Dubai’s road toll company Salik saw its full year profits fall slightly YoY but exceeded Refinitiv forecasts for the year, posting a full-year profit of AED 1.326 billion ($361 million) versus 1.38 billion dirhams a year ago.

The profit exceeded the Refinitiv forecast, which was AED 1.272 billion, with the share price today at AED 2.71, below the Refinitiv target price of AED 2.86.

The company began trading on Dubai Financial Market (DFM) following its initial public offering (IPO) in September 2022.

Revenue for 2022 was AED 1.892 billion, up from AED 1.693 billion in 2021.

In its preliminary financial results statement, the company said comparing its profitability from one year to another may not accurately reflect the company’s performance on a like-for-like basis due to a change in its operating structure profile.

The company separated as a legal entity from Dubai’s Roads and Transport Authority (RTA) in July, incurring extra fees including rent, concession fees, service fees and finance costs that did not exist prior to the separation.

The number of revenue generating trips through Salik toll gates increased by 12.6% year-on-year to 413 million, the statement said.

(Reporting by Imogen Lillywhite; editing by Daniel Luiz)