Salik Approves AED 550 Million Cash Dividend Distribution

April 3, 2024 | by magnews24.com

Salik Company PJSC, Dubai’s exclusive toll gate operator, today concluded its Annual General Meeting (AGM), chaired by Mattar Al Tayer, Chairman of Salik’s Board of Directors.

Shareholders approved the Board of Directors’ report on the Company’s activity and its financial statements for the fiscal year ended on 31st December 2023, which included the distribution of cash dividends amounting to AED 550,035,000 (equivalent to 7.3338 fils per share), representing 100 percent of the net profit of the second half of the fiscal year ended on 31st December 2023.

The value of cash dividends distributable for the fiscal year 2023 amounted to AED 1,097,962,219 (equivalent to 14.6395 fils per share), representing approximately 100 percent of 2023 distributable net profit.

Salik’s AGM concluded with the approval of various Special Resolutions. Among these, the definition of ‘Government Shareholder’ was amended to encompass any entity or individual designated or nominated by the Government of Dubai. Additionally, amendments were made to the Articles of Association to add new business activities into Salik’s operations. Furthermore, the AGM approved Salik’s Corporate Social Responsibilities policy, along with the allocation of a percentage of the Company’s forecasted revenues towards the CSR initiatives.

In 2023, Salik demonstrated a resilient business model with record revenue of AED 2.1 billion, up by 11.4% YoY, driven by toll usage revenue increasing by 11.7%. All net profit for the second half of 2023 was distributed, affirming a commitment to long-term shareholder value.

Mattar Al Tayer emphasized Salik’s role in Dubai’s growth, highlighting the importance of societal well-being. AGM resolutions focused on growth and ESG stewardship, supported by a Corporate Social Responsibility & Volunteering Policy introduced in 2024.

CEO Ibrahim Al Haddad stressed Salik’s dedication to governance and transparency, ensuring shareholder confidence and strategic growth plans.

News Source: Emirates News Agency

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