Dubai Taxi achieves 19% growth in profits before benefits, taxes, consumption and firefighting for the fiscal year 2024

Dubai Taxi Company, the leading company in providing comprehensive movement solutions in Dubai, announced today its financial results for the year ending December 31, 2024.

Dubai Taxi achieved distinguished results during the fiscal year 2024, which is its first full operational year after its inclusion in the Dubai Financial Market.

The company’s performance coincided with the rapid economic growth in Dubai and the noticeable increase in tourism and the numbers of population in Dubai, in addition to the urban expansion that led to a high demand for the various transport services provided by the Dubai Taxi Company.

Revenue increased during the year by 12% compared to the previous year to reach 2.20 billion dirhams, driven by positive performance in all sectors of the company.

Revenue for the taxi sector

We also witnessed an increase in the revenues of the taxi sector in the Dubai Taxi Company by 12% compared to the previous year to reach 1.92 billion dirhams, by increasing the number of trips, as the company expanded the size of its fleet to provide a better service to its customers.

The company added to its operating fleet 744 vehicles since the beginning of the year, bringing the total fleet of operating taxi to 5,960 vehicles.

During the year, the company obtained 994 new panels, thanks to the doubling of its fleet of taxi vehicles at the airport and the allocation of 644 new panels through the auctions of the Roads and Transport Authority, which strengthened its position in the taxi market in Dubai, where its market share increased to 47%.

The limousine vehicle sector witnessed an increase in revenue by 8% compared to the previous year to reach 124.5 million dirhams during the fiscal year 2024, supported by expanding its fleet with additional vehicles.

The company’s taxi and lymphose completed more than 49 million trips during the year, an increase of 6% compared to the previous year.

Bus sector

The bus sector also achieved exceptional growth during the fiscal year, thanks to granting new service contracts and increasing the size of its fleet.

As a result, revenues increased by 11% compared to the previous year to 119.2 million dirhams.

The partnerships concluded by the Dubai Taxi Company with the most prominent delivery services companies contributed to enhancing the rapid growth of the delivery cycle, as revenues witnessed an increase of 2.3 times.

The strong performance of the revenue of the Dubai Taxi Company increased profits before benefits, taxes, consumption and firefighting by 19% compared to the previous year to reach 584.4 million dirhams, with a distinctive margin of 27%, as the company continues to focus on improving operational efficiency by benefiting from the size of its business and adopting modern technology Which improves resource employment and fleet maintenance.

In the context of its commitment to sustainability, the company continues to enhance its dependence on fuel -saving vehicles, as the percentage of vehicles friendly to the hybrid or electrical environment exceeds 85% of the total tax vehicles and chinosine fleet of Dubai Taxi.

The registered net profit decreased by 4% compared to the previous year to 331.3 million dirhams, due to the imposition of corporate tax in the United Arab Emirates and the increase in the cost of interest. However, on the basis of comparison, with the exception of the tax and interest costs, the net profit witnessed a strong increase of 18% compared to the previous year.

Good public budget

The Dubai Taxi has maintained a good public budget, with a low debt rate of 1.13 compared to profits before interest, taxes, consumption and firefighting, and a cash balance of 336.1 million dirhams until December 31, 2024.

Commenting on the company’s results for the fiscal year 2024, Abdel Mohsen Ibrahim Kalbat, Chairman of the Board of Directors of Dubai Taxi Company, said: “The company has achieved a distinguished performance during the fiscal year 2024 to enhance our ability to take advantage of the positive growth march witnessed in Dubai, as we focus on providing global level transfers solutions In the emirate and support its ambitious strategy for urban development and mobility. Our new and ambitious strategy for the next five years, which establishes the status of Dubai Taxi as the ‘favorite navigation option. ” “.

Kalbat added: “I am also pleased to announce that the Dubai Taxi Board has recommended the distribution of final profits of 122.3 million dirhams, bringing the total profit distributions for the fiscal year 2024 to 281.6 million dirhams, in line with our policy to distribute profits of at least 85% of the annual net profit “.

Excellent results

For his part, Mansour Rahma Al Falasi, CEO of Dubai Taxi Company, said: “Dubai Taxi has recorded distinguished results during its first operating year as a company listed in the Dubai Financial Market, which establishes a strong rule that supports its future growth. Our revenues increased by 12% to 2.20 One billion dirhams during the fiscal year 2024, which is the highest annual revenue for us ever, and our profits increased before benefits and taxes And consumption and extinguishing by 19% to reach 584.4 million dirhams, which reflects our established position in the market while increasing our share in the taxi market in Dubai to 47%. Transport services throughout the emirate.

Al -Falasi added: “Our exclusive partnership with the Bolt platform achieved great success, as a million trips were accomplished by mid -January after the launch of limousine services on the platform in December. This partnership strengthens our position in the electronic reservation services sector, while contributing to achieving Dubai’s goal to convert 80% of Fares trips to electronic reservation in the coming years. The optimal, with the implementation of our new growth strategy to provide a long -term value to our shareholders, with the provision of exceptional services that elevate the experience of our dealers. “

The ambitious Dubai Taxi Strategy for the period 2025 – 2029

Based on its exceptional success during the year 2024, the Dubai Taxi launched its new five -year strategy for the period 2025-2029, which aims to enhance its leadership and consolidate its position as the largest taxi operator in the Emirate of Dubai, and also aims to double the growth of the company’s business portfolio and achieve rewarding returns for shareholders. The strategy also determines a new vision for the company, aiming to make it “the preferred option for all”, as this vision is based on a pivotal message represented in “leadership in providing safe digital transportation services that meet the needs of society in comfort, communication and sustainability.”

Sustainability is also an essential pillar within the company’s strategy, as it aims to increase its investments in environmentally friendly vehicles and innovative technologies, which reflects its firm commitment to limiting carbon emissions and enhancing environmentally friendly mobility solutions.

Enhancing innovation through strategic partnership with Bolt

Dubai Taxi Company cooperated with Bolt at the end of last year, a global platform for joint transportation operating in more than 600 cities in 50 countries, to launch the innovative Bolt digital transport platform in the region, where the Dubai Taxi company has obtained exclusive operating rights for it.

This strategic partnership of Dubai Taxi will provide an opportunity to benefit more from the taxi and electronic transportation market in general, as well as contributing to the Dubai plan towards converting 80% of taxi flights to electronic reservation during the coming years.

By taking advantage of the advanced Bolt technologies, the Dubai Taxi Company will be able to take advantage of the position of Bolt International, providing it with access to a wide international customer base from tourists and travelers coming to Dubai.

The new service, which was launched in December 2024, has proven great success with the number of trips that it carried out in Dubai reached one million trips until mid -January, as the strong demand for the service continues.

This success is attributed to its distinguished fleet of luxury limousine compounds, which includes more than 200 parties from the leading companies, along with a team of highly experienced professional drivers who number 18,000 drivers.

Later on the electronic booking service for taxi vehicles will be launched via the Bolt platform, which will allow users wider options and more comfortable and flexible experience.

Recommendations of the company’s board of directors to distribute profits for the fiscal year 2024

The Board of Directors of the Dubai Taxi Company recommended distributing final profits of 122.3 million dirhams for the second half of the year, at 4.89 fils per share. This comes after the distribution of the quarterly profits announced in August 2024, at a value of 159.3 million dirhams for the first half of the year 2024, bringing the total profit distributions for the fiscal year 2024 to 281.6 million dirhams, at 11.26 fils per share.

The final profits are expected to be distributed in April 2025, under the approval of the shareholders during the General Assembly meeting, in line with the company’s profit distribution policy aimed at distributing profits at a rate of not less than 85% of the annual net profit, which is distributed every half a year.

The future outlook

The Dubai Taxi Company is looking for a promising future in all sectors, thanks to the positive expectations for the performance of the Dubai economy, as it is expected that the compound growth rate of the population will witness an increase of 2.7% between the years 2024 and 2040.

In 2024, Dubai recorded the highest increase in the population since 2018, as the population increased by more than 169 thousand people during the year to reach 3.83 million people at the end, according to the Dubai Statistics Center. Dubai welcomed 18.72 million international tourists in 2024, an increase of 9% compared to the previous year, which reflects the positive momentum in the main business engines of the Dubai Taxi.

In addition, the International Monetary Fund expects the United Arab Emirates economy to grow by 4% in 2024, and rises to 5.1% in 2025.

The company has a leading and growing position that allows it to benefit from the strong growth witnessed by the emirate, while continuing its investments in advanced technologies and partnerships to provide new opportunities for growth.