Salik doubles dividend pay to $300m as revenue surges 12%

Salik doubles dividend pay to $300m as revenue surges 12%

Dubai toll operator Salik has proposed a dividend of AED550 million ($150 million) for the second half of 2023 after toll usage revenue surged 12 percent to AED1.8 billion. Total dividend for the year stand at AED1.1 billion, more than double that allocated the year before. A total of AED548 million was distributed to shareholders […]Dubai toll operator Salik has proposed a dividend of AED550 million ($150 million) for the second half of 2023 after toll usage revenue surged 12 percent to AED1.8 billion.

Total dividend for the year stand at AED1.1 billion, more than double that allocated the year before. A total of AED548 million was distributed to shareholders in the first half of 2023.

Net profit fell 11 percent year on year to AED1.1 billion in 2023. The company clarified that profit comparison between 2022 and 2023 may not be accurate due to changes in its operating structure and cost profile.

Since July 2022, Salik operates as a separate legal entity from the RTA through a 49-year concession agreement. Therefore, it incurs new costs, such as concession fees, rent, amortisation, transitional service expenses and finance costs.

Toll usage revenue represented 87.5 percent of total revenue of AED2 billion last year, supported