584.4 million dirhams profits "Dubai taxi" In 2024

2025/02/20 5:14:02 PM

2 minutes read

Dubai February 20 / WAM / The Dubai Taxi Company, which is listed in the Dubai Financial Market, announced the achievement of profits before interest, taxes, consumption and firefighting at a value of 584.4 million dirhams during the fiscal year 2024, an increase of 19% compared to the previous year, with a 27% profit margin, what The strong performance of the company reflects the increasing demand for transportation services in the emirate.

The revenues witnessed a 12% increase compared to 2023 to 2.2 billion dirhams, driven by positive performance in all business sectors, as the taxi sector revenues increased by 12% to 1.92 billion dirhams thanks to the increase in the number of trips and the expansion of the fleet size.

The limousine sector also recorded 8% to reach 124.5 million dirhams, while the bus sector increased by 11% to 119.2 million dirhams, supported by adding new contracts.

The company stated that the total number of flights completed during the year reached 49 million trips, an increase of 6% compared to the previous year, and the operating fleet was strengthened by adding 744 new vehicles, bringing the total to 5,960 vehicles, while the market share of the company’s taxi vehicles increased to 47%.

The delivery bike sector witnessed strong growth, as revenues increased by 2.3 times compared to the previous year, driven by expanding partnerships with delivery companies, while the company has strengthened its investments in environmentally friendly vehicles, bringing the percentage of hybrid and electrical vehicles to 85% of the total fleet.

Despite the strong operational performance, the net profit recorded a decrease of 4% to 331.3 million dirhams, as a result of the imposition of corporate tax in the UAE and the high interest costs, but the modified profits before the tax and benefits recorded 18% growth.

The Dubai Taxi Board recommended distributing final profits worth 122.3 million dirhams for the second half of 2024, at 4.89 fils per share, bringing the total annual distributions to 281.6 million dirhams, according to a policy of distributing 85% of the net profits, with the expectation of the distribution of final profits in April 2025 After the approval of the General Assembly.

The Dubai Taxi Company launched its new strategy for the period 2025 – 2029 with the aim of enhancing its leadership in the transport sector, by expanding the solutions of smart mobility and investment in sustainable technologies, as the company aims to double the growth of its business and increase its investments in electric and hybrid vehicles, in line with Dubai’s directions to enhance sustainable movement solutions .

Abdel Mohsen Ibrahim Kalbat, Chairman of the company, stressed that the Dubai Taxi continues to invest in developing its digital services and enhancing smart movement solutions to support Dubai urban mobility strategies, noting that the exclusive partnership with the Bolt platform has strengthened the company’s position in electronic reservation services, where a million has been implemented A journey through the platform in a few weeks of the launch of the service in December.