Dubai Taxi Company (DTC) continued its robust performance throughout the first three quarters of 2024, according to recent results. The company's revenue surged by 13% year-on-year to reach AED 1.60 billion, fueled by strong performance across all business segments. The favorable macroeconomic conditions in Dubai, coupled with increased tourism and population growth, have significantly boosted demand for DTC's diverse range of transportation services.

Revenue from the taxi segment alone grew by 12% year-on-year to AED 1.39 billion, driven by a higher number of trips and longer average trip durations. DTC expanded its operational fleet by adding 444 new vehicles since the beginning of the year, bringing the total number of operational taxis to 5,660 by the end of the period. This figure does not include the additional 300 new taxi licenses that were awarded post-period.

The limousine segment also saw a steady 3% year-on-year revenue increase to AED 89.1 million. Combined, DTC's taxis and limousines completed 36 million trips during the first nine months of 2024, marking a 5% increase compared to the same period last year.

DTC's bus segment experienced solid growth, with new service contracts and the addition of 77 vehicles to its fleet. This led to a 27% year-on-year revenue increase to AED 87.7 million. The company's delivery bike segment, supported by partnerships with major delivery aggregators like Talabat, saw revenue grow by 2.5 times.

The company's strong financial performance resulted in a 20% year-on-year increase in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) to AED 432.2 million, with a healthy margin of 27%. DTC remains committed to cost optimization through operational efficiencies and the adoption of fuel-efficient vehicles, aligning with its sustainability goals. Over 85% of DTC's taxi and limousine fleet now consists of hybrid or electric vehicles.

Profit before tax and interest costs rose by 19% year-on-year to AED 319.3 million. However, reported net profit declined by 7% to AED 247.1 million due to the introduction of corporate tax in the UAE and higher interest costs.

DTC maintains a strong financial position, with a net debt to EBITDA ratio of 1.3x and a cash balance of AED 272.3 million as of September 30, 2024.

CEO Mansoor Rahma Alfalasi commented, "DTC has delivered a robust set of results during the first nine months of 2024, reflecting our continued focus on growth and positioning the company for future success. We have consolidated our market leadership, expanded our fleet, and partnered with industry leaders like Bolt to enhance our service offerings."

Looking ahead, DTC remains optimistic, supported by Dubai's strong economic outlook and anticipated growth in both resident population and tourist arrivals.

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