The company "Dubai Taxis" announced an increase in net profit before tax and amortization to 584.4 million dirhams for the financial year of 2024, which is 19% more than in 2023, with a rental rate of 27%. These results reflect the successful performance of the company against the backdrop of growing demand for transportation services in the emirate.
Passenger turnover increased by 12% compared to 2023, reaching 2.2 billion dirhams, thanks to positive indicators across all business sectors. Revenues from the taxi sector increased by 12% to 1.92 billion dirhams due to an increase in the number of rides and the expansion of the car fleet. The "limousine" sector showed an 8% increase, reaching 124.5 million dirhams, while the bus sector increased by 11% to 119.2 million dirhams due to new contracts.
The number of rides made during the year amounted to 49 million, which is 6% more than in 2023. A total of 744 new vehicles were added, bringing the total number to 5,960 vehicles, increasing the company's market share to 47%. The food delivery sector showed strong growth with average earnings increasing by 2.3 times compared to 2023, thanks to the expansion of partnerships with delivery services, while for hybrid and electric vehicles in the company's fleet reached 85%.
Despite the strong operational performance, net profit decreased by 4%, to 331.3 million dirhams due to corporate taxes in the UAE and rising operating costs. Nonetheless, net profit before tax and amortization increased by 18%.
The board of directors of "Dubai Taxis" recommended a dividend payout of 122.3 million dirhams for the second half of 2024, which amounts to 4.89 fils per share. The total annual payment will amount to 281.6 million dirhams in line with a policy of distributing 85% of net profit. It is expected that the final dividends will be distributed in April 2025 after the approval of the general meeting.
