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Dubai Taxi Company (DTC) posted a Q2 net profit of 79.4 million dirhams ($21.6 million), 14% lower than in the year-ago period.
The net profit missed analysts’ mean estimate of AED 89.37 million, according to LSEG data.
Revenue for the quarter came in at AED 531 million, up 12% year-on-year (YoY), a statement said.
For H1 2024, the company made a net profit of AED 187.4 million, up 1% YoY, impacted by the introduction of corporate tax as well as finance costs, the company said.
“Our outlook is positive, supported by Dubai’s continued success as a leading business and leisure destination, with strong macroeconomic tailwinds enabling population growth and urban expansion, which we see driving long-term, sustainable demand growth for our services,” CEO Mansoor Rahma Alfalasi said.
DTC’s board has approved dividends of AED 159.3 million, amounting to 6.37 fils per share for H1 2024.
(Reporting by Brinda Darasha; editing by Seban Scaria)
