Dubai, UAE — Dubai Taxi Company (DTC) has posted net profit of AED 345.3 million ($94 million) in 2023, up 54 percent YoY.
Revenue for the year increased 11 percent year-on-year (YoY) to AED 1.95 billion, primarily driven by the strong performance of its taxi segment as the number of trips increased during the period, supported by the strong growth of Dubai and DTC’s exclusivity agreements in high-volume areas of the city, including Dubai International Airport (DXB).
DTC’s fleet size at the end of 2023 was more than 7,400 vehicles, with its taxis and limousines completing 46 million trips in 2023, an increase of 8 percent YoY.
The strong revenue performance resulted in a 55 percent YoY increase in EBITDA to AED 490.5 million, a margin of 25 percent and an increase of 7 percentage points year-on-year, supported by DTC’s continued focus on driving operational efficiencies through technology adoption, with initiatives including its state-of-the-art control center optimizing fleet distribution and the increased adoption of e-hailing improving the customer journey, the company said.
DTC’s Chairman Abdul Muhsen Ibrahim Kalbat said, “Our strong inaugural set of results following our successful IPO on DFM in December 2023, highlights the strength of our business, which is underpinned by the growth of Dubai, our market leading position and a supportive regulatory environment.”
He said that DTC’s Board has recommended a dividend payout of AED 71 million ($19.33 million) for Q4 2023.