Today's Edition
DUBAI (WAM)
Dubai Taxi Company (DTC) on Friday announced its financial results for the six months ending June 30, 2024, reporting revenue growth of 14 percent year-on-year to Dh1.09 billion.
In a statement on Friday, the company said that DTC's strong revenue performance resulted in a 27 percent year-on-year increase in EBITDA to Dh309.3 million.
Taxi and Limousine
DTC's core taxi segment also achieved solid growth, with revenue up 12 percent year-on-year to Dh939.0 million.
The limousine segment saw revenue increase 6 percent year-on-year to Dh61.7 million in H1 2024. The company's taxis and limousines completed 23 million trips during the period, an increase of 4% year-on-year.
Bus
The bus segment achieved stellar growth, with revenue increasing by 26 percent year-on-year to Dh72.0 million. The company's bike segment also continued to grow exponentially, with revenue increasing almost threefold year-on-year.
Commenting on the company's H1 2024 results, DTC's Chairman Abdul Muhsen Ibrahim Kalbat, said, "I am also pleased to confirm that DTC's Board has approved a dividend payout of Dh159.3 million for the first half of the year, in line with our highly attractive dividend policy to distribute at least 85% of annual net profit."
DTC's CEO Mansoor Rahma Alfalasi stated, "We increased our taxi fleet by 294 vehicles compared to the previous year following the successful award of new taxi licences in Q1 2024, enabling us to further consolidate our market leadership to 45 percent of Dubai's taxi market share."
