The annual general assembly of SALIC, the exclusive operator of toll gates in Dubai, during its meeting today chaired by His Excellency Mattar Al Tayer, Chairman of the Board of Directors, approved the Board of Directors’ report, which included the company’s activity and financial statements for the fiscal year ending on December 31, 2023, which included the distribution of dividends. Cash worth 550,035,000 dirhams (7.3338 fils per share), which represents 100% of the company’s net profit for the second half of the financial year ending on December 31, 2023.
The value of distributable cash profits amounted to 1,097,962,219 dirhams (equivalent to 14.6395 fils per share), which represents approximately 100% of the net distributable profits for the year 2023, according to a statement issued by the company today.
The General Assembly concluded its work by approving several special resolutions, including amending the definition of “government shareholder” to include any entities or individuals identified or named by the Dubai Government, and making amendments to the statute to add new commercial activities in SALIC’s operations. The General Assembly also approved SALIC’s liability policy. Social policy, with a percentage of the company’s expected revenues allocated to the initiatives of that policy.
Reasons for growth
His Excellency Mattar Al Tayer, Chairman of the Board of Directors of SALIC, said: The strong financial results achieved by SALIC in 2023 are a testimony to the strength of its business model, as the company’s total revenues reached a record level of 2.1 billion dirhams, an increase of 11.4% on an annual basis, and this growth is mainly attributed to This led to revenues from toll system usage fees, which grew by 11.7% year-on-year, marking the company’s strongest annual performance since the start of SALIC’s operations in 2007.
He added: “The distribution of 100% of the company’s net profits for the second half of 2023 confirms our commitment to providing long-term value to shareholders, and the strong financial performance in 2023 constitutes tangible evidence of the confidence of the relevant parties. We are also proud that SALIC plays a pivotal role in prosperous economic growth.” Which the Emirate of Dubai is witnessing, and at the same time this economic growth and diversification benefits the growth of the company’s business.”
His Excellency Mattar Al Tayer explained: “Today’s General Assembly decisions represent an important step in SALIC’s progress, and enhance our ability to achieve growth and carry out our societal responsibility. SALIC’s 2024 Social, Environmental Responsibility and Governance accreditation confirms our commitment to achieving sustainable growth and aligning our operations with international best practices, and we will continue Cooperating with relevant institutions to support social and economic development plans, with a primary focus on community well-being and creating positive change in our society.”
Growth and development
For his part, Ibrahim Al-Haddad, CEO of SALIC, said: “SALIC’s second general assembly meeting as a listed public joint stock company represents an important milestone in its growth and development journey. Our commitment to strong governance and transparency standards has instilled confidence among our shareholders, as demonstrated by the support and participation we have witnessed.” “At today’s meeting, we are committed to achieving our strategic growth plans and taking our business to unprecedented levels of success.”
2024-04-02 14:38:07
#SALICs #general #assembly #approves #distribution #cash #dividends #million #dirhams
