Salik Company PJSC reported a 35.1 percent rise in annual revenue for 2025, supported by higher traffic volumes, the launch of two new toll gates and the rollout of variable pricing.
The Dubai toll gate operator posted total revenue of Dhs3.1 billion for the year ended December 31, 2025, while net profit after tax increased 33.4 percent to Dhs1.55 billion.
Revenue growth
Revenue for the fourth quarter rose 26.3 percent year-on-year to Dhs821.9 million. Full-year EBITDA increased 35.8 percent to Dhs2.14 billion, with a margin of 69.2 percent.
Toll usage fees climbed 37.3 percent during the year to Dhs2.74 billion. Revenue from fines reached Dhs280.6 million, accounting for 9.1 percent of total revenue, while tag activation fees rose 14.8 percent to Dhs46.9 million.
Total ancillary revenue stood at Dhs24 million, driven mainly by parking payment partnerships.
Traffic volumes
Total trips across Salik’s toll gates increased 33.6 percent year-on-year to 852.7 million in 2025. In the fourth quarter alone, trips rose 22 percent to 224.3 million.
Chargeable trips reached 639.1 million for the full year, including 168.6 million in the fourth quarter. Variable pricing was introduced on January 31, 2025, with peak trips charged at Dhs6 and off-peak trips at Dhs4.
His Excellency Mattar Al Tayer, Chairman of the Board of Directors of Salik, said: “FY 2025 was a year in which Salik went above and beyond in delivering against its strategic priorities, achieving meaningful strategic progress alongside a strong set of financial results, reflecting the resilience of our business model and our ability to deliver sustainable growth, driven by high operational efficiency and a clear strategic vision.
He said: We generated a 35.1% increase in revenue, driven by the successful introduction of two new toll gates, the effective implementation of variable pricing, and continued growth in total chargeable trips across our network. This performance underscores the effectiveness of our strategy in maximizing returns, enhancing operational efficiency and strengthening shareholder value, while highlighting the sustained positive momentum across all areas of our business.
His Excellency added: The growth in chargeable trips during 2025 also reflects Dubai’s continued economic expansion, alongside increasing population, commercial activity, and tourism. Salik continues to play a key role within the smart mobility ecosystem through a flexible and scalable operating model that supports the Emirate’s long-term plans.
He added: We continued to advance Salik’s long-term strategy by expanding ancillary revenue streams through new partnerships, reflecting the strength of our platform and the value Salik’s solutions provide to the business models of our strategic and expansion-focused partners. At the same time, we remained focused on strengthening our balance sheet and maintaining a disciplined approach to capital allocation and our dividend policy. Throughout FY 2025, we have also made tangible progress against our ESG agenda, reinforcing Salik’s role in enabling sustainable and smart mobility solutions aligned with Dubai’s long-term vision.
Ibrahim Sultan Al Haddad, Chief Executive Officer of Salik, said: “Salik delivered a robust set of results in FY 2025, once again demonstrating the strength of its operating model and its ongoing progress in delivering on its strategic ambitions. Total trips rose by 33.6% YoY, while toll revenues increased by 37.3%, reflecting the commissioning of two additional toll gates and the sustained benefit of the variable pricing framework. The core tolling platform continues to deliver strong performance, alongside disciplined expansion of ancillary revenues driven by the scaling of Salik’s E-Wallet and digital mobility partnerships, including the collaborations with Emaar Malls, Parkonic and Liva.
“Looking ahead to 2026, we’re carrying this momentum forward, highlighted by our recent 10-year agreement with Dubai Airports, which will further solidify our role in Dubai’s future mobility infrastructure. Additionally, Salik is advancing next-generation EV charging through partnerships with Schneider Electric and Vcharge, as well as seamless fuel and services payments through a partnership with ENOC. These initiatives strengthen Salik’s integrated mobility ecosystem and support sustainable, long-term growth.”
He added: We remain optimistic about Dubai’s macroeconomic outlook, underpinned by continued population growth and resilient tourism, which we believe will continue to support the strong performance of the business. With solid operating momentum, robust cash generation and a well-capitalised balance sheet, we are confident in our ability to deliver sustainable growth and long-term shareholder value as we expand our business and innovate across the mobility ecosystem and adjacent services.”
Dividends and debt
The board proposed a total dividend of Dhs890.3 million for the first half of 2026, equivalent to 11.8712 fils per share. This includes a cash dividend of Dhs782.5 million and a special dividend of Dhs107.8 million.
Net debt stood at Dhs4.8 billion as of December 31, 2025, down 10.1 percent from the end of the third quarter. The net debt to EBITDA ratio improved to 2.24 times.
Free cash flow for the year increased 42.7 percent to Dhs2.08 billion, with a margin of 67.1 percent.
Salik expects total revenue to grow between 4 and 6 percent in 2026, supported by traffic growth and increased contribution from ancillary revenue streams. EBITDA margin is forecast in the range of 68 to 69 percent.
tanvir@dubainewsweek.com
