The board of directors of Dubai's road-toll operator Salik Company has recommended to the general assembly of shareholders to distribute a H2 cash dividend of 7.33 fils per share.

Salik listed on the Dubai Financial Market (DFM) last year, following a 20% stake sale.

It posted a full year 2023 net profit of 1.09 billion dirhams ($297 million), 17% lower year-on-year (YoY) despite a jump in the number of revenue generating trips taken through its gates.

The net profit came in slightly below analysts’ mean estimate of AED1.11 billion, according to LSEG data.

On January 19, Salik said the Roads and Transport Authority has assigned the company “to install two new toll gates to optimise traffic flow and reduce congestion on key routes within Dubai” at Business Bay Crossing on Al Khail Road, and Al Safa South on Sheikh Zayed Road between Al Meydan Street and Umm Al Sheif Street. This will take the total number of toll gates in Dubai to 10.

(Reporting by Seban Scaria; editing by Daniel Luiz)