Salik, the exclusive toll-gate operator in Dubai that became a listed company on Dubai Financial Market last year, will distribute cash dividends of AED491.4 million.
This was announced after the company’s first Annual General Meeting (AGM) as a publicly-listed company. The dividend works out to 6.5521 fils per share.
The AED491.4 million dividend represents 100 percent of the net profit of the second half of the fiscal year ended on 31 December 2022, after deducting a one-time statutory reserve of AED37.5 million.
Salik reports strong performance
CEO Ibrahim Al Haddad, said: “Salik’s first AGM as a publicly-listed company marks a significant milestone in our journey of growth and development.
“Our commitment to strong governance and transparency standards has been mirrored in the trust of our shareholders. Among key resolutions passed is the Board of Director’s proposal to distribute 100 percent of Salik’s net profit of the second half of 2022, marking the beginning of our commitment to ensuring tangible return and long-term value to our shareholders.”
The toll-gate operator reported a net profit of AED529 million for the second half of 2022. Its revenue increased 11.8 percent year-on-year to AED1,892 million, driven by a 12.6 percent rise in the number of revenue-generating trips as Dubai recovered after the lifting of Covid-19 restrictions.
Mattar Al Tayer, Chairman of Salik’s Board of Directors, commented: “Our solid performance in 2022 is a testament to Dubai’s commitment to ongoing growth as part of its overarching development strategies. We are honoured to be a key player in this thriving economy.
“The year 2022 marked a new chapter in Salik’s journey, and we are pleased to play a central role in Dubai’s ambitious IPO programme with our listing in September. We remain dedicated to collaborating closely with the government and other stakeholders in order to achieve our aspirations.”
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