Dubai Taxi Company PJSC, a prominent provider of mobility solutions in Dubai, announced its financial results for the year ended 31 December 2024. This marked the Company's first full year of operations post its IPO. DTC exhibited a robust performance during this period as it witnessed a revenue increase of 12%, amounting to a record high of AED 2.20 billion. The taxi segment saw a revenue surge of 12% to AED 1.92 billion, driven by an increase in trip numbers owing to fleet expansion. The limousine segment's revenue also grew by 8% to AED 124.5 million in FY 2024.
DTC's Board of Directors recommended a final dividend of AED 122.3 million for the latter half of the year. This dividend proposal translates to 4.89 fils per share and aligns with the Company's dividend policy focusing on distributing at least 85% of the annual net profit. Notably, the International Monetary Fund projected a stable growth rate for the UAE's economy, which is anticipated to further increase DTC's value through its strategic investments in technology and partnerships.
In the face of Dubai's expanding population and thriving tourism sector, DTC's performance received a significant boost in FY 2024. The Company's taxis and limousines carried out more than 49 million trips — a 6% increase from the previous year. Moreover, the bus segment exhibited a sturdy performance attributed to securing new service contracts and fleet expansions.
DTC's new five-year corporate strategy for 2025 to 2029 focuses on innovation, excellence, sustainability, and growth. This strategy aims to consolidate DTC's position as a premier mobility operator in the region and forecast double-digit growth across the Company's portfolio. Through additional investments in electric and hybrid vehicles, DTC is dedicated to reducing the industry's environmental impact while promoting eco-friendly solutions.
Abdul Muhsen Ibrahim Kalbat, a key figure at DTC, emphasized the significance of the new strategy, defining DTC as the 'Preferred mobility choice for everyone.' The strategy holds promises of robust growth supported by sustainable practices and technological advancements. With a solid financial performance in FY 2024, DTC's revenue and EBITDA saw significant increments, reflecting the Company's stronghold in the Dubai taxi market.
DTC has reported a net profit decline by 4% to AED 331.3 million, influenced by the introduction of corporate taxes in the UAE and escalated interest costs. Despite this, the Company's revenue reached an all-time high in FY 2024, demonstrating its market dominance as the largest taxi operator in Dubai. DTC's strategic collaboration with Bolt in the e-hailing sector has been a notable success, further propelling its market share and service offerings.
