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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.
Zawya
20-02-2025
- Business
- Zawya
UAE: DTC delivers robust FY 2024 EBITDA growth of 19% YoY to $159.1mln
Dubai Taxi Company PJSC, a leading provider of comprehensive mobility solutions in Dubai, today 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 AED2.20 billion, driven by positive performance across all its segments. DTC's taxi segment revenue increased 12% year-on-year to AED1.92 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 AED124.5 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 AED119.2 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 AED584.4 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 AED331.3 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 AED336.1 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. 'I am also pleased to share that DTC's Board has recommended a final dividend of AED122.3 million bringing our total dividend for the fiscal year 2024 to AED281.6 million, in line with our highly attractive dividend policy to distribute at least 85% of annual net profit.'
Arabian Business
20-02-2025
- Business
- Arabian Business
Dubai Taxi Company's full-year revenue for 2024 increases 12% to record $600mn
Dubai's population and tourism growth, as well as urban expansion that drove demand for mobility services, led to Dubai Taxi Company (DTC) posting a 12 per cent year-on-year increase in revenue to a record AED 2.2 billion ($600 million). In its first-ever full-year financial result since going public, Dubai's mobility solutions provider said the strong topline performance resulted in a 19 per cent YoY increase in EBITDA to AED 584.4 million ($159.1 million), at a margin of 27 per cent. However, net profit declined by 4 per cent to AED 331.3 million ($90.2 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 increased by 18 per cent year-on-year. Net debt to EBITDA ratio stood at 1.13x and the company had a cash balance of AED 336.1 million ($91.5 million). Dubai Taxi Company expands fleet, market share In 2024, DTC increased its fleet of taxis by adding 744 vehicles, which took its total operational taxi fleet to 5,960. It secured 994 new license plates and the allocation of 644 additional plates through RTA auctions. It doubled its airport taxi fleet and increased its taxi market share in Dubai to 47 per cent. A good indicator of Dubai's popularity with new residents and tourists was a 6 per cent increase in the number of trips completed, which reached 49 million across the taxi and limousine segments. Taxi segment revenue increased 12 per cent YoY to AED 1.92 billion ($520 million). The limousine segment saw revenue increase by 8 per cent to AED 124.5 million ($33.9 million). The bus segment also delivered a solid performance, having secured new service contracts and expanding its fleet size. Revenue increased 11 per cent to AED 119.2 million ($32.46 million). The 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. Abdul Muhsen Ibrahim Kalbat, DTC's Chairman, 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. Mansoor Rahma Alfalasi, DTC CEO, 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 per cent to AED2.2 billion, our highest-ever annual revenue. 'Our strong performance was enabled by Dubai's robust population growth and thriving tourism sector, which drove demand for mobility services across the emirate. '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.' Bolt partnership drives success During the fourth quarter of 2024, DTC partnered with Bolt, the global shared mobility platform operating in over 600 cities across 50 countries, to launch its e-hailing platform in Dubai. Launched in December 2024, Bolt has proven to be a huge success, with exceptionally strong initial demand. A fleet of premium limousines from over 200 partners, including 18,000 trained drivers, saw the platform complete one million trips by mid-January. Alfalasi added: 'Our exclusive partnership with Bolt has already proven to be a success, with one million trips completed by mid-January after launching the 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 per cent of taxi trips to e-booking in the coming years.'
Emirates 24/7
20-02-2025
- Business
- Emirates 24/7
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.
The National
11-02-2025
- Automotive
- The National
Dubai Railbus testing to be completed in two years as sustainable transport drive gathers pace
Live updates: World Governments Summit in Dubai Technical studies on Dubai's Railbus project will be completed in two years and the new network will complement existing transport infrastructure, such as the Dubai Metro and Dubai Tram, The National can reveal. Construction costs will be far less expensive than those of the Dubai Metro, with Railbus expected to be "20 per cent to 30 per cent cheaper than comparable systems globally", Abdul Muhsen Ibrahim Kalbat, chief executive of the Roads and Transport Authority, told The National on Tuesday. 'Sustainable transportation is part of the national strategy to achieve zero emissions by 2050,' he added. 'This type of system will complement our mass transit system, such as Dubai Metro and Dubai Tram, and will integrate with existing public transport users from the areas adjacent to Metro stations." Mr Kalbat said a tiered system will be used for ticketing, with the network split into zones making it cost-effective for the customer. 'According to the research and development that the company is doing right now in co-ordination and collaboration with the RTA, we expect to get results of all studies and research within two years," he added. "Then we will be studying the feasibility of implementing this type of system within Dubai to explore the best routes and the best areas to start testing this type of system.' Although no launch date has been announced, Mattar Al Tayer, director general of the RTA, said the next steps after the two years of technical studies 'will involve identifying the optimal locations for pilot operations to assess its operational efficiency and integration with Dubai's wider transport network'. The RTA said the capsule-like vehicles, 11.5 metres in length and 2.65m wide, have a top speed of 100kph and each can hold 40 passengers. The vehicles will rely on solar power, with all tracks set to be covered by panels. The design, which has been optimised for urban landscapes, will be 3D-printed and the vehicles will be made from recyclable material. 'All of the related infrastructure will be developed more economically when compared to other similar systems,' Mr Kalbat said. 'It will run on rails and have the flexibility of a bus, as it will be able to manoeuvre within residential areas to serve the first and last-mile transport demands in Dubai.' On Monday, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, was joined by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, in reviewing the Railbus prototype with Mr Al Tayer, while visiting the RTA stand at the World Governments Summit in Dubai. It is the latest in a series of recent announcements to help ease the pressure on Dubai's road network, with plans released last June setting out to double the number of Metro and tram stations by 2040. Dubai has 55 Metro stations – 35 on the red line and 20 on the green line – as well as 11 tram stops. This number is to be increased to 96 stations spanning 140km by 2030, according to Dubai Media Office. Set to transform the north-east of the city, an Dh18 billion ($4.9 billion) project is under way to add a blue line to the Metro system, which will feature 14 stations and add 30km to the network, more than half of it underground. Under plans laid out by Sheikh Hamdan, several car-free zones are to be established across the city.
