Dubai Salik Q1 net profit flat

Dubai's toll operator Salik has posted a net profit of 275 million dirhams ($75 million), flat year-on-year (YoY).

Salik listed on the Dubai Financial Market (DFM) last year, following a 20% stake sale.

On a sequential quarter basis, the net profit was 4% lower as higher toll usage revenue was offset by higher finance costs, the company said in a regulatory filing on DFM on Friday.  

During the quarter, Salik "recorded the highest level of quarterly revenue-generating trips and toll usage revenue" since the start of operations in 2007, at 113.6 million trips netting AED454 million.

Toll usage revenue, which contributed 87% to total revenue, increased 8% YoY on the back of "a return to business-as-usual in Dubai following the complete lifting of Covid-19 restrictions, as well as solid organic growth in commercial and tourist activity," it said.

The number of vehicles registered with Salik increased 7% YoY to 3.9 million.

Free cash flow stood at AED325 million.