Dubai Taxi Company PJSC (DTC) has reported a robust financial performance for the fiscal year ending December 31, 2024, marking its first full year since going public.
The company’s revenue surged 12% year-on-year to AED 2.20 billion, driven by Dubai’s population and tourism growth, alongside urban expansion.
DTC’s taxi segment remained the primary revenue driver, growing by 12% to AED 1.92 billion as the company expanded its fleet by 744 vehicles, reaching a total of 5,960 operational taxis. This expansion bolstered DTC’s market share to 47%. Additionally, the limousine segment recorded an 8% revenue increase to AED 124.5 million, while the bus segment secured new contracts, contributing to an 11% revenue rise to AED 119.2 million. The delivery bike segment exhibited the highest growth, with revenue surging 2.3 times year-on-year.
The company’s EBITDA climbed 19% to AED 584.4 million, achieving a strong 27% margin, while net profit declined 4% to AED 331.3 million due to the introduction of corporate tax and increased interest costs. Excluding these factors, net profit saw an 18% increase.
DTC also strengthened its commitment to sustainability, with more than 85% of its taxi and limousine fleet now consisting of hybrid or electric vehicles. The company further reinforced its position in the e-hailing sector through its strategic partnership with Bolt, completing one million trips in just over a month after launch.
Looking ahead, DTC has unveiled an ambitious five-year strategy (2025–2029), aiming for double-digit growth through technological advancements, fleet expansion, and sustainability initiatives. The company also announced a final dividend of AED 122.3 million, bringing the total FY 2024 dividend to AED 281.6 million, aligning with its policy to distribute at least 85% of net profits.
With Dubai’s population and tourism sector continuing to grow, DTC is well-positioned to capitalize on increasing demand for mobility services while driving innovation and sustainability in the industry.
News Source: Dubai Media Office
