Dubai Financial Market-listed Salik Company announced on 13 November 2026 that it recorded net profit of AED 1.05 billion during the first nine months of 2026, maintaining a net profit margin of 49.4%. Total revenue reached AED 2.12 billion, while EBITDA stood at AED 1.45 billion, representing a margin of 68.5%. Despite lower year-on-year revenue and earnings, the company reported sequential improvements in its third-quarter financial performance.
For the first nine months of 2026, Salik’s revenue declined 6.9% year-on-year from AED 2.28 billion, while EBITDA decreased 8.5% from AED 1.58 billion. Net profit fell 8.6% from AED 1.14 billion in the corresponding period of 2025. The decline was primarily driven by lower toll usage revenue following disruptions to mobility patterns earlier in the year, partly offset by growth in fines, tag activation fees and other income.
During the third quarter of 2026, Salik generated revenue of AED 705.3 million, representing a 3.2% increase compared with Q2 2026, although revenue remained 5.7% below Q3 2025. Quarterly EBITDA increased 1.2% sequentially to AED 474 million, while net profit rose 1.9% to AED 341.1 million. Compared with the same quarter last year, EBITDA declined 8.6% and net profit decreased 8.5%, reflecting continued pressure on tolling activity.
Salik recorded 577.8 million total trips through its toll gates during the first nine months of 2026, representing an 8.1% decline compared with 628.4 million trips a year earlier. Chargeable trips decreased 10.9% to 419.3 million. However, traffic conditions improved during Q3, with total trips increasing 4% quarter-on-quarter to 194 million, while the year-on-year decline narrowed to 5% from 12.6% in the preceding quarter.
Peak-hour traffic demonstrated greater resilience, with chargeable trips during the AED 6 peak period increasing 2% year-on-year to 155.3 million during the nine-month period. In contrast, off-peak trips declined 20.1% to 219.6 million. Salik attributed the changing traffic patterns to regional developments that began in February 2026, while noting that September recorded the highest monthly traffic volumes since February.
Revenue from toll usage fees reached AED 1.81 billion during the first nine months, declining 10.1% compared with the corresponding period of 2025. However, quarterly toll revenue increased 5.2% to AED 607.3 million compared with Q2 2026. The year-on-year decline in toll revenue narrowed to 7.3% during Q3 from 16.5% in Q2, indicating a gradual recovery in traffic activity.
Salik’s other revenue streams delivered positive growth during the reporting period. Revenue from fines increased 6.5% year-on-year to AED 220.1 million, while tag activation fees rose 8.5% to AED 37.7 million. Ancillary revenue surged 82.5% to AED 26.5 million, supported primarily by the company’s Parkonic parking partnership and continued growth in its insurance-related services.
The company’s ancillary revenue expansion reflects its strategy of developing additional mobility and payment solutions beyond traditional toll collection. During the third quarter, Salik launched its seamless parking payment service at Dubai Harbour’s Harbour West Car Park following an agreement with Shamal. The service enables motorists to make parking payments directly through their existing Salik accounts.
Salik also renewed its strategic technology partnership with TransCore for an additional five years in September 2026. The agreement covers continued development of tolling technology, artificial intelligence applications, cybersecurity, maintenance and digital payment solutions. The partnership is expected to support operational efficiency and the expansion of Salik’s integrated mobility services, although the renewal is not expected to materially change the financial impact compared with the previous contract.
Cash generation improved significantly during the third quarter, with free cash flow reaching AED 494.6 million, representing 37.4% year-on-year growth compared with AED 359.8 million in Q3 2025. The quarterly free cash flow margin increased to 70.1% from 48.1%, reversing the AED 85.4 million free cash flow outflow recorded during Q2 2026.
For the first nine months, Salik generated free cash flow of AED 1.05 billion, representing a 28.9% decline compared with AED 1.47 billion in 9M 2025. Operating cash flow also decreased 28.9% to AED 1.05 billion. The nine-month free cash flow margin stood at 49.4%, compared with 64.7% in the corresponding period of the previous year, reflecting the impact of lower revenue and cash flow fluctuations.
Salik’s total assets reached AED 7.83 billion as of 30 September 2026, representing 3.5% growth compared with September 2025. Total equity increased 69.8% year-on-year to AED 1.37 billion, while total liabilities declined 4.4% to AED 6.46 billion. Cash and cash equivalents increased 36.9% to AED 583.2 million, strengthening the company’s liquidity position.
The company also reduced its net debt to AED 4.61 billion, representing a 4% decline from AED 4.80 billion at the end of December 2025 and a 13.7% reduction compared with September 2025. Its trailing twelve-month net debt-to-EBITDA ratio improved to 2.29 times from 2.45 times at the end of Q2 2026, remaining comfortably below its financial covenant limit of five times.
Salik’s active registered accounts increased 5.7% year-on-year to approximately 2.9 million, reflecting continued growth in its customer base despite the decline in overall traffic volumes. The company remains focused on expanding its digital mobility platform while benefiting from Dubai’s long-term population growth, infrastructure investment and urban development.
Looking ahead, Salik expects revenue growth of 6%–8% in 2027, supported by Dubai’s economic and population expansion. The company is targeting an EBITDA margin of 69.5%–70.5% and a net profit margin of 50.5%–51.5% for the year. The expected improvement in profitability reflects a planned reduction in concession fees under the inflation protection mechanism, partly offset by higher operating and maintenance costs.
Salik also reaffirmed its dividend policy of distributing 100% of net profit, subject to Board recommendations and shareholder approval at the Annual General Meeting. The policy reflects the company’s focus on returning cash generated from its tolling and mobility operations to shareholders while continuing to invest in technology and additional revenue opportunities.
Chairman Mattar Al Tayer highlighted Salik’s operational efficiency and the long-term growth opportunities created by Dubai’s economic expansion. Chief Executive Officer Ibrahim Sultan Al Haddad pointed to improving third-quarter traffic patterns, stronger cash generation and the company’s reduced debt position as indicators of its financial resilience.
With nine-month net profit exceeding AED 1 billion, improving quarterly operating performance and expanding ancillary revenue streams, Salik enters the final quarter of 2026 with signs of recovery in its core tolling business. Its future performance will depend on traffic volumes, Dubai’s continued urban expansion, the development of new mobility services and the company’s ability to maintain profitability while delivering shareholder distributions.
Disclaimer: This article is for informational purposes only and should not be construed as investment, financial, or legal advice.
