Dubai Taxi Company PJSC (DTC) announced robust financial results for the fiscal year 2024, posting a 19% year-on-year (YoY) growth in EBITDA to AED 584.4 million, with revenue increasing by 12% to AED 2.20 billion.

Key Financial Highlights:

• Revenue: AED 2.20 billion, up 12% YoY

• EBITDA: AED 584.4 million, up 19% YoY, with a 27% margin

• Net Profit: AED 331.3 million, up 18% YoY excluding interest and tax

• Final Dividend Recommendation: AED 122.3 million, bringing total FY 2024 dividends to AED 281.6 million

DTC completed 49 million trips across its taxi and limousine segments, marking a 6% YoY increase. The operational taxi fleet expanded by 744 vehicles, boosting the company’s market share to 47%.

The taxi segment generated AED 1.92 billion in revenue, reflecting a 12% YoY growth. The limousine segment saw an 8% increase, reaching AED 124.5 million, while the bus division’s revenue rose 11% to AED 119.2 million. DTC’s delivery bike segment recorded exceptional growth, with revenue surging 2.3 times YoY.

DTC’s Chairman, H.E. Abdul Muhsen Ibrahim Kalbat, emphasized the company’s focus on innovation and sustainability, stating, “Our new five-year strategy positions DTC as the ‘Preferred mobility choice for everyone’ and supports Dubai’s urban expansion with advanced mobility solutions.”

CEO Mansoor Rahma Alfalasi highlighted the company’s successful partnership with Bolt, which facilitated over one million trips within weeks of launch. “This collaboration strengthens our e-hailing capabilities and aligns with Dubai’s vision to transition 80% of taxi trips to e-booking,” he added.

DTC maintains a healthy financial position, with a net debt-to-EBITDA ratio of 1.13x and a cash balance of AED 336.1 million as of 31 December 2024. Looking ahead, the company aims for continued double-digit growth, leveraging technology and sustainability-driven investments to enhance its market leadership.