Dubai: The Dubai tollgate operator will pay out Dh491.4 million as second-half 2022 dividend after recording Dh529 million as net profit for the period. A total of Dh37.5 million will be placed as statutory reserves.
On Tuesday morning, the Salik stock is trading 0.69 per cent down, at Dh2.86. Even then, it's quite a premium over the IPO price of Dh2. The annualised dividend thus works out to about 5 per cent.
The Dh37.5 million represents a 'one-time' pay into statutory reserves after reaching the limit of 50 per cent of paid-in capital.
"This year (2022) was one of new beginnings for Salik, and we are proud to have played a role in Dubai's ambitious privatisation programme through our landmark listing in September," said Mattar Al Tayer, Chairman of Salik. "At Salik, we are committed to driving Dubai's capital market growth and supporting the emirate's larger economic development plans.
"As a key player in Dubai's economy, we will continue to work closely with the government and other stakeholders to achieve the leadership’s visions and create new opportunities for the people of Dubai."
City's cruising - and it shows on Salik numbers
In 2022, trips made through Salik’s eight toll gates in the city were up 12 per cent to around 539 million, from 481 million trips a year earlier, 'driven by continued recovery from the impact of COVID-19 pandemic as restrictions were fully lifted in Dubai, as well as by the positive growth resulting from Expo 2020 in the first quarter of the year', the company said in a statement.
Revenue-generating trips, in turn, increased 13 per cent to 413 million trips from 367 million in 2021. In the crucial fourth quarter of 2022, revenue-generating trips grew 15 per cent quarter-on-quarter to 111 million.
Back at pre-pandemic levels
Traffic levels in the fourth quarter were 'broadly in line' with those before the pandemic in the fourth quarter of 2019. "The strong increase in toll road usage was a key driver of our success, compounded by traffic levels in the fourth quarter of 2022 having recovered to pre-pandemic levels," said Ibrahim Sultan Al Haddad, CEO. "Our 2022 results depict a story of triumph amid global turmoil and uncertainty, driven by Dubai’s economic resilience."