Salik Company, Dubai’s exclusive toll gate operator, has announced that its board has won approval from shareholders for the distribution of cash dividends worth AED550 million  ($150 million) - equivalent to 7.3338 fils per share - representing 100% of the net profit of the second half of the fiscal year ended on December 31, 2023.

 

Announcing this at its Annual General Meeting (AGM), Mattar Al Tayer, Chairman of Salik’s Board of Directors, said the value of cash dividends distributable for the fiscal year 2023 amounted to AED1,097,962,219 (equivalent to 14.6395 fils per share), representing approximately 100% of 2023 distributable net profit.

 

The shareholders also approved the Board of Directors’ report on the company’s activity and its financial statements for the fiscal year ended on 31 December 2023.

 

“Salik's robust financial performance in 2023 highlights the resilience of its business model, with record total revenue of AED 2.1 billion, increasing by 11.4% YoY. This growth was primarily attributed to toll usage revenue, which grew by 11.7% YoY, marking the strongest full-year performance since the start of Salik's operation in 2007," he stated.

 

"The distribution of 100% of our net profit for the second half of 2023 confirms our commitment to create long-term value for our shareholders, with our very solid performance in 2023 a testament to the trust that the wider stakeholder community has placed in us. We are a direct contributor to, and beneficiary of, Dubai's commitment to growth and diversification, and we are proud to be playing a role in this thriving economy," noted Al Tayer.

 

CEO Ibrahim Al Haddad pointed out that Salik's second AGM as a publicly listed company marks a notable milestone in its journey of growth and development. 

 

"Our unwavering dedication to robust governance and transparency practices has instilled confidence in our shareholders, as evidenced by the support and engagement witnessed in today's meeting. We are committed to fulfilling our strategic growth plans, elevating our business to unprecedented levels of success," he added.-TradeArabia News Service