The financial results of Dubai Taxi Company PJSC, a top supplier of all-inclusive mobility solutions in Dubai, were revealed for the fiscal year that concluded on December 31, 2024. In FY 2024, the company’s first full year of operations following its IPO, DTC produced a strong set of results.
Urbanisation, tourism, and Dubai’s growing population all contributed to the company’s impressive performance by increasing demand for mobility services, thanks to strong performance in every one of its segments, revenue rose 12% year over year to AED 2 billion.
Due in large part to the company’s fleet expansion in order to better serve its clientele, Dubai Taxi Company’s taxi segment revenue grew 12% year over year to AED1.92 billion.
With the addition of 744 vehicles since the beginning of the year, the company’s total operational taxi fleet now stands at 5,960.
Due to the company’s decision to double its fleet of airport taxis and distribute 644 more license plates through RTA auctions, it was able to acquire 994 new license plates during the year. This improved its market share to 47% and solidified its place in the Dubai taxi industry.
In FY 2024, the limousine segment’s revenue increased by a robust 8% year over year to AED 124 million, bolstered by the addition of more vehicles to its fleet.
Throughout the year, the company’s limos and taxis made over 49 million trips, an increase of 6% from the previous year.
The bus segment performed well throughout the year, expanding its fleet size and securing new service contracts. As a result, revenue rose to AED119.2 million, an 11% annual increase.
With revenue up two to three times, the company’s delivery bike segment has experienced stellar growth as it enters the quickly expanding on-demand delivery market through partnerships with significant delivery aggregators.
The Dubai Taxi Company’s impressive topline performance led to an attractive 27 per cent margin and a 19% year-over-year increase in EBITDA to AED584.4 million.
By utilising its size and implementing technology that maximises its fleet maintenance and resource allocation, DTC is still committed to increasing operational efficiencies.
The company also keeps implementing fuel-efficient automobiles in keeping with its sustainability pledges. With over 85% of its fleet being electric or hybrid, DTC’s fleet of limos and taxis is now more ecologically friendly.