Dubai Taxi Company's revenue rises but profit slides in Q1 2025
Dubai Taxi Company has reported a net profit of 83.6 million UAE dirhams ($22.8 million) for the first quarter of 2025, indicating a 23% year-on-year decline, which the DFM-listed company said was a result of the promotional discounts offered as part of the launch campaign of ride-hailing service Bolt.
DTC's EBITDA decreased to AED 154.4 million, down 9% year-on-year, while revenue for the quarter increased 5% year-on-year to AED 588.3 million, which DTC said was driven by fleet expansion across segments and the 'strong performance' of its taxi and delivery bike operations.
An increase in trip numbers saw revenue for the taxi segment rise 7% year-on-year to AED 515 million, with DTC bringing the total of taxis to 6,200 vehicles by the end of March, 250 of which are fully electric.
Revenues dropped in the bus segment, with DTC citing contractual changes for the 14% year-on-year decline to AED 31.6 million.
DTC's results showed a net debt-to-EBITDA ratio of 1.2x and a cash balance of AED 287 million as of 31 March 2025, including Wakala deposits.
Shareholders approved final dividend of AED 122.3 million for the second half of 2024, distributed in April 2025
During the quarter, DTC signed a five-year partnership with Dubai Airports, to continue to be the exclusive provider of taxi services at Dubai International (DXB) and Dubai World Central - Al Maktoum International (DWC), with revenues projected to reach AED 2.5 billion over the period, DTC said.
DTC said it has a positive outlook across all its business segments.
(Writing by Bindu Rai, editing by Seban Scaria)
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