The Salik company continues to promote the Emiratization program, achieving a level of 30% by the end of the period.
Initial data indicates that revenue-generating trips for FY24 are expected to increase by 7-8% YoY, with a projected growth of 24-25% YoY for FY25. The company's expectations for the 2024 financial year remain unchanged with a projected increase in total revenue and revenue-generating trips in the range of 7-8% for 2024, including projected revenue from two new gates commencing on November 24, 2024, and a stable EBITDA margin in the range of 67-68%.
Salik also announced financial forecasts for 2025, with a projected increase in total revenue of 25-26% YoY, including the anticipated effect of two new gates introduced on November 24, 2024. As a result, the growth of revenue-generating trips is expected to increase by 24-25% in FY25 with an EBITDA margin in the range of 67-68%.
"The Company recorded a favourable net working capital balance of AED -218.8 million as of 30 September 2024, equating to c.-10.0% as a percentage of annualized revenues."
After registration, there was an increase of 8.7% YoY, reflecting the success of the Dubai government in expanding the economy and ensuring that the Emirates remains a key tourism and new living destination.
In the course of the nine months of 2024, strong revenue-generating performance continues, leading to revenue growth of AED 1,640.9 million, increasing by 6.2% YoY. Overall, during the payment period: revenue for the nine months increased by 5.1% YoY to AED 1,422.2 million.
In the third quarter, a growth was fixed in the number of registered Salik revenue-generating vehicles by 8.7% YoY, reflecting the success of the economic growth and ensuring sustainable development.
"Mobility Highlights - Salik posts 5.1% YoY growth in revenue-generating trips in nine-months of 2024, reaching 355.6 million."
It should be noted that the company demonstrated positive results in the first nine months of 2024, registering 355.6 million revenue-generating trips, which increased by 5.1% YoY and ensured an increase in total revenue of AED 1,640.9 million.
New gate introduction in figures: during the nine months, the total number of trips, including discounted trips, through all eight paid gateways of Salik increased by 4.1% YoY in the nine-month period, indicating increased attractiveness of Dubai for tourists and commercial activity.
The company plans to continue its development, increasing revenue-generating trips in 2025 by 24-25%, including contributions from two new gates.
