Dubai Taxi Company Posts Impressive FY 2024 Results
Dubai Taxi Company PJSC reports strong financial performance for FY 2024, showcasing robust growth and strategic expansion.
Summary
Dubai Taxi Company PJSC announced a 19% YoY growth in EBITDA to AED 584.4 million and a 12% increase in revenue to AED 2.20 billion for FY 2024.
Dubai Taxi Company PJSC (DTC), a stalwart in the mobility solutions sector in Dubai, has unveiled its financial results for the fiscal year 2024, marking a significant milestone in its journey post-IPO. The company reported a 19% year-on-year growth in EBITDA, reaching AED 584.4 million, alongside a 12% increase in revenue to AED 2.20 billion. This performance underscores DTC's strategic expansion and operational excellence in the face of growing urbanization and tourism in Dubai.
The company's robust growth was driven by a 6% increase in trips across its taxi and limousine segments, amounting to 49 million trips during the year. This was facilitated by an expansion of its operational taxi fleet by 744 vehicles, boosting its market share to 47%. DTC's strategic acquisition of 994 new license plates, including a significant increase in its airport taxi fleet, further solidified its dominance in the Dubai taxi market.
In the limousine segment, DTC achieved an 8% revenue increase, supported by fleet expansion. The bus segment also delivered solid performance, with revenue rising by 11% due to new service contracts and an expanded fleet. These achievements highlight the company's ability to capitalize on market opportunities and reinforce its leadership position.
In addition to operational success, DTC launched a new five-year strategy focusing on innovation and excellence, aiming to cement its status as the premier mobility operator in the region. A notable highlight was the partnership with Bolt, which resulted in over one million trips between December and mid-January, showcasing the potential of strategic collaborations.
The company's strong financial health is further reflected in its attractive EBITDA margin of 27%, a 1.6 percentage point increase from the previous year. Net profit also saw an 18% rise to AED 331.3 million, excluding interest and tax. The Board of Directors recommended final dividends of AED 122.3 million, bringing the total dividends for the year to AED 281.6 million, reflecting the company's commitment to delivering value to its shareholders.
Given DTC's strategic growth initiatives, market leadership, and robust financial performance, the outlook for the company appears optimistic. Investors may consider maintaining their positions or even increasing their holdings in anticipation of continued growth and value creation.
Source
Summary
Dubai Taxi Company PJSC (DTC) reported a 19% year-on-year growth in EBITDA for FY 2024, reaching AED 584.4 million, with revenue increasing by 12% to AED 2.20 billion. The company completed 49 million trips across its taxi and limousine segments, marking a 6% increase from the previous year, and expanded its operational taxi fleet by 744 vehicles, raising its market share to 47%. The EBITDA margin improved by 1.6 percentage points to 27%, and net profit rose 18% to AED 331.3 million, excluding interest and tax. DTC launched a new five-year strategy focused on innovation and excellence and reported a successful partnership with Bolt, completing over one million trips between December and mid-January. The Board of Directors recommended final dividends of AED 122.3 million, totaling AED 281.6 million for the year. The growth was supported by Dubai's population and tourism increase, as well as urban expansion. The taxi segment's revenue rose by 12% to AED 1.92 billion, and the limousine segment saw an 8% revenue increase to AED 124.5 million. The bus segment also performed well, with an 11% revenue increase to AED 119.2 million.
