Dubai Taxi records $297m revenue in H1
DUBAI, July 27, 2024
Dubai Taxi Company (DTC) has reported a 14% revenue growth for the first half thus taking the total to AED1.09 billion ($297 million) mainly driven by the core taxi segment. The limousine and the bus segment too posted solid revenue growth.
Announcing its financial results for the six months ending June 30, DTC said its strong revenue performance resulted in a 27% year-on-year increase in ebitda which soared to AED309.3 million.
DTC's core taxi segment also achieved solid growth, with revenue up 12% year-on-year to AED939 million, it stated.
According to DTC, the limousine segment saw revenue increase of 6% year-on-year to hit AED61.7 million in H1 2024. The company's taxis and limousines completed 23 million trips during the period, an increase of 4% year-on-year.
The bus segment, it stated, achieved stellar growth, with revenue increasing by 26% year-on-year to AED72 million. The company's bike segment also continued to grow exponentially, with revenue increasing almost threefold year-on-year.
Impressed with the results, DTC's Board has approved a dividend payout of AED159.3 million for the first half of the year, said its Chairman Abdul Muhsen Ibrahim Kalbat.
"This is in line with our highly attractive dividend policy to distribute at least 85% of annual net profit," noted Kalbat.
CEO Mansoor Rahma Alfalasi pointed out that DTC has increased its taxi fleet by 294 vehicles compared to the previous year following the successful award of new taxi licences in Q1 2024.
"This will enable us to further consolidate our market leadership to 45% of Dubai's taxi market share," he added.-TradeArabia News Service
