Press releases, Reports & Disclosures for Salik Company PJSC

Salik Company PJSC, Dubai's exclusive toll gate operator, has launched the "Salik Investor Relations" mobile app to enhance transparency and accessibility for investors. Available on iOS and Android, the app provides a secure platform for investors to access essential company information, including stock data, financial reports, and real-time disclosures. This initiative aims to consolidate investor information, reduce misinformation from unofficial sources, and support Salik's digital transformation and investor communication strategy. The app, which aligns with Salik's commitment to best practices in investor relations, is designed to meet the needs of both institutional and retail investors. It is available for download on the Apple App Store and Google Play Store.

Salik Company PJSC, Dubai's exclusive toll gate operator, has been assigned strong investment-grade credit ratings by Moody's and Fitch. Moody's assigned an 'A3' rating with a stable outlook, highlighting Salik's low-risk business profile, consistent growth, and strong balance sheet. Fitch assigned an 'A-' rating with a stable outlook, citing Salik's unique market position and long-term concession agreement. Both ratings reflect Salik's robust financial position, operational strength, and strategic approach to enhancing transparency and capital market access. As of September 2024, Salik maintained a net debt/EBITDA ratio of 2.1x, well below its debt covenant, and generated significant free cash flow. The company's chairman, His Excellency Mattar Al Tayer, emphasized that these ratings confirm Salik's solid financial standing and market position.

On December 5, 2024, Salik PJSC announced that it has received strong investment-grade credit ratings from both Moody’s and Fitch Ratings. Moody’s assigned Salik an A3 rating, while Fitch gave an A- rating. These ratings highlight Salik's strong financial position, robust liquidity, and high cash flow generation. Further details will be released in a separate press statement.

Salik Company PJSC, the exclusive toll gate operator in Dubai, has been named the official mobility partner for the Future Sustainability Forum 2024. The event will take place on December 4 and 5 at Madinat Jumeirah and will gather global leaders and experts to promote sustainable practices. Salik's partnership aligns with its commitment to sustainable transportation and supports the UAE's Net Zero 2050 initiative. CEO Ibrahim Haddad emphasized Salik's dedication to environmental standards and innovative solutions in green mobility. The forum will provide a platform for Salik to showcase its sustainability projects and engage in discussions on future mobility solutions.

Salik Company PJSC, the exclusive toll gate operator in Dubai, has been directed by the Road and Transport Authority (RTA) to implement variable pricing on its toll roads by the end of January 2025. This decision is based on RTA studies aimed at improving traffic flow and transportation efficiency in Dubai. The new pricing structure will apply different rates during peak and off-peak hours, with toll-free periods past midnight. The implementation is anticipated to enhance the travel experience for road users and is projected to generate additional annual revenue of AED 60 million to AED 110 million.

Salik PJSC has informed the market that they received a letter from the Roads and Transport Authority (RTA) regarding the implementation of a variable pricing system for road tolls. The new pricing will differentiate between peak and off-peak hours on weekdays and Sundays, excluding public holidays and events. The toll fee during peak hours (6:00 AM to 10:00 AM and 4:00 PM to 8:00 PM) will be AED 6, while off-peak hours (10:00 AM to 4:00 PM and 8:00 PM to 1:00 AM) will cost AED 4. Tolls will be free past midnight (1:00 AM to 6:00 AM). The variable pricing is expected to be implemented by the end of January 2025, with more details to be provided in a future press release. The notification was signed by Ibrahim Sultan Al Haddad, the CEO.

Salik, the exclusive toll gate operator in Dubai, has partnered with Parkonic, the largest private parking operator in the UAE, to integrate its eWallet system across Parkonic's 107 locations in the UAE, marking Salik's first expansion beyond Dubai. This five-year contract aims to enhance parking payment solutions, contributing to the UAE's smart city infrastructure by offering seamless and secure access to parking services. Salik will receive a percentage of parking fees through its eWallet, supporting its ancillary revenue growth. The solution is expected to be available for approximately 135,000 parking spaces by the first quarter of 2025. Both companies emphasize their commitment to innovation and improving urban mobility, aligning their technologies to support the UAE's smart city goals.

Salik Company PJSC, the exclusive toll gate operator in Dubai, has achieved the ISO 37301:2021 certification for Compliance Management Systems. This certification reflects Salik's commitment to adhering to laws and regulations set by the Securities and Commodities Authority, the Dubai Financial Market, and UAE's Federal Decree-law 32/2021. The achievement enhances Salik's reputation and boosts investor confidence, reinforcing its position as a leader in compliance management in the UAE. CEO Ibrahim Sultan Al Haddad emphasized the company's dedication to efficiency, transparency, and responsible business practices. Established as a public joint stock company in June 2022, Salik operates eight toll gates in Dubai, recording 593 million journeys in 2023. The company holds a 49-year concession agreement with the Roads and Transport Authority to manage toll gates in Dubai.

Salik Company PJSC, Dubai’s exclusive toll gate operator, reported a 12.5% increase in profit before tax for the first nine months of 2024, reaching AED 903.3 million. The company’s revenue for this period was AED 1,640.9 million, a 6.2% year-on-year increase, supported by a positive macroeconomic environment and tourism trends. Revenue-generating trips totaled 355.6 million, up 5.1% year-on-year. Net profit after tax rose 2.4% year-on-year to AED 822.0 million, despite the new 9% UAE corporate tax. Salik expects revenue-generating trips to increase by 24-25% in 2025, following the launch of two new toll gates and a parking partnership with Emaar at Dubai Mall. The company maintains its guidance for a 7-8% revenue growth in 2024, anticipating a strong fourth quarter.