Revenue generated by Dubai’s road toll operator Salik rose 8 percent year on year to AED562 million ($153 million) in the first quarter of 2024, as the number of tourists to the city continues to rise.
Jerrymusa.com reports that in the first quarter of the year, 122 million revenue-generating trips passed through eight toll gates. Despite the introduction of a 9% corporate tax, net profit rose nearly 1% year-on-year to AED277 million.
Dubai Records High Turnover
Profit before tax increased by 11% year-on-year to AED305 million. Salik generated a free cash flow of AED354 million in the first quarter. The company attributed the revenue growth to an increase in tourists visiting Dubai.
The Dubai Department of Economy and Tourism recently announced an 11% increase in visitors to the emirate, reaching 5.2 million in the first quarter of 2024. Salik expects a 4-6% year-on-year increase in revenue-generating trips for the full year 2024.
“We continue to thrive in our core tolling business and are focused on diversifying our portfolio through expanding ancillary revenue streams,” said Mattar Al Tayer, chairman of Salik. Al Tayer also announced that two new toll gates are expected to be operational in Dubai by November.