
Salik Company PJSC
Pressreleases, Reports and Disclosures for Salik Company PJSC
On April 2, 2024, the CEO of Dubai Financial Market, Mr. Hamed Ahmed Ali, received a letter detailing the results of Salik Company PJSC's Annual General Meeting. The meeting was held on April 4, 2024, both remotely and physically at the InterContinental Dubai Festival City hotel. The total attendance quorum reached 76.44%, with 0.01% being authentic attendance and 76.43% being proxy attendance. The meeting approved the appointment of Dr. Fady Kayyal as the meeting secretary and Lumi as vote collectors. The Board of Directors' report on the company’s activity and financial position for the fiscal year ending December 31, 2023, along with the auditor’s report and the company’s balance sheet for the same period, were approved. The board's proposal to distribute cash dividends of AED 550,035,000, representing 100% of the distributable net profit for the second half of the fiscal year, was considered. The dividend payment date is set for April 22, 2024.
Salik Company PJSC has invited shareholders to its Annual General Assembly Meeting (AGM) on 04 April 2024. The meeting will be held both virtually and physically at the InterContinental Dubai Festival City hotel. The agenda includes approving the meeting secretary and vote collectors, reviewing and approving the company's 2023 financial reports, and considering a proposal for a cash dividend distribution. Other items include reviewing the Board of Directors' remuneration, and discussing potential actions regarding the board members for the fiscal year ended on 31 December 2023.
Salik, Dubai's exclusive toll gate operator, reported record full-year revenues of AED 2.1bn ($572m) in 2023, an increase of 11.4% from 2022. The company's revenue-generating trips reached 461.4 million in 2023, and totalled 123.2 million in the fourth quarter, up 11.7% and 11.1% year-on-year respectively. Active registered accounts and vehicles increased by 16.0% and 8.3% to reach 2.4 million and 4.0 million respectively. The company's net profit for FY 2023 was AED 1.1bn ($299m), with a proposed dividend of AED 550m ($150m). Salik also announced a new corporate strategy to become a global leader in sustainable and smart mobility solutions over the next five years.
On February 2, 2024, a letter was sent to Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, from Ibrahim Sultan Al Haddad, the CEO of Salik Company PJSC. The letter informed Mr. Ali that Salik Company's Board of Directors will hold a meeting on February 8, 2024, at 8:00 am. The agenda of the meeting will include discussing the company's preliminary unaudited results for the year ended December 31, 2023, and normal business activities.
Salik Company, Dubai's exclusive toll gate operator, will build two new toll gates at Business Bay Crossing and Al Safa South, increasing the total number of toll gates in the city from eight to ten. The new gates, expected to be operational by November 2024, aim to reduce traffic congestion and optimise traffic flow. According to traffic studies, the new gates could reduce traffic congestion by up to 15% on Al Khail Road, and traffic volume by up to 16% on Al Rabat Street. The addition of the new gates is part of Salik's growth plan and partnership with the Roads and Transport Authority (RTA). Salik will oversee the construction, operation, and maintenance of the toll gates and hold the exclusive right to operate them until June 2071.