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Gulf Business
30-07-2025
- Automotive
- Gulf Business
Dubai Taxi Company Q2 profit jumps 33% as trips, e-hailing boost revenue
Images: DTC/ Dubai Media Office Dubai Taxi Company (DTC) reported a 33 per cent year-on-year rise in net profit to Dhs105.4m for Q2 2025, as rising passenger demand and expanded fleet operations supported top-line growth. Revenue for the quarter grew 18 per cent to Dhs625.2m, with earnings before interest, tax, depreciation, and amortisation (EBITDA) rising 30 per cent to Dhs180.6m, reflecting stronger operational efficiency and lower promotional costs at subsidiary Connectech. The EBITDA margin climbed three percentage points to 29 per cent in Q2 2025. For H1, revenue rose 11 per cent to Dhs1.2bn and the EBITDA margin stood at 28 per cent. The company'sboard approved an interim dividend of Dhs160.7m, or 6.43 fils per share, for H1 2025, in line with DTC's policy to distribute at least 85 per cent of annual net profit in semi-annual payouts. The dividend is scheduled for distribution in August. DTC's segment performance DTC's core taxi business posted Q2 revenue of Dhs539.7m, up 18 per cent year-on-year, driven by fleet expansion and high utilisation. As of June, the operational taxi fleet stood at 6,210 vehicles, including 335 fully electric taxis. The limousine segment generated Dhs30.5m in Q2 revenue, an 8 per cent increase year-on-year. Across the taxi and limousine business, DTC completed 13.6 million trips in the quarter, marking a 19 per cent jump over the same period last year. The bus segment saw revenue decline by 12 per cent to Dhs31.3m due to changes in the revenue recognition cycle. The company clarified that the changes did not affect overall annual contract values. Meanwhile, the delivery bike segment recorded the fastest growth, with revenue more than doubling year-on-year to Dhs18.2m, reflecting continued demand in the on-demand delivery space. DTC's total operational fleet rose 23 per cent year-on-year to 10,180 vehicles by the end of June. Balance sheet and capital allocation As of June 30, DTC maintained a cash balance of Dhs236m, including Wakala deposits, and reported a net debt-to-EBITDA ratio of 1.2x, underscoring a strong financial position. Strategic Initiatives A key highlight of the quarter was the onboarding of over 6,000 taxis onto the Bolt e-hailing platform, as part of a broader digital strategy to transition 80 per cent of taxi trips in Dubai to e-booking. DTC and Bolt further deepened collaboration through a tie-up with talabat, offering talabat pro users exclusive ride discounts to integrate lifestyle and transport services. Chairman Abdul Muhsen Ibrahim Kalbat said the results reflected 'continued strength in DTC's operating model' and its alignment with Dubai's dynamic infrastructure and population growth. DTC expects growth to remain robust across all segments, supported by rising tourism, infrastructure investment, and its ongoing partnership with Dubai Airports.
Khaleej Times
29-07-2025
- Automotive
- Khaleej Times
Dubai Taxi Company Q2 net profit grows 33% YoY to Dh105.4 million
Dubai Taxi Company on Tuesday announced that Q2 2025 net profit increased by 33 per cent year-on-year to Dh105.4 million, representing a net profit margin of 17 per cent, supported by the strong rise in operating profit. Revenue grew 18 per cent year-on-year to Dh625.2 million, driven by fleet expansion and higher number of trips. For H1 2025, revenue increased by 11 per cent year-on-year to Dh1.2 billion reflecting sustained momentum throughout the first half of the year. DTC's taxi segment revenue in Q2 2025 increased by 18 per cent year-on-year to Dh539.7 million, driven by fleet expansion while maintaining strong utilisation levels. As of June 2025, the total operational taxi fleet reached 6,210 vehicles, including 335 fully electric vehicles as part of the Company's ongoing transition to a more sustainable offering. DTC's Board of Directors has approved dividends of Dh160.7 million, amounting to 6.43 fils per share for H1 2025, in line with the Company's dividend policy of targeting dividend distribution of at least 85 per cent of annual net profit, distributed semi-annually. The announced interim dividend is expected to be distributed in August 2025. The limousine segment saw revenue increase by 8 per cent year-on-year to 30.5 million in Q2 2025, supported by the expansion of its fleet. The Company's taxis and limousines segment completed 13.6 million trips during Q2 2025, up 19 per cent year-on-year. As of June 2025, DTC's total operational fleet across all segments increased by 23 per cent to 10,180. DTC's bus segment revenue stood at Dh31.3 million for Q2 2025, a 12 per cent decrease year-on-year, due to contractual changes that altered the revenue recognition cycle during the period. These changes do not have any impact on the overall annual contract values The company's delivery bike segment recorded strong revenue growth in Q2 2025, increasing by 102 per cent year-on-year to Dh18.2 million, supported by continued expansion in the fast-growing on-demand delivery market. The company's Ebitda increased 30 per cent year-on-year to Dh180.6 million in Q2 2025 driven by a significant increase in trips and revenue, alongside a lower promotional impact from Connectech (DTC's subsidiary including Bolt e-hailing operations), which was more heavily weighted toward the first quarter as anticipated. The Ebitda margin in the second quarter was up 3 percentage points at 29 per cent, whilst remaining robust at 28 per cent for the first half, as DTC remained focused on driving operational efficiencies. DTC maintains a healthy balance sheet, with a highly attractive net debt-to-Ebitda ratio of 1.2x and a cash balance of Dh236 million as of 30 June 2025, including Wakala deposits. DTC's Chairman, Abdul Muhsen Ibrahim Kalbat, said: 'Our results reflect the continued strength of our operating model and our ability to deliver value through consistent execution and customer-focused innovation. We are proud to operate in a market as dynamic and forward-looking as Dubai and the wider UAE, where strong population growth, record infrastructure investment, and robust economic indicators continue to support long-term demand for smart mobility solutions, and we are well-positioned to capitalise on these positive trends. I am also pleased to confirm that the Board approved a dividend payout for the first half of the year, in line with our highly attractive policy to distribute at least 85 per cent of annual net profit.' DTC's CEO, Mansoor Rahma Alfalasi, added: 'Our performance in the second quarter and first half of 2025 underscores our disciplined execution and sustained operational progress. We continue to see strong momentum across our core segments, driven by expanding fleet capabilities and increasing demand for smart, customer-centric mobility solutions. A major highlight of the period has been the deepening of our strategic partnership with Bolt, marked by the onboarding of over 6,000 taxis to the Bolt platform. This milestone represents a significant step forward in our ambition to build the UAE's largest e-hailing ecosystem. It exemplifies our commitment to creating integrated, digital-first mobility solutions that elevate everyday convenience and reshape the customer experience. Additionally, our alliance with Al-Futtaim Electric Mobility reinforces our long-term commitment to sustainability as we advance towards a fully electric fleet by 2040.' Outlook DTC remains confident in its outlook across all business segments, supported by strong fundamentals and macroeconomic momentum in Dubai and the wider UAE. Continued investment in infrastructure, a growing population, and robust tourism inflows are expected to sustain demand for smart, tech-enabled mobility solutions. With the continuous fleet expansion, as well as the long-term strategic partnership with Dubai Airports, 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.
Gulf Today
29-07-2025
- Business
- Gulf Today
DTC delivers strong Q2 performance with net profit growth of 33 per cent
Dubai Taxi Company (DTC or the 'Company'), a leading provider of comprehensive mobility solutions in Dubai, on Tuesday announced its financial results for the three months 'Q2 2025' or the 'Quarter') and six months ended 30 June 2025 ('H1 2025' or the 'Period'). DTC delivered strong financial performance during Q2 of 2025 with revenue growing 18 per cent year-on-year to Dhs625.2 million driven by fleet expansion and higher number of trips. For H1 2025, revenue increased by 11 per cent year-on-year to Dhs1.2 billion reflecting sustained momentum throughout the first half of the year. DTC's taxi segment revenue in Q2 2025 increased by 18 per cent year-on-year to Dhs539.7 million, driven by fleet expansion while maintaining strong utilisation levels As of June 2025, the total operational taxi fleet reached 6,210 vehicles, including 335 fully electric vehicles as part of the Company's ongoing transition to a more sustainable offering. The limousine segment saw revenue increase by 8 per cent year-on-year to 30.5 million in Q2 2025, supported by the expansion of its fleet. The Company's taxis and limousines segment completed 13.6 million trips during Q2 2025, up 19 per cent year-on-year. As of June 2025, DTC's total operational fleet across all segments increased by 23 per cent to 10,180. DTC's bus segment revenue stood at Dhs31.3 million for Q2 2025, a 12 per cent decrease year-on-year, due to contractual changes that altered the revenue recognition cycle during the period. These changes do not have any impact on the overall annual contract values. The Company's delivery bike segment recorded strong revenue growth in Q2 2025, increasing by 102 per cent year-on-year to Dhs18.2 million, supported by continued expansion in the fast-growing on-demand delivery market. The Company's EBITDA increased 30 per cent year-on-year to Dhs180.6 million in Q2 2025 driven by a significant increase in trips and revenue, alongside a lower promotional impact from Connectech (DTC's subsidiary including Bolt e-hailing operations), which was more heavily weighted toward the first quarter as anticipated. The EBITDA margin in the second quarter was up 3 percentage points at 29 per cent, whilst remaining robust at 28 per cent for the first half, as DTC remained focused on driving operational efficiencies. Net profit in Q2 2025 increased by 33 per cent year-on-year to Dhs105.4 million, representing a net profit margin of 17 per cent, supported by the strong rise in operating profit. DTC maintains a healthy balance sheet, with a highly attractive net debt-to-EBITDA ratio of 1.2x and a cash balance of Dhs236 million as of 30 June 2025, including Wakala deposits. Commenting on the Company's results, DTC's Chairman, Abdul Muhsen Ibrahim Kalbat, said: 'Our results reflect the continued strength of our operating model and our ability to deliver value through consistent execution and customer-focused innovation. We are proud to operate in a market as dynamic and forward-looking as Dubai and the wider UAE, where strong population growth, record infrastructure investment, and robust economic indicators continue to support long-term demand for smart mobility solutions, and we are well-positioned to capitalise on these positive trends. I am also pleased to confirm that the Board approved a dividend payout for the first half of the year, in line with our highly attractive policy to distribute at least 85 per cent of annual net profit.' DTC's CEO, Mansoor Rahma Alfalasi, added: 'Our performance in the second quarter and first half of 2025 underscores our disciplined execution and sustained operational progress. We continue to see strong momentum across our core segments, driven by expanding fleet capabilities and increasing demand for smart, customer-centric mobility solutions. A major highlight of the period has been the deepening of our strategic partnership with Bolt, marked by the onboarding of over 6,000 taxis to the Bolt platform. This milestone represents a significant step forward in our ambition to build the UAE's largest e-hailing ecosystem. It exemplifies our commitment to creating integrated, digital-first mobility solutions that elevate everyday convenience and reshape the customer experience. Additionally, our alliance with Al-Futtaim Electric Mobility reinforces our long-term commitment to sustainability as we advance towards a fully electric fleet by 2040.' 'Our business is underpinned by strong fundamentals, a solid financial position, and a platform built for sustainable growth. As we look to the future, our focus remains on driving operational excellence, elevating the customer journey, and unlocking new opportunities within Dubai's and the UAE's dynamic and fast-growing mobility landscape.' DTC's Board of Directors has approved dividends of Dhs160.7 million, amounting to 6.43 fils per share for H1 2025, in line with the Company's dividend policy of targeting dividend distribution of at least 85 per cent of annual net profit, distributed semi-annually.
Arabian Business
29-07-2025
- Automotive
- Arabian Business
Dubai's DTC posts 18% revenue growth in Q2 2025 reaching $171mn
Dubai Taxi Company PJSC (DTC) posted revenue of AED 625.2 million for the three months ending June 30, 2025, marking an 18 per cent increase year-on-year. The company attributes the growth to fleet expansion and higher trip volumes. For the six-month period, revenue reached AED 1.2 billion, representing an 11 per cent increase compared to the same period in 2024. The taxi segment generated AED 539.7 million in Q2 2025, up 18 per cent year-on-year, supported by fleet expansion whilst maintaining utilisation levels. DTC posts robust Q2 performance The company operated 6,210 vehicles as of June 2025, including 335 electric vehicles as part of its sustainability transition. DTC's limousine segment recorded revenue of AED 30.5 million in Q2 2025, an 8 per cent increase year-on-year, driven by fleet expansion. The combined taxis and limousines segment completed 13.6 million trips during the quarter, up 19 per cent from the previous year. Total operational fleet across all segments reached 10,180 vehicles by June 2025, a 23 per cent increase. The bus segment revenue declined 12 per cent year-on-year to AED 31.3 million for Q2 2025 due to contractual changes affecting revenue recognition timing. The company stated these changes do not impact annual contract values. DTC's delivery bike segment posted revenue growth of 102 per cent year-on-year to AED 18.2 million in Q2 2025, supported by expansion in the on-demand delivery market. EBITDA increased 30 per cent year-on-year to AED 180.6 million in Q2 2025, driven by higher trips and revenue alongside reduced promotional impact from Connectech, DTC's subsidiary including Bolt e-hailing operations. The EBITDA margin reached 29 per cent in the second quarter, up three percentage points, whilst maintaining 28 per cent for the first half. Net profit rose 33 per cent year-on-year to AED 105.4 million in Q2 2025, representing a 17 per cent net profit margin. The company maintains a net debt-to-EBITDA ratio of 1.2x and cash balance of AED 236 million as of June 30, 2025, including Wakala deposits. Abdul Muhsen Ibrahim Kalbat, Chairman, DTC, said in a statement: 'Our results reflect the continued strength of our operating model and our ability to deliver value through consistent execution and customer-focused innovation. We are proud to operate in a market as dynamic and forward-looking as Dubai and the wider UAE, where strong population growth, record infrastructure investment, and robust economic indicators continue to support long-term demand for smart mobility solutions, and we are well-positioned to capitalise on these positive trends.' The Board approved a dividend payout for the first half, in line with the company's policy to distribute at least 85 per cent of annual net profit, Kalbat confirmed. Mansoor Rahma Alfalasi, CEO, DTC, said: 'Our performance in the second quarter and first half of 2025 underscores our disciplined execution and sustained operational progress. We continue to see strong momentum across our core segments, driven by expanding fleet capabilities and increasing demand for smart, customer-centric mobility solutions.' Alfalasi also noted a partnership milestone with Bolt, involving the onboarding of over 6,000 taxis to the platform. 'This milestone represents a significant step forward in our ambition to build the UAE's largest e-hailing ecosystem. It exemplifies our commitment to creating integrated, digital-first mobility solutions that elevate everyday convenience and reshape the customer experience,' he added. The CEO also explained the company's alliance with Al-Futtaim Electric Mobility, stating it 'reinforces our long-term commitment to sustainability as we advance towards a fully electric fleet by 2040.' 'Our business is underpinned by strong fundamentals, a solid financial position, and a platform built for sustainable growth. As we look to the future, our focus remains on driving operational excellence, elevating the customer journey, and unlocking new opportunities within Dubai's and the UAE's dynamic and fast-growing mobility landscape,' he said. DTC's Board approved dividends of AED 160.7 million, equivalent to 6.43 fils per share for H1 2025, aligned with the company's policy of distributing at least 85 per cent of annual net profit semi-annually. The interim dividend will be distributed in August 2025. Growth momentum supports DTC strategy DTC expanded its partnership with Bolt by onboarding over 6,000 taxis onto the platform, supporting Dubai's vision to transition 80 per cent of taxi trips to e-booking. This initiative supports DTC's 2025-2029 strategy to establish itself as the UAE's largest taxi operator. The company launched a partnership with Al-Futtaim Electric Mobility Company, deploying 200 BYD SEAL electric taxis across Dubai. This forms part of DTC's plan to achieve full fleet electrification by 2040, supporting the UAE's Net Zero 2050 vision. Bolt entered a partnership with talabat, offering talabat pro subscribers discounts on Bolt rides, creating integration across transport and delivery platforms. DTC maintains confidence across all business segments, supported by macroeconomic momentum in Dubai and the UAE. Continued infrastructure investment, population growth, and tourism inflows are expected to sustain demand for mobility solutions. The company's strategic partnership with Dubai Airports positions it to capture value from the emirate's growth, whilst technology investments and partnerships will unlock new opportunities.
Gulf Today
21-02-2025
- Automotive
- Gulf Today
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.
