Salik Company PJSC, the sole toll gate operator in Dubai, has declared a significant cash dividend distribution of Dh550,035,000, equivalent to 7.3338 fils per share. This distribution, announced on Tuesday, represents a complete 100 percent of the net profit for the second half of the fiscal year ending December 31, 2023. The announcement came during Salik’s Annual General Meeting (AGM), chaired by Mattar Al Tayer, Chairman of Salik’s Board of Directors.
At the AGM, shareholders approved the Board of Directors’ report and the company’s financial statements for the fiscal year ended on December 31, 2023. The total value of cash dividends distributable for the fiscal year 2023 amounted to Dh1,097,962,219, equivalent to 14.6395 fils per share, approximately equal to the year’s distributable net profit.
The AGM concluded with the approval of several special resolutions. These included amending the definition of ‘government shareholder’ to include any entity or individual appointed by the Government of Dubai. Additionally, Salik’s articles of association were revised to incorporate new business activities into its operations. The AGM also approved Salik’s corporate social responsibilities (CSR) policy, with a portion of the company’s forecasted revenues allocated to CSR initiatives.
Al Tayer highlighted Salik’s strong financial performance in 2023, noting a record total revenue of Dh2.1 billion, an 11.4 percent increase year-on-year. This growth was primarily driven by an 11.7 percent rise in toll usage revenue, marking the strongest full-year performance since Salik’s inception in 2007.
He emphasized the distribution of 100 percent of Salik’s net profit for the second half of 2023 as a reflection of the company’s commitment to creating long-term value for shareholders. “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,” he said.
Salik’s commitment to sustainable growth and adherence to international best practices were further underscored by the introduction of its CSR & volunteering policy in 2024. This approach is aimed at supporting socioeconomic development while prioritizing societal well-being and creating positive community impacts.
Ibrahim Al Haddad, CEO of Salik, remarked on the significance of the second AGM as a publicly listed company, highlighting the company’s dedication to robust governance and transparency practices. “We are committed to fulfilling our strategic growth plans, elevating our business to unprecedented levels of success,” he said, reflecting the company’s ambitious vision for the future.
Salik’s dividend announcement and strategic developments signal not only its financial robustness but also its commitment to contributing to Dubai’s dynamic economy and broader community well-being.
