SALIK, the exclusive operator of toll gates in Dubai, has announced its financial results for the fourth quarter and the fiscal year ending December 31, 2025. The company reported a remarkable increase in total revenue for fiscal year 2025, up 35.1% year-on-year, reaching AED 3.096 billion. This surge was supported by a 26.3% year-on-year increase in the fourth quarter. Additionally, EBITDA rose by 35.8% for the fiscal year, totaling AED 2.144 billion, with an impressive profit margin of 69.2%. SALIK attributed this robust performance to the full-year contribution from two new toll gates launched in November 2024, the successful implementation of a flexible toll tariff system at the end of January 2025, and ongoing favorable economic conditions. For the core business of toll collection, the company recorded 639.1 million tollable trips for fiscal year 2025, including 168.6 million trips in the fourth quarter.
His Excellency Mattar Al Tayer, Chairman of SALIK, stated that 2025 was a pivotal year for the company, as it exceeded strategic objectives and achieved significant qualitative progress alongside robust financial performance. He emphasized that these results reflect the strength of its business model and its ability to sustain growth driven by high operational efficiency and a clear strategic vision.
He mentioned, “We successfully achieved a revenue growth of 35.1%, driven by the successful operation of two new toll gates and the effective implementation of a flexible toll tariff system, along with ongoing growth in total trips recorded on our network.” He noted that these indicators underscore the effectiveness of the company’s strategy in maximizing returns, enhancing operational efficiency, and delivering value to shareholders, reinforcing positive momentum across various business activities.
Furthermore, he stated that the increase in tollable trips in 2025 reflects ongoing economic growth in Dubai, coupled with rising population, commercial, and tourism activity. He affirmed that SALIK continues to play a key role in the smart mobility ecosystem, underpinned by a flexible and scalable operational model that supports the emirate’s long-term plans.
He added, “We have continued to implement SALIK’s long-term strategy by expanding additional revenue sources through new partnerships, showcasing SALIK’s strength and added value in providing solutions to targeted businesses in strategic partnerships, all while focusing on enhancing the strength of our balance sheet and maintaining a disciplined approach to capital allocation and dividend policies. During fiscal year 2025, we made significant strides in implementing our environmental, social, and governance agenda, furthering SALIK’s role in facilitating sustainable and smart mobility solutions aligned with Dubai’s long-term vision.”
Al Tayer confirmed the company’s commitment to continue innovating and enhancing efficiency to solidify SALIK’s position as a company with strong financial performance and sustainable value for its shareholders, aligning with Dubai’s ambitions to be a global hub for the advanced economy and smart infrastructure.
For his part, Ibrahim Sultan Al Haddad, CEO of SALIK, commented:
“SALIK has achieved strong results in fiscal year 2025, reaffirming the robustness of its operating model and its continuous advancement toward strategic ambitions. The total number of trips increased by 33.6% year-on-year, while toll revenues grew by 37.3%, driven by the operation of two new toll gates and the ongoing positive impact of the flexible toll tariff system. Our core business of toll collection continues to perform well, alongside a disciplined expansion in additional revenue streams, supported by the growth of SALIK’s digital portfolio and partnerships in digital mobility, including collaborations with Emaar Malls, Parkonic, and Liva. Looking ahead to 2026, SALIK will pursue further expansions through our recent ten-year agreement with Dubai Airports, which will enhance our role in the future mobility infrastructure of Dubai. Additionally, SALIK is progressing in developing next-generation solutions for electric vehicle charging through collaborations with Schneider Electric and Vcharge, as well as enabling comprehensive payment solutions for fuel and services through partnerships with ENOC. These initiatives contribute to the integrated mobility ecosystem being developed by SALIK and support long-term sustainable growth.”
Al Haddad added, “We remain optimistic about the economic outlook for Dubai, given the continuous population growth and the flourishing tourism sector, which we believe will continue to support the company’s strong performance. With solid operational momentum, strong cash flows, and a robust balance sheet, we are confident in our ability to achieve sustainable growth and enhance long-term shareholder value by continuing to expand our operations and innovate new solutions within the mobility ecosystem and related services.”
**Total Number of Trips:** The total number of trips recorded via SALIK’s gates, including discounted trips, grew by 33.6% year-on-year in fiscal year 2025, reaching 852.7 million trips, supported by a robust 22.0% year-on-year increase in trips during the fourth quarter of 2025, totaling 224.3 million trips. This growth was driven by the annual contributions from the two gates launched in November 2024, along with favorable economic conditions, strong tourist demand, and ongoing population growth in Dubai.
• **Tollable Trips:** The total number of tollable trips in the fourth quarter of 2025 reached 168.6 million, up from 152.2 million in the third quarter of 2025. During peak times (AED 6), there were approximately 59.9 million tollable trips, while the off-peak period (AED 4) recorded 91.1 million trips. The fourth quarter of 2025 marked eleven months since the implementation of the flexible toll tariff system.
• **Toll Tariff Revenue:** This segment maintained its strong performance in fiscal year 2025, increasing by 37.3% year-on-year to AED 2.736 billion, and by 27.0% year-on-year in the fourth quarter of 2025, amounting to AED 724.0 million. The growth in toll revenue was primarily attributed to the newly implemented flexible toll tariff system at the end of January 2025, as well as the increased traffic volume resulting from the new toll gates.
• **Fines:** Total fine revenue amounted to AED 280.6 million in fiscal year 2025, representing 9.1% of total revenue compared to 10.3% in fiscal year 2024.
• **Activation of SALIK Cards Revenue:** Revenue from SALIK card activations increased by 14.8% year-on-year, reaching AED 46.9 million in fiscal year 2025, supported by an 8.7% growth in registered vehicles for the year. SALIK card activation fees contributed 1.5% to total revenue in the fourth quarter of 2025.
• **Total Additional Revenue Sources:** The total reached AED 24.0 million in fiscal year 2025, significantly boosted by parking solutions within the partnership agreement with Emaar Malls and Parkonic, representing a remarkable increase of over 300% compared to fiscal year 2024. Additionally, SALIK’s partnership with the Liva group gained further momentum in fiscal year 2025.
**Financial Performance**
SALIK continued to deliver strong financial performance throughout the fiscal year 2025, with total revenue increasing by 35.1% year-on-year to AED 3.0969 billion, alongside a 35.8% year-on-year increase in EBITDA, resulting in a strong profit margin of 69.2%, while maintaining a robust financial position.
EBITDA for SALIK reached AED 2.144 billion in fiscal year 2025, representing a year-on-year growth of 35.8%, while fourth-quarter EBITDA rose by 20.7% year-on-year to AED 560.2 million. The EBITDA margin reached 69.2% in fiscal year 2025, marking a 33 basis point increase from 68.9% in fiscal year 2024. The margin was 68.2% in the fourth quarter of 2025, compared to 71.3% for the same quarter in 2024.
SALIK’s net income before tax for fiscal year 2025 amounted to AED 1.707 billion, reflecting a year-on-year increase of 33.4%. Net income before tax for the fourth quarter of 2025 reached AED 450.1 million, representing a 19.6% year-on-year increase, despite decreased financing income and increased financing costs during this period.
After tax, SALIK’s net profit was AED 1.553 billion for fiscal year 2025, also a 33.4% increase year-on-year, while the fourth quarter net profit after tax was AED 409.6 million, an increase of 19.6% year-on-year. The net profit margin was 50.2% in fiscal year 2025, compared to 50.8% in fiscal year 2024.
In light of the company’s strong performance during fiscal year 2025, SALIK’s Board of Directors proposed a total dividend of AED 890.3 million, to be paid in the first half of 2026 (equivalent to 11.8712 fils per share). This includes a cash dividend of AED 782.5 million, representing a 100% distribution of net profits for the second half of 2025, which is a 33.4% increase year-on-year compared to the cash dividends announced for fiscal year 2024; in addition to an exceptional dividend of AED 107.8 million, representing a portion of retained earnings equivalent to financing costs for fiscal years 2024 and 2025 (after tax) recorded against the company’s debts with the Road and Transport Authority.
As of December 31, 2025, the company recorded a net working capital deficit of AED 672.8 million, equivalent to 21.7% of annual revenue, compared to 19.1% in the first nine months of 2025. The decline in net working capital over the last four quarters was primarily driven by semi-annual payments related to the rights of the new toll gates. As of December 31, 2025, net debt stood at AED 4.799 billion, down 10.1% from AED 5.337 billion at the end of the third quarter of 2025. Consequently, the net debt-to-EBITDA ratio over the past twelve months was 2.24 times in the fourth quarter of 2025, compared to 2.61 times at the end of the third quarter, significantly below the maximum leverage limit of 5.0 times.