Dubai Taxi Company (DTC) delivered a robust set of results in Q1 2025, with strong underlying performance across its core business lines. The company’s fundamentals remain strong, supported by Dubai’s population and tourism growth, as well as urban expansion, which continued to drive demand for mobility services. Revenue for the quarter increased 5 percent year-on-year to AED588.3 million ($160.2 million), and by 7 percent like-for-like1, driven predominantly by fleet expansion across segments and the strong performance of DTC and delivery bike operations.
Taxi segment growth
DTC’s taxi segment revenue increased 7 percent year-on-year to AED515.0 million, driven by increased trip numbers, as the company increased its fleet to better serve its customers. Since the beginning of the year, the company has expanded its operational fleet by 250 fully electric vehicles, bringing the total to over 6,200 taxis as of March 2025. With more than 86 percent of the fleet now consisting of hybrid or electric vehicles, this milestone underscores DTC’s firm commitment to sustainability. This achievement is fully aligned with the Dubai 2040 Urban Master Plan and the Dubai Government’s strategic objectives for the transportation sector, positioning DTC as a leader in driving environmentally responsible mobility across the emirate.
Limousine segment performance
The limousine segment saw revenue increase by 3 percent year-on-year to AED34.3 million in Q1 2025, supported by the expansion of its fleet with additional vehicles. The company’s taxis and limousines completed 12.8 million trips during the quarter, up 8 percent year-on-year. Across segments, DTC’s total operational fleet rose 26 percent year-on-year to 9,872.
Bus segment update
Dubai Taxi Company’s bus segment was affected by contractual changes that altered the revenue recognition cycle during the first quarter, without impacting the overall annual contract values. As a result, revenue for the quarter decreased 14 percent year-on-year to AED31.6 million.
Delivery bike segment success
The company’s delivery bike segment continued to deliver stellar growth with revenue up 110 percent, as it expands in the rapidly growing on-demand delivery market, leveraging partnerships with major delivery aggregators.
Other services and Connectech
Other services, which primarily comprises Duba Taxi Company’s digital arm Connectech which includes Bolt e-hailing operations, were impacted by promotional discounts offered as part of Bolt’s launch campaign. These investments, aimed at accelerating customer acquisition and driving long-term growth for the business, were deliberately front-loaded into the first quarter in line with seasonal activity patterns. As part of a disciplined approach, these initiatives are capped at 2 percent of full-year revenue. Bolt’s operational performance has so far exceeded expectations, and it is well-positioned to not only accelerate consumer adoption but also to support DTC’s expansion into other emirates, reinforcing the company’s ambitious growth strategy.
EBITDA and margin analysis
The company’s EBITDA decreased to AED154.4 million, down 9 percent year-on-year, while maintaining an attractive margin of 26 percent. Excluding the impact of Connectech, EBITDA increased 4 percent year-on-year with a robust margin of 30 percent, in line with Q1 2024, as Dubai Taxi Company remained focused on driving operational efficiencies.
Net profit overview
Reported net profit declined by 23 percent year-on-year to AED83.6 million, driven primarily by the impact of the promotional discounts offered as part of Bolt’s launch campaign. Excluding Connectech, the core business delivered a resilient operational performance, with a slight decline of 2 percent year-on-year.
Balance sheet strength
DTC maintains a healthy balance sheet, with a highly attractive net debt-to-EBITDA ratio of 1.2x and a cash balance of AED287 million as of 31 March 2025, including Wakala deposits.
Dividend announcement
During the Annual General Meeting, shareholders approved a final cash dividend of AED122.3 million for the second half of the financial year ended 2024, representing 4.89 fils per share and 85 percent of net profit, in accordance with the company’s dividend policy. The approved dividend was distributed to shareholders in April 2025.
Commenting on the results, Mansoor Rahma Alfalasi, Dubai Taxi Company’s CEO, said, “DTC delivered a solid start to the year, with strong growth across our core taxi and delivery bike segments reflecting the sustained momentum in Dubai’s mobility landscape. The expansion of our fleet and continued investment in operational efficiency enabled us to serve rising demand, driven by the city’s ongoing population and tourism growth. We are also proud of our long-term strategic partnership with Dubai Airports, strengthening our market position and further aligning DTC with Dubai’s vision as a leading global mobility hub, as well as our strategic partnership with Bolt, which has delivered exceptional operational results in its first quarter that set a strong foundation for continued success.
“We remain confident in the fundamentals of our business, supported by a healthy balance sheet and a scalable platform positioned for growth. Looking ahead, we will continue to optimise our operations, enhance customer experiences, and capture opportunities across Dubai’s rapidly evolving mobility ecosystem.”
Operational highlights
During the quarter, Dubai Taxi Company has signed a five-year strategic partnership with Dubai Airports, to continue to be the exclusive provider of taxi services at Dubai International (DXB) and Dubai World Central – Al Maktoum International (DWC), reinforcing its position as the leading provider of premium mobility services in Dubai. The partnership is a testament to the long-standing relationship between DTC and Dubai Airports to service the growing influx of passengers and visitors at Dubai Airports, which welcomed 93 million guests across both airports in 2024, resulting in 6 million limousine and taxi trips in 2024. Taxi and limousine annual trips from the airports are expected to reach over 8 million by 2029, with revenues projected to reach AED2.5 billion over the five-year period.
Bolt partnership impact
Bolt, the global shared mobility platform, deployed around 700 taxis which are part of DTC’s dedicated airport fleet, to its platform. The implementation of the ride-hailing service for airport taxis through the Bolt app offers unparalleled convenience to travellers arriving at Dubai’s airports thus delivering innovative and digital transportation solutions tailored to the needs of Dubai’s visitors. Since the launch of the partnership in December 2024, the Bolt app has 279,000 downloads, and 267 fleet partners have been onboarded with 14,600 cars registered on the platform, demonstrating the strength of the ecosystem DTC is building. The platform has maintained an average estimated time of arrival under three minutes, ensuring fast, reliable, and convenient service for customers.
Outlook and future positioning
Dubai Taxi Company has a positive outlook across all its business segments, enabled by Dubai’s strong economic outlook and a forecast resident population growth of more than 50 percent between 2024 and 2040. The emirate’s robust GDP growth, stable inflation, and a record government budget of AED272 billion for 2025–2027 further reinforce this positive outlook.
Beyond favorable demographics and macroeconomic strength, Dubai continues to solidify its position as a leading global tourist destination. In the first quarter of 2025, international overnight visitors grew by 3 percent year-on-year, building on a strong 9 percent increase in 2024. Dubai Airports is also on track to maintain its position as the world’s busiest airport, targeting 100 million passengers by 2026.
With the continuous fleet expansion, including the addition of more airport taxis, DTC is positioned to capture value from the emirate’s robust growth while its investments in technology and partnerships will continue to unlock exciting new growth opportunities.
