Salik confirms 7.33 fils as H2-2023 dividend, total payout at Dh550m
Dubai toll operator records Dh2.1b as 2023 revenues
The Dubai toll-gate operator Salik will issue a Dh550 million payout for shareholders on the back of its second-half 2023 performance. This equates to 7.33 fils a share.
Through 2023, the DFMlisted firm had revenues of Dh2.1 billion (from Dh1.89 billion), while profit was just over Dh1 billion (against Dh1.32 billion in 2022).
“Salik continues to emerge as a leading toll-gate operator globally,” said Mattar Al Tayer, chairman of Salik. “Our updated corporate strategy will see the diversification of our revenue streams to supplement the expansion of our core tolling business, and we look forward to updating the market on our strategic progress in due course.”
From 8 to 10 gates
One way will be to add two more toll-gates in the city, thus taking the tally to 10 by end 2024. Last year, Salik’s gates recorded a 10 per cent increase in total trips (including discounted trips). The final quarter numbers were 8.5 per cent higher.
In all, revenue-generating trips in 2023 reached “new highs” of 461.4 million, up 11.7 per cent and “comfortably above the pre-pandemic peak of 434.7 million in 2019”. The fourth quarter revenue-generating trips hit 123.2 million, up 11.1 per cent. It was also higher than the previous quarterly record of 113.8 million in Q22023.
During the fourth quarter of 2023, the Al Maktoum Bridge gate saw a 53.6 per cent increase in the number of revenue-generating trips, excluding paid taxi trips. This surge was attributed to the “ongoing closure of the Floating Bridge and the diversion of traffic through the gate”.
Our updated corporate strategy will see the diversification of our revenue streams to supplement the expansion of our core tolling business.”
Steady progress
The Al Garhoud Bridge had a 12.2 per cent increase.
“Excluding both Al Maktoum and Al Garhoud Bridges, Salik’s revenue-generating trips increased 7.9 per cent in the fourth quarter and 9.3 per cent for the year as compared to 2022.
“Salik is continuing to make good progress on delivering its long-term objectives, in line with our ambition to become a global leader in mobility solutions,” said Ibrahim Sultan Al Haddad, CEO.
“We are thriving in the tolling business and remain focused on strengthening our core business offering as we expand our footprint within Dubai.”
Mattar Al Tayer | Chairman of Salik