Dubai Taxi Company PJSC Reports 19% EBITDA Growth Amid Strategic Expansion
Dubai Taxi Company PJSC has released its latest financial report, showcasing significant growth and strategic advancements in the mobility sector.
Summary
Dubai Taxi Company PJSC reported a 19% year-over-year increase in EBITDA to AED 584.4 million for FY 2024, driven by a 12% rise in revenue to AED 2.20 billion. The company expanded its operational taxi fleet by 744 vehicles, increasing its market share to 47%. The strategic partnership with Bolt has contributed to the company's robust performance.
Financial Performance Overview
Dubai Taxi Company PJSC (DTC) has reported robust financial results for the fiscal year ending December 31, 2024. The company's EBITDA grew by 19% year-over-year to AED 584.4 million, with revenue increasing by 12% to AED 2.20 billion. This growth was supported by a 6% increase in trips across the taxi and limousine segments, totaling 49 million trips completed in FY 2024.
Key Financial Indicators
| KPI | FY 2024 | Change from FY 2023 |
|---|---|---|
| Revenue | AED 2.20 billion | +12% |
| EBITDA | AED 584.4 million | +19% |
| Net Profit | AED 331.3 million | +18% |
| Earnings per Share | N/A | N/A |
| Debt Ratio | N/A | N/A |
| Interest Coverage Ratio | N/A | N/A |
Strategic Developments
The year 2024 marked the first full year of operations since DTC's IPO. The company expanded its operational taxi fleet by 744 vehicles, increasing its market share to 47%. The partnership with Bolt has been instrumental in enhancing DTC's e-hailing capabilities, completing over one million trips between December and mid-January.
Conclusion and Outlook
DTC's financial performance reflects its strategic focus on fleet expansion and partnerships. The company's EBITDA margin of 27% and a recommended final dividend of AED 122.3 million underscore its commitment to delivering shareholder value. With a new five-year strategy emphasizing innovation, DTC is well-positioned to maintain its leadership in the region's mobility sector.
