Dubai Taxi Company PJSC has reported a 16% increase in revenue for the first quarter of 2024, reaching Dh558.4 million. The company’s core taxi segment saw a 15% revenue growth due to increased trips and trip lengths, as well as higher tariffs. Additionally, the limousine segment experienced a 7% revenue increase year-on-year, with a 17% increase quarter-on-quarter. The company completed 12 million trips during the quarter and added 94 new taxi licenses at the latest RTA auction.
The bus segment also performed well, with revenue increasing by 28% year-on-year to Dh37 million. The delivery bikes segment saw a significant revenue increase, more than four times year-on-year, benefiting from the growing e-commerce market and demand for on-demand delivery services. Overall, the company’s strong revenue performance led to a 40% year-on-year increase in Ebitda to Dh169.9 million, with a 30% margin, up 5% from the previous year.
DTC continues to focus on operational efficiencies and technology adoption to drive growth and maintain its market-leading position. The company’s CEO, Mansoor Rahma Alfalasi, emphasized the importance of meeting the diverse needs of Dubai’s residents and adopting technologies to enhance operations. With Dubai’s growing population and strong economic fundamentals, DTC is confident in its growth prospects in the region and sees opportunities to expand services in neighboring emirates.
As the largest taxi operator in Dubai, DTC is committed to supporting the emirate’s mobility landscape and providing solutions that cater to the evolving needs of the community. The company’s financial results for the first quarter of 2024 reflect its successful growth strategy and commitment to excellence in service delivery. With a healthy balance sheet and strong performance across its segments, DTC is well-positioned for future growth and expansion in the region.
