The Dubai Taxi Company had excellent growth in income and profitability for the January to March quarter, with the fleet operator seeing strong gains in passenger contracts. Profit after taxes increased to almost Dh108 million from Dh94 million the previous year. This came from a Dh558.35 million revenue base, a significant increase above Dh480.49 million from a year ago. This is the DTC income that is produced by “contracts with customers.”
During the quarter, 12 million journeys were made by its taxis and limousines, an 8 percent increase over the same period last year.
“We maintained strong momentum into the first quarter of 2024, delivering revenue growth of 15 per cent year-on-year, which drove a 40 per cent increase in EBITDA,” said Mansoor Rahma Alfalasi, CEO. “During the quarter, we announced the doubling of our fleet of airport taxis and acquired 94 new taxi licenses at the latest RTA auction, further cementing our position as the largest taxi operator in Dubai.
“We are committed to supporting Dubai’s mobility landscape as the emirate’s urban areas continue to expand by offering solutions that meet the diverse needs of Dubai’s residents and through adopting technologies that enable efficient operations and enhance utilisation.”
With regard to its core services, Dubai Taxi succeeded well, setting several records during its IPO and subsequent DFM listing. Revenues from the main taxi services climbed by 15% on an annual basis due to a combination of longer and more frequent journeys.
In addition, there were the “higher tariffs,” which were reinforced by the addition of more taxis to the fleet.
“The company has exclusive pick-up rights at both Dubai Airports and benefits from an attractive tariff structure,” said a statement. “DTC’s exclusivity agreements in high-volume areas of Dubai provide significant competitive advantage over other operators in the city. Its limousine segment also witnessed solid performance with revenue increasing 7 per cent year-on-year and 17 per cent quarter-on-quarter.”
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