Salik Posts AED 728.9 Million Q1 Revenue as Dubai Toll Operator Holds Margin Above 50%

EcoPulse24 | Dubai

Salik Company, the exclusive operator of Dubai's road toll gates, reported revenue of AED 728.9 million for the first quarter ended 31 March 2026, a 3.0% decline from AED 751.6 million in the same period of 2025, according to a disclosure published by Emirates News Agency (WAM). Net profit was broadly stable at AED 369.3 million, compared with AED 370.6 million a year earlier, a marginal decline of 0.4%, with a net profit margin of 50.7%.

Margins Hold as EBITDA Tops AED 507 Million

EBITDA reached AED 507.2 million during the quarter, down 2.4% from AED 519.6 million in Q1 2025, while the EBITDA margin expanded to 69.6%, up 143 basis points on a quarterly basis and 44 basis points year on year. The company said the revenue decline mainly reflected a drop in toll usage fees as traffic volumes softened during the period, with an exceptional event impacting March performance, partially offset by growth in Salik card activation fees and other revenue streams.

Traffic Mix Shifts Under Dynamic Tolls

Total trips through Salik gates reached 197.2 million in Q1 2026, a 6.4% decrease compared with 210.8 million trips in the same quarter of 2025. Peak-hour trips subject to the AED 6 toll rose to 53.7 million, up 36.6% year on year, while off-peak trips at the AED 4 toll declined 29.4% to 75.9 million. Free post-midnight trips climbed 44.6% to 16.2 million. Registered active accounts increased 7.5% year on year to 2.8 million, fourteen months after the dynamic toll pricing framework was introduced on 31 January 2025.

Chairman Cites Resilient Model

Mattar Al Tayer, Chairman of Salik, said the first-quarter results reflect the company's ability to deliver a steady performance in a challenging operating environment, underlining the resilience of its recurring revenue model and its vital position within Dubai's road infrastructure, while continuing to deliver long-term value to shareholders. He added that the 50.7% net profit margin was supported by disciplined cost management and the flexibility of the business model.

EcoPulse24 Analysis

EcoPulse24 Analysis: Salik's Q1 numbers show a defensive performance built on margin expansion despite softer top-line. The sharp jump in peak-hour traffic suggests dynamic tolling is shifting commuter behaviour, even as overall volumes drift lower. The 7.5% gain in active accounts points to underlying demand and population growth in Dubai. Investors will watch whether the March traffic dip proves transient, and how Q2 capacity, dividends and any new gate openings shape the recurring revenue trajectory through the rest of 2026.