Salik Set To Reward Shareholders With $150M Cash Dividends For 2023

Salik Company, the sole toll gate operator in Dubai, has recently made a significant announcement at its Annual General Meeting (AGM) regarding the approval from shareholders for the distribution of cash dividends totaling AED550 million ($150 million). This sum, equating to 7.3338 fils per share, represents the entirety of the net profit for the latter half of the fiscal year ending December 31, 2023. Mattar Al Tayer, Chairman of Salik’s Board of Directors, shared that the total cash dividends distributable for the fiscal year 2023 reached AED1,097,962,219 (14.6395 fils per share), mirroring around 100% of the 2023 distributable net profit.

During the AGM, shareholders also gave their nod to the Board of Directors’ report on Salik’s activities and its financial outcomes for the fiscal year concluded on December 31, 2023. Al Tayer highlighted Salik's exceptional financial performance in 2023, showcasing a robust business model with a record total revenue of AED 2.1 billion, marking an 11.4% increase year-on-year (YoY). This growth was primarily driven by an 11.7% YoY increase in toll usage revenue, signifying the strongest full-year performance since Salik commenced operations in 2007.

"The distribution of 100% of our net profit for the second half of 2023 underscores our dedication to generating long-term value for our shareholders. Our solid performance in 2023 reflects the trust placed in us by our stakeholders. We are integral to Dubai's growth and diversification strategy and are proud to contribute to this dynamic economy," Al Tayer remarked.

Ibrahim Al Haddad, CEO of Salik, reflected on the company's journey, noting that Salik's second AGM as a publicly listed entity marks a significant milestone. "Our commitment to strong governance and transparency has bolstered shareholder confidence, as demonstrated by the support at today’s meeting. We are focused on achieving our strategic growth objectives and elevating our business to new heights," he stated.

This announcement from Salik not only highlights its financial health but also its pivotal role in supporting Dubai's economic expansion and diversification efforts. The company's commitment to transparency and governance further strengthens its position as a key player in Dubai's thriving economy.