Dubai Taxi Company Reports Strong FY 2024 Performance with 19% EBITDA Growth
Dubai Taxi Company PJSC ('DTC' or the 'Company'), a leading provider of comprehensive mobility solutions in Dubai, today announced its financial results for the year ended 31 December 2024 ('FY 2024' or the 'Year').
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 AED 2.20 billion, driven by positive performance across all its segments.
DTC's taxi segment revenue increased 12% year-on-year to AED 1.92 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 license 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 AED 124.5 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 AED 119.2 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 AED 584.4 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 AED 331.3 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 AED 336.1 million, as of 31 December 2024.
Commenting on the Company's FY 2024 results, DTC's Chairman, H.E. 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.
'I am also pleased to share that DTC's Board has recommended a final dividend of AED 122.3 million bringing our total dividend for the fiscal year 2024 to AED 281.6 million, in line with our highly attractive dividend policy to distribute at least 85% of annual net profit.'
Commenting on the Company's FY 2024 results, DTC's CEO, Mansoor Rahma Alfalasi, added: 'DTC delivered a very positive set of results in our first full year as a listed company, setting a strong foundation for our future growth. Revenue increased by 12% to AED 2.20 billion in FY 2024, our highest ever annual revenue, and EBITDA grew 19% to AED 584.4 million, reflecting our strong market positioning as we consolidated our market share as the largest taxi operator in Dubai, with a 47% share. Our strong performance was enabled by Dubai's robust population growth and thriving tourism sector, which drove demand for mobility services across the emirate.
'Our exclusive partnership with Bolt has already proven to be a success, with one million trips completed by mid-January after launching limousine services on the platform in December. This partnership not only strengthens our position in the e-hailing sector but also supports Dubai's vision to transition 80% of taxi trips to e-booking in the coming years.
'As we look ahead, we remain focused on leveraging technology, optimising our resources, and implementing our new growth strategy to deliver long-term value for our shareholders and exceptional service for our customers.'
Bold Corporate Strategy for 2025 to 2029
Building on its success in 2024, DTC launched its new five-year corporate strategy for 2025 to 2029 which focuses on innovation and excellence, reinforcing its position as the region's premier mobility operator, and aims for double-digit growth across DTC's portfolio, alongside a high dividend payout ratio. The strategy defines a new vision for the Company, positioning DTC as the 'Preferred mobility choice for everyone.' This vision is supported by an updated mission focused on 'Leading in digital and safe mobility services that meet communities' needs for convenience, connectivity, and sustainability.'
The new strategy is underpinned by the Company's commitment to sustainability with additional investments in environmentally friendly vehicles and innovative technologies reflecting its drive toward reducing the industry's emissions and promoting eco-friendly solutions.
Accelerating Innovation through Bolt Partnership
During the quarter, DTC partnered with Bolt, the global shared mobility platform operating in over 600 cities across 50 countries, to launch Bolt's e-hailing platform in Dubai. This strategic partnership will enable DTC to unlock a greater share of the overall taxi and e-hailing sector, while contributing to Dubai's plan to transition 80% of taxi trips to e-booking in the coming years. Leveraging Bolt's technology, DTC will benefit from Bolt's global footprint, allowing it to tap into a worldwide customer base of tourists and business travellers who visit Dubai.
The new service, launched in December 2024, has proven to be a stellar success with initial demand being exceptionally strong. With a fleet of premium limousines from over 200 partners, including 18,000 well trained drivers, the platform successfully completed one million trips by mid-January with strong demand for the service continuing. The next phase will incorporate taxi services into the platform, providing more options, convenience and efficiency for users.
Board Recommends FY 2024 Dividend
DTC's Board of Directors recommends a final dividend of AED 122.3 million for the second half of the year, amounting to 4.89 fils per share. This follows an interim dividend of AED 159.3 million for H1 2024, which was distributed in August 2024, bringing the total dividends for FY 2024 to AED 281.6 million, amounting to 11.26 fils per share. The final dividend is expected to be distributed in April 2025, subject to shareholder approval at the General Assembly. This is in line with the Company's dividend policy of targeting dividend distribution of at least 85% of annual net profit, distributed semi-annually.
Outlook DTC has a positive outlook across all its business segments, enabled by Dubai's strong economic outlook and a forecast resident population Compound Annual Growth Rate (CAGR) of 2.7% between 2024 and 2040. In 2024, Dubai recorded its highest increase in population since 2018, with the population increasing by over 169 thousand during the year to reach 3.83 million at the end of 2024, according to the Dubai Statistics Centre. The emirate welcomed 18.72 million international tourists in 2024, an increase of 9% compared to the previous year, demonstrating positive momentum in the key drivers of DTC's business. Additionally, the International Monetary Fund (IMF) had projected that the UAE economy would expand by 4% in 2024, rising to 5.1% in 2025.
DTC is positioned to capture value from the emirate's robust growth while its investments in technology and partnerships will continue to unlock exciting new growth opportunities.
Follow Emirates 24|7 on Google News.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
TECHx
4 hours ago
- TECHx
The UAE Media Law Update Everyone's Talking About
Home » Editor's pick » The UAE Media Law Update Everyone's Talking About New UAE Media laws introduce fines up to AED 1M for unlicensed content. Learn how to stay compliant with publishing, podcasting, and media rules. If you're in media, publishing, or content creation in the UAE, this is big. The UAE has rolled out a new framework that brings sharper clarity to what's allowed in media, and what isn't. From hefty fines to stricter licensing, these updates are reshaping the way media works across the Emirates. Let's break it down. Why This Matters With digital content growing fast, the UAE is pushing for more responsible media practices. The goal? Clear rules. Smarter regulation. And a media space that reflects national values while supporting creativity. Two new Cabinet Decisions, No. 41 and No. 42 of 2025, introduce detailed penalties and updated licensing structures for everyone in the media game. This includes individuals, institutions, and digital platforms, even those in free zones. The Big One: Content Penalties (Table No. 2) This is where things get serious. For the first time, violations are sorted into 20 categories across four severity levels, First Degree (least serious) to Fourth Degree (most severe). Fines range from AED 5,000 to AED 1,000,000. Here's what could land you in trouble: Disrespecting religious values (including Islam and other faiths): AED 100,000 to AED 1,000,000 Offending UAE leadership or national symbols: AED 50,000 to AED 500,000 Publishing content harmful to foreign relations: AED 30,000 to AED 250,000 Promoting sectarianism, terrorism, or violence: AED 100,000 to AED 500,000 Sharing fake, misleading, or immoral content: AED 10,000 to AED 100,000 Violating privacy or children's rights: AED 5,000 to AED 100,000 Ignoring age ratings or national identity standards: AED 5,000 to AED 100,000 Each case will be assessed based on its impact, media, economic, political, and social. Who Decides the Fine? A new body called the Committee for Violations of Media Content Standards will handle that. Made up of 3 to 7 media experts, the committee will decide the penalties based on severity and societal impact. They'll evaluate violations and match them to the right category and fine. Media Licenses Just Got Stricter Alongside content rules, Cabinet Decision No. 41 of 2025 and Table No. 1 of Decision No. 42 outline new rules for media activity licensing. From podcasts and electronic publishing to video production, every media activity now has: Clear license types Specified fees Administrative fines for non-compliance Operating without a license? You're looking at a minimum fine of AED 5,000. Repeat violations will cost more. Can You Appeal a Fine? Yes. If you've been penalized, you can file a grievance within 15 days. A response must be given within another 15 days from your submission date. This adds a layer of fairness and gives professionals a chance to explain or challenge decisions. What This Means for UAE Media These decisions mark a major moment for UAE Media. The new rules bring structure, transparency, and accountability to a fast-evolving industry. Whether you're a journalist, vlogger, podcaster, or running a digital platform, compliance is no longer optional. These updates ensure that freedom of expression and cultural responsibility can grow side by side. Media professionals now have clearer expectations and stronger guidance on what's acceptable, and what's not. Final Thought The UAE is moving toward a more ethical, secure, and future-ready media ecosystem. With clearer laws and better oversight, media professionals are now better equipped to create responsibly, without crossing red lines. Stay updated. Stay licensed. Stay compliant.
Zawya
8 hours ago
- Zawya
Saudi: Knowledge Net's board recommends 50% capital raise
Knowledge Net Company announced the board's recommendation for a 50% capital hike to SAR 52.50 million from SAR 35 million. The Saudi firm will grant one bonus share for each two owned shares, according to a bourse disclosure. Following the transaction, the new capital will be distributed over 5.25 million shares, instead of 3.50 million shares. Knowledge Net will capitalize SAR 17.50 million from the retained earnings account. The board member proposed the capital raise to support the company's growth plans, meet future expansion needs, and reinforce its financial solvency and strong financial position. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Hi Dubai
9 hours ago
- Hi Dubai
Hiring in Dubai: Labour Laws and Best Practices in 2025
Dubai's skyline sparkles with ambition, and its workforce mirrors that energy. As a global hub for business, innovation and talent, the city attracts companies and professionals from every corner of the world. In 2025, hiring in Dubai is about navigating a dynamic legal landscape, embracing cultural diversity and aligning with the UAE's vision for a sustainable, inclusive economy. For business owners, HR managers and startups, understanding the updated UAE Labour Law and adopting smart HR practices is critical to thriving in this competitive market. The stakes are high: compliance ensures smooth operations, while strategic hiring builds teams that drive growth. Recent reforms, particularly Federal Decree Law No. 33 of 2021 and its 2024 amendments, have reshaped the employment scene. From mandatory fixed-term contracts to stricter Emiratisation quotas, the rules are evolving fast. Add to that Dubai's unique position as a magnet for expatriates (who make up over 88% of the population) and its push for local talent through programs like Nafis, and you've got a hiring environment that demands both precision and creativity. Dive into the essentials of hiring in Dubai in 2025, offering clear guidance for businesses and residents alike. Whether you're a startup in a free zone or an established firm on the mainland, here's how to hire smart, stay compliant and build a team that reflects Dubai's global spirit. Key UAE Labour Laws to Know The UAE Labour Law, anchored by Federal Decree Law No. 33 of 2021 and amended by Federal Decree Law No. 9 of 2024, governs private-sector employment across the UAE, including Dubai. These laws apply to both UAE nationals and expatriates, with exceptions for federal employees, armed forces and domestic workers. Staying compliant is non-negotiable, as violations can lead to fines ranging from AED 50,000 to AED 200,000. Here's what businesses need to know. Recent Updates The 2024 amendments, effective from August 31, 2024, refine the 2021 law to align with international standards. Key changes include stricter anti-discrimination measures, enhanced maternity leave (60 days paid, plus 45 days unpaid for pregnancy-related illness), and mandatory enrollment in government-approved savings plans like the DEWS scheme, replacing traditional end-of-service gratuity for some employees. The law also caps working hours at 48 per week (40 in Dubai's private sector) and mandates overtime pay at 1.25 times the regular rate. Employment Contract Rules Unlimited contracts are history. All employment contracts must now be fixed-term, typically lasting two to three years and renewable. Probation periods are capped at six months, with a 14-day notice required for termination during this period. Notice periods post-probation range from 30 to 90 days, depending on the contract. All contracts must use Ministry of Human Resources and Emiratisation (MoHRE) templates, available in Arabic and English, and be registered digitally by Q3 2025. Work Models The law now supports diverse work arrangements: full-time, part-time, freelance, temporary and flexible. Part-time and flexible models are gaining traction, especially for remote work, but employers must clearly define terms in contracts to avoid misclassification. Freelance permits allow self-sponsored foreigners to work without a traditional employment contract, ideal for project-based roles. Emiratisation Quotas The UAE's Emiratisation push requires private-sector companies with 50 or more employees to achieve a 2% annual increase in UAE national hires, reaching 10% by 2026. Smaller firms (20-49 employees) in sectors like IT and real estate must hire at least two Emiratis by 2025. Non-compliance triggers monthly fines of AED 6,000 per unfilled position. Compliance Issues Common pitfalls include failing to register employees with MoHRE, neglecting the Wages Protection System (WPS) for timely salary payments and ignoring health and safety standards. Employers must also avoid fictitious Emiratisation practices, such as falsifying data to meet quotas, which can lead to fines and repayment of government incentives. Hiring Emiratis: What Businesses Need to Do Emiratisation is a cornerstone of the UAE's Vision 2021 and 2030, aiming to integrate 75,000 UAE nationals into the private sector by 2026. For Dubai businesses, this is an opportunity to tap into local talent and align with national goals. Companies with 50 or more employees must hire one Emirati for every 50 skilled workers, increasing annually. By 2025, firms with 20-49 employees in 14 key sectors must employ two Emiratis. MoHRE's Tawteen Gate system reserves 160 senior job titles for UAE nationals, blocking new expatriate permits for these roles. Free zones like DIFC are exempt, but mainland businesses face strict oversight. The Nafis programme, launched in 2021, supports Emiratisation through training, job placement and financial incentives. Employers who meet quotas gain priority in government tenders, while non-compliant firms face penalties. Nafis also offers a recruitment portal to connect businesses with Emirati job seekers, though its use is voluntary. To integrate Emiratis effectively, offer competitive salaries (matching expatriate counterparts), provide mentorship and invest in training aligned with Nafis initiatives. Highlight career growth opportunities to attract young Emiratis, as 70% of UAE employers now prioritize local talent. Regular diversity training ensures Emiratis feel valued in multicultural teams. With expats comprising 88% of Dubai's workforce, hiring international talent is a core business strategy. However, the process involves navigating visas, permits and mandatory benefits. Work Visa Process To hire expatriates, employers need an establishment card from MoHRE and must sponsor work permits. The process involves: Obtaining MoHRE approval for a job offer. Securing an entry permit from the General Directorate of Residency and Foreigners Affairs (GDRFA). Arranging a medical fitness test and Emirates ID for the employee. Standard work visas last two to three years. The Golden Visa (for high-skill professionals) and Green Visa (for self-sponsored workers) offer longer-term options but require specific qualifications. Free zones like Dubai Multi Commodities Centre offer benefits like 100% foreign ownership and tax exemptions, but employment laws align with federal standards. Mainland companies face stricter Emiratisation rules but have broader market access. Both require MoHRE-approved contracts. Remote work is permitted, but contracts must specify terms like hours and deliverables. Cross-border hiring requires compliance with UAE immigration laws, and employers must clarify tax obligations for remote workers abroad. Employers must provide health insurance for expatriates (mandatory in Dubai) and often include housing allowances, negotiated during hiring. End-of-service gratuity (21 days' basic salary per year for the first five years, 30 days thereafter) is standard for employees with over one year of service, unless enrolled in DEWS. Best Practices for Hiring the Right Talent in Dubai Attracting top talent in Dubai's competitive market requires strategy and compliance. Here are five best practices: Build a Strong Employer Brand: Showcase your company's values, growth opportunities and commitment to diversity. Highlight Dubai's tax-free lifestyle and vibrant culture on platforms like LinkedIn. Leverage Multiple Channels: Post jobs on MoHRE's portal, LinkedIn and local agencies like Bayt or GulfTalent. Attend career fairs to connect with Emirati and expat candidates. Craft Compliant Job Offers: Ensure offers align with MoHRE templates, detailing salary, benefits and job scope. Avoid vague terms to prevent disputes. Conduct Legal Background Checks: Verify qualifications and references, but respect UAE data protection laws. Skill assessments must be role-relevant and non-discriminatory. Prioritize Onboarding: Provide cultural orientation and clear role expectations to help new hires integrate, especially in diverse teams. HR Contracts & Documentation: What Must Be in Place Proper documentation is the backbone of compliant hiring in Dubai. Mandatory Contract Elements MoHRE requires contracts to include job title, salary, benefits, work hours and notice periods. Contracts must be bilingual (Arabic and English), with the Arabic version legally binding in disputes. Offer Letters and Agreements Offer letters should mirror contract terms and be registered with MoHRE. Non-disclosure agreements (NDAs) and intellectual property (IP) clauses are common but must comply with UAE law, limiting non-compete clauses to two years. Digital HR MoHRE's digital platform supports e-signatures for contracts, streamlining registration. Use approved systems to ensure legal validity and avoid fines for non-compliance. Probation, Termination & Grievances: Avoiding Common Pitfalls Navigating probation, termination and disputes requires precision to avoid legal trouble. Probation Period The six-month probation period allows employers to assess fit, with a 14-day notice for termination. Employees switching jobs during probation must give 30 days' notice, and new employers may need to compensate for recruitment costs. Termination Rules Termination requires 30-90 days' notice, except for gross misconduct (e.g., fraud), where no notice is needed. Gratuity is paid regardless of termination reason, calculated on basic salary. Employees can file complaints with MoHRE within 30 days of termination. Handling Disputes MoHRE mediates disputes for claims up to AED 50,000, with appeals to the Court of First Instance. Timelines are strict; claims filed over two years post-termination are dismissed. Engage a Public Relations Officer (PRO) or labour lawyer for complex cases. Common Hiring Mistakes Businesses Still Make Avoid these pitfalls to stay compliant and competitive: Skipping MoHRE Approvals: Failing to register contracts or job offers risks fines and operational bans. Misclassifying Freelancers: Treating freelancers as employees without contracts can lead to retroactive penalties. Ignoring Emiratisation Quotas: Non-compliance incurs hefty fines and reputational damage. Inadequate Onboarding: Skipping cultural training or role clarity leads to high turnover. The UAE Labour Law and Emiratisation mandates set clear rules, but success lies in building a diverse, engaged team that reflects Dubai's global ethos. By leveraging programs like Nafis, using compliant contracts, and fostering an inclusive culture, businesses can attract top talent and avoid costly mistakes. Embrace it, plan smart, and watch your workforce thrive in this dynamic city. Also Read: Hiring Top Talent in Dubai: A Quick Guide Unlock Dubai's talent pool! Get practical tips on attracting, interviewing, and onboarding skilled employees, plus essential visa basics for hiring in Dubai. UAE's 15 fastest-growing jobs Over the past few years, the UAE's job market has been evolving very fast, with more focus on the services sector as well as new-age technologies. UAE Jobseekers Demand 30% Higher Salaries as Living Costs Rise and Talent Shortages Grow The UAE job market is currently experiencing a significant mismatch between salary expectations and offers, as jobseekers demand up to 30% more than employers are willing to offer, according to the latest Naukrigulf Hiring Outlook Report. UAE Job Market Shifts to Employers' Advantage as Influx of Talent Boosts Options As more people come to country looking for jobs, companies are getting more opportunities to choose from the available talent UAE Jobs: Hiring Picks Up in 2024 with Growing Emphasis on Diversity Hiring is expected to increase by at least 15 per cent this year driven by an optimistic market outlook, according to headhunters and HR professionals in the UAE.
