Dubai Taxi Company reported an 11 percent increase in revenue to AED1.95 billion ($531 million) in the 2023 financial year, it said on Friday.
Net profit for the same period stood at AED345.3 million, up 54 percent year-on-year, the company added.
Strong performance of the taxi segment drove revenue, as the number of trips increased during the period. This was supported by the strong growth of Dubai and DTC’s exclusivity agreements in high-volume areas of the city, including Dubai International Airport. DTC’s fleet size at the end of 2023 was more than 7,400 vehicles. Its taxis and limousines completed 46 million trips in 2023, up 8 percent year-on-year.
Read: Dubai Taxi Company market share climbs to 46 percent
The strong revenue resulted in a 55 percent year-on-year increase in EBITDA to AED490.5 million. The company’s free cash flow stood at AED129 million.
Board recommends dividend
“Our strong inaugural set of results following our successful IPO on the DFM in December 2023 highlights the strength of our business, which is underpinned by the growth of Dubai, our market leading position and a supportive regulatory environment,” DTC’s chairman Abdul Muhsen Ibrahim Kalbat said.
Following the results, the board has recommended a dividend payout of AED71 million for Q4 2023. This amounts to 2.84 fils per share, subject to shareholder approval.
“During the year we continued to make strides with our strategic priorities. We expanded our fleet and implemented smart technologies to drive efficiency across segments. With a leading taxi market share in Dubai and several opportunities to expand into neighbouring emirates, DTC plays an instrumental role in connecting people and developing the nation’s world-class transportation infrastructure,” added DTC CEO Mansoor Rahma Alfalasi.
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