DTC's revenue increases 12% to Dhs2.20 billion in 2024
Dubai Taxi Company (DTC) announced its financial results for the year ended 31st December 2024.
DTC delivered a robust set of results in FY 2024, its first full year of operations since its IPO. The Company's strong performance was underpinned by Dubai's population and tourism growth as well as urban expansion which drove demand for mobility services. Revenue for the year increased 12% year-on-year to Dhs2.20 billion, driven by positive performance across all its segments.
DTC's taxi segment revenue increased 12% year-on-year to Dhs1.92 billion, driven by increased trip numbers, as the Company substantially increased its fleet to better serve its customers.
The Company expanded its operating fleet by 744 vehicles since the start of the year, taking its total operational taxi fleet to 5,960.
Throughout the year, the Company secured 994 new licence plates, driven by the doubling of its airport taxi fleet and the allocation of 644 additional plates through RTA auctions. This further strengthened its position in the Dubai taxi market, increasing its market share to 47%.
The limousine segment saw revenue increase by a healthy 8% year-on-year to Dhs124.5 million in FY 2024, supported by the expansion of its fleet with additional vehicles. The Company's taxis and limousines completed more than 49 million trips during the year, up 6% year-on-year.
The bus segment delivered solid performance during the year, having secured new service contracts and expanded its fleet size. As a result, revenue increased 11% year-on-year to Dhs119.2 million. The Company's delivery bike segment delivered stellar growth with revenue up 2.3 times, as it expands in the rapidly growing on-demand delivery market through partnerships with major delivery aggregators. The Company's strong topline performance resulted in a 19% year-on-year increase in EBITDA to Dhs584.4 million, at an attractive margin of 27%. DTC remains focused on driving operational efficiencies by leveraging its scale and adopting technology that optimises its resourcing and fleet maintenance. Additionally, the Company continues to adopt fuel-efficient vehicles in line with its sustainability commitments. DTC's taxi and limousine fleet is now more than 85% environmentally friendly, consisting of either hybrid or electric vehicles.
Reported net profit declined by 4% year-on-year to Dhs331.3 million, due to the introduction of corporate tax in the UAE and increased interest costs. However, on a comparative basis, excluding tax and interest costs, net profit witnessed a robust 18% year-on-year increase.
DTC maintains a healthy balance sheet, with a highly attractive net debt to EBITDA ratio of 1.13x and a cash balance of Dhs336.1 million, as of 31 December 2024.
Commenting on the Company's FY 2024 results, DTC's Chairman, Abdul Muhsen Ibrahim Kalbat, said, 'Our strong performance in FY 2024 demonstrates our ability to capitalise on Dubai's positive growth story as we focus on delivering world-class mobility solutions in the emirate and support its ambitious urban development and mobility strategy. 'Building on our success during the year, we launched our bold new five-year corporate strategy, which positions DTC as the 'Preferred mobility choice for everyone.' The new strategy will drive double-digit growth across our portfolio, supported by additional investments in electric and hybrid vehicles, as we continue to reduce the industry's environmental impact and promote eco-friendly solutions.
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