UAE: Salik approves $133.78mln in cash dividends for H2 2022

UAE: Salik approves $133.78mln in cash dividends for H2 2022

DUBAI - Salik Company PJSC (Salik), Dubai’s exclusive toll-gate operator, has agreed to distribute cash dividends of AED491,407,500 (6.5521 fils per share).

This came as the company's board concluded today its first Annual General Meeting (AGM) as a publicly listed company, headed by Mattar Al Tayer, Chairman of Salik’s Board of Directors. The shareholders approved the Board of Directors’ report on the Company’s activity and its financial statements for the fiscal year ended on 31 December 2022.

The AGM also saw the approval of the Board of Directors’ proposal to distribute cash dividends of AED 491,407,500 (6.5521 fils per share) which represents 100 percent of the net profit of the second half of the fiscal year ended on 31 December 2022, after deducting a one-time statutory reserve of AED 37.5 million, in line with Salik’s dividend policy.

Salik's impressive financial performance in 2022 demonstrates the strength of its business model. Salik reported a net profit of AED 529 million for the second half of 2022, covering the period since the start of Salik’s concession agreement with the Roads & Transport Authority (RTA) until December 31, 2022. In 2022, Salik’s revenue increased 11.8 percent YoY to AED 1,892 million, primarily driven by a 12.6