Salik Company PJSC: A Strong Player in Dubai's Toll Gate Industry
Salik Company PJSC, Dubai's exclusive toll gate operator, recently held its Annual General Meeting, revealing promising figures and future plans.
Summary
Salik Company PJSC's recent Annual General Meeting highlighted the company's robust financial position and its commitment to shareholders through a substantial dividend distribution. The company's exclusive rights to operate toll gates across Dubai and potential for expansion make it a compelling investment opportunity.
Salik Company PJSC, the exclusive toll gate operator in Dubai, recently held its Annual General Meeting, which revealed the company's solid financial position and future prospects. The meeting, held on April 4, 2024, saw a significant attendance of 76.44%, demonstrating the shareholders' interest and confidence in the company.
The meeting approved the Board of Directors' report on the company’s activity and financial position for the fiscal year ending December 31, 2023. The auditor’s report and the company’s balance sheet for the same period were also approved, indicating a strong financial position.
Significantly, the board proposed a cash dividend distribution of AED 550,035,000, representing 100% of the distributable net profit for the second half of the fiscal year. This substantial dividend payout not only reflects the company's profitability but also its commitment to rewarding shareholders. The dividend payment date is set for April 22, 2024.
Looking ahead, Salik Company PJSC's future prospects appear promising. The company's exclusive rights to operate current and future toll gates across Dubai until 2071, provide a long-term revenue stream. Furthermore, the company's ability to engage in new business activities within and outside Dubai offers potential for expansion and diversification, strengthening its investment appeal.
Given the company's robust financial position, substantial dividend payout, and future growth prospects, it is suggested that investors consider buying Salik Company PJSC's shares. The company's stable and predictable revenue stream from its toll gate operations, coupled with its potential for expansion, make it a compelling investment opportunity in the long run.
Source
Summary
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.
