Salik AGM 2023
Salik AGM 2023 Image Credit: Supplied

Dubai: Dubai's toll gate operator Salik approved the distribution of cash dividends amounting to Dh550 million or 7.3 fils per share, representing 100 per cent of the second half of the fiscal year's net profit.

The value of cash dividends for the fiscal year 2023 amounted to Dh1.10 billion (equivalent to 14.6395 fils per share), the company said in a statement, adding that shareholders approved the Board of Directors’ report on the company’s activity and its financial statements for the fiscal year ended on December 2023.

"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," it added.

"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."

Mattar Al Tayer, Chairman of Salik's Board of Directors, said: "Salik's robust financial performance in 2023 highlights the resilience of its business model, with record total revenue of Dh2.1 billion, increasing by 11.4 per cent year-on-year (YoY)."

He added: "The distribution of 100 per cent of our net profit for the second half of 2023 confirms our commitment to create long-term value for our shareholders, with our very solid performance a testament to the trust that the wider stakeholder community has placed in us."

Ibrahim Al Haddad, CEO of Salik, also added: "Salik's second AGM as a publicly listed company marks a notable milestone in our journey of growth and development. Our unwavering dedication to robust governance and transparency practices has instilled confidence in our shareholders, as evidenced by the support and engagement witnessed in today's meeting."