Economy Salik revenue rises but profit growth slows By Pramod Kumar August 14, 2024, 4:03 AM Wam Salik's toll usage fee revenues increased 2 percent year on year to AED462.7 million Dubai toll operator Salik’s second-quarter profits fell 2 percent year on year to AED268 million despite a 3 percent rise in revenues to AED533 million. Revenue-generating trips reached 116 million, up 2 percent year on year, the highest second-quarter revenue-generating trips since inception. Growth remained strong across several gates in the second quarter, with Jebel Ali registering double-digit growth (10 percent). Other gates reported high-single-digit growth, including Al Maktoum Bridge (4 percent) and Al Safa (3 percent). NewsletterGet the Best of AGBI delivered straight to your inbox every week Registered active accounts increased 15 percent to 2.5 million in Q2 2024 from 2.2 million in the second quarter of 2023, with tag activations reaching 244,000, up 6 percent. In addition, the number of vehicles registered rose 9 percent to 4.2 million. As a result, toll usage fee revenues increased 2 percent year on year to AED463 million. Revenue from fines rose 8 percent annually to AED57 million, while tag activation fees jumped 53 percent annually to AED10 million. Salik doubles dividend pay to $300m as revenue surges 12% ‘Flying taxi airports’ to get the green light in UAE If EVs can make it here, they can make it anywhere First-half profits declined by 0.6 percent year on year to AED545 million, while revenue climbed 6 percent yearly to just over AED1 billion. The company’s board has approved a payout of AED545 million as a dividend for the first half. Business Bay Crossing and Al Safa South toll gates are expected to become operational by the end of November. Their financial impact for Salik’s financials will be disclosed this month.
