Dubai Taxi profit surges 54% on revenue boost

Dubai Taxi Company (DTC) has announced its financial results for the year ended December 31, 2023, delivering a strong performance while also completing its listing on the Dubai Financial Market (DFM) in December.

Revenue for the year increased 11 per cent year-on-year (YoY) to AED 1.95 billion, mainly driven by the strong performance of its taxi segment as the number of trips increased.

The rise in trips was supported by the strong growth of Dubai and DTC’s exclusivity agreements in high-volume areas of the city, including Dubai International Airport (DXB).

DTC’s fleet size at the end of 2023 was more than 7,400 vehicles, with its taxis and limousines completing 46 million trips in 2023, an increase of 8 per cent YoY.

Net profit was AED 345.3 million in 2023, up 54 per cent YoY.

The company’s board of directors has also approved its first dividend of AED 71 million, amounting to 2.84 fils per share for Q4 2023, subject to shareholder approval. This is expected to be distributed in April.

.@DTCUAE Delivers FY 2023 Net Profit Growth of 54%YoY to 345.3 million

- Strong first full year financial results following successful IPO on @DFMalerts in December 2023

- Revenue up 11% YoY to AED 1.95 billion with 46 million trips completed across the Taxi and Limousine… pic.twitter.com/VmQvQP0o3Z

— Dubai Media Office (@DXBMediaOffice) March 1, 2024