Dubai Taxi Company, a leading provider of comprehensive mobility solutions in Dubai, announced today its financial results for the year ended December 31, 2024. The company delivered a robust set of results in its first full year of operations since its IPO. Revenue for the year increased 12 percent year-on-year to AED2.20 billion ($598.9 million), driven by positive performance across all its segments.
Dubai Taxi Company’s strong performance was underpinned by Dubai’s population and tourism growth as well as urban expansion which drove demand for mobility services.
“Our strong performance in FY 2024 demonstrates our ability to capitalize on Dubai’s positive growth story as we focus on delivering world-class mobility solutions in the emirate and support its ambitious urban development and mobility strategy,” stated Abdul Muhsen Ibrahim Kalbat, DTC’s chairman.
EBITDA rises to AED584.4 million
Dubai Taxi Company’s strong topline performance resulted in a 19 percent year-on-year increase in EBITDA to AED584.4 million, at an attractive margin of 27 percent. The company maintains a healthy balance sheet, with a highly attractive net debt to EBITDA ratio of 1.13x and a cash balance of AED336.1 million.
Reported net profit declined by 4 percent annually to AED331.3 million, due to the introduction of corporate tax in the UAE and increased interest costs. However, on a comparative basis, excluding tax and interest costs, net profit witnessed a robust 18 percent increase.
Dubai Taxi Company remains focused on driving operational efficiencies by leveraging its scale and adopting technology that optimizes its resourcing and fleet maintenance. Additionally, the company continues to adopt fuel-efficient vehicles in line with its sustainability commitments. The company’s taxi and limousine fleet is now more than 85 percent environmentally friendly, consisting of either hybrid or electric vehicles.
“I am also pleased to share that DTC’s Board has recommended a final dividend of AED122.3 million bringing our total dividend for the fiscal year 2024 to AED281.6 million, in line with our highly attractive dividend policy to distribute at least 85 percent of annual net profit,” added Kalbat.
Taxi segment revenues hit AED1.92 billion
Dubai Taxi Company’s taxi segment revenue increased 12 percent to AED1.92 billion last year, driven by increased trip numbers, as the company substantially increased its fleet to better serve its customers.
The limousine segment also saw revenue increase by a healthy 8 percent to AED124.5 million in 2024, supported by the expansion of its fleet with additional vehicles. The company’s taxis and limousines completed more than 49 million trips during the year, up 6 percent year-on-year.
The bus segment also delivered solid performance during the year, having secured new service contracts and expanded its fleet size. As a result, revenue increased 11 percent year-on-year to AED119.2 million.
New five-year corporate strategy to drive growth
Building on its success in 2024, Dubai Taxi Company launched its new five-year corporate strategy for 2025 to 2029 which focuses on innovation and excellence, reinforcing its position as the region’s premier mobility operator.
“The new strategy will drive double-digit growth across our portfolio, supported by additional investments in electric and hybrid vehicles, as we continue to reduce the industry’s environmental impact and promote eco-friendly solutions,” added Kalbat.
The strategy aims for double-digit growth across the company’s portfolio, alongside a high dividend payout ratio. The strategy defines a new vision for the company, positioning it as the “Preferred mobility choice for everyone.”
This vision is supported by an updated mission focused on “Leading in digital and safe mobility services that meet communities’ needs for convenience, connectivity, and sustainability.”
Bolt partnership to expand global footprint
Last year, Dubai Taxi Company partnered with Bolt to launch Bolt’s e-hailing platform in Dubai. This strategic partnership will enable the company to unlock a greater share of the overall taxi and e-hailing sector while contributing to Dubai’s plan to transition 80 percent of taxi trips to e-booking in the coming years. Leveraging Bolt’s technology, the company will benefit from Bolt’s global footprint, allowing it to tap into a worldwide customer base of tourists and business travelers who visit Dubai.
The new service, launched in December 2024, has proven to be a stellar success with initial demand being exceptionally strong. With a fleet of premium limousines from over 200 partners, including 18,000 well-trained drivers, the platform successfully completed one million trips by mid-January with strong demand for the service continuing.
The next phase will incorporate taxi services into the platform, providing more options, convenience and efficiency for users.
