancillary revenue options beyond core tolling.
Commenting on the results, Salik's Chairman attributed the success to Dubai's strong economy and thriving tourism sector. He emphasized the company's commitment to delivering long-term value to shareholders and contributing to the Emirate's economic diversification efforts.
The CEO highlighted Salik's progress towards becoming a global leader in mobility solutions, citing its recent partnership with Emaar to provide technology solutions for barrier-free parking at the Dubai Mall as an example of its commitment to innovation and strategic expansion. Salik's strong financial performance in 2023, coupled with its future-oriented strategy, positions the company for continued growth and leadership in the evolving mobility landscape.
