Dubai Taxi Company Announces Dividend Payout
Dubai Taxi Company reveals key resolutions from its AGM, including a significant dividend payout.
Summary
Dubai Taxi Company held its AGM, approving key financial resolutions and announcing a substantial dividend payout.
Dubai Taxi Company PJSC, a leading provider of mobility solutions in Dubai, recently held its Annual General Meeting (AGM) on March 19, 2025. The meeting, which took place at the Al Ras Ballroom in the InterContinental Hotel, Dubai Festival City, saw the approval of several ordinary resolutions, demonstrating the company's robust financial health and commitment to shareholder value.
One of the most significant resolutions passed during the AGM was the approval of a cash dividend distribution for the second half of the fiscal year ending December 31, 2024. The dividend amounts to AED 122,308,369, equivalent to 4.89 fils per share, representing a substantial 85% of the net profit for the period. This move underscores the company's strong financial performance and its dedication to rewarding its shareholders.
In addition to the dividend payout, the AGM also approved the Board of Director’s report on the company's activities and financial position for the fiscal year ending December 31, 2024. The independent external auditor's report for the same period was also ratified, along with the company's balance sheet and profit and loss account.
These approvals reflect Dubai Taxi Company's solid operational performance and strategic financial management. The company's ability to maintain a leading market position, with a 44% market share in Dubai's taxi sector, further strengthens its financial standing.
Looking ahead, the company authorized its Board of Directors to distribute semi-annual dividends for the first half of the financial year 2025, in line with its articles of association and dividend policy. This decision signals a continued commitment to shareholder returns, which could make the company's stock an attractive option for investors.
However, potential investors should consider the broader economic environment and the competitive landscape in Dubai's transport sector before making investment decisions. While the company's market dominance and financial health are strong indicators of its potential, market volatility and regulatory changes could impact future performance.
In conclusion, given the company's strong financial performance and strategic initiatives, current investors might consider holding their positions. New investors should weigh the potential risks and rewards, keeping an eye on market developments and the company's future announcements.
Source
Summary
Dubai Taxi Company held its Annual General Meeting on March 19, 2025, at the InterContinental Hotel in Dubai, with options for in-person and electronic participation. The meeting achieved a legal quorum, and the following resolutions were approved by a majority of the votes: 1. Appointment of Mr. Vicken Khochafian as the Secretary for the Meeting and LUMI as the Vote Collector. 2. Approval of the Board of Director’s Report on the company's activities and financial position for the fiscal year ending December 31, 2024. 3. Approval of the independent external auditor’s report for the fiscal year ending December 31, 2024. 4. Approval of the company's balance sheet and profit and loss account for the fiscal year ending December 31, 2024. 5. Approval of the Board of Director’s proposal to distribute cash dividends for the second half of the fiscal year ending December 31, 2024, amounting to AED 122,308,369 (4.89 Fils per share), representing 85% of the net profit for the period. The Board is also authorized to distribute semi-annual dividends for the first half of the financial year 2025 in line with the company's article of association and dividend policy. The last entitlement date for dividends is March 27, 2025, with the ex-dividend date on March 28, 2025, and the record date on April 2, 2025.
