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Dubai Taxi Company (DTC) has posted a Q1 2024 net profit of 108 million dirhams ($29.4 million), up 15% year-on-year (YoY), as the company benefited from the increased economic activity in Dubai.
The net profit easily topped analysts’ mean estimate of AED 89.84 million, according to LSEG data.
Revenue for the quarter increased 16% YoY to AED 558.4 million, on improvement across all its segments, the company said in a statement on Dubai's DFM on Wednesday.
DTC’s core taxi segment achieved revenue growth of 15% YoY driven by increased trips and trip lengths as well as higher tariffs, which was also supported by the expansion of the taxi fleet.
DTC completed 12 million trips across the taxi and limousine segments in Q1 2024, up 8% YoY.
Within the bus segment, revenue increased by 28% YoY to AED 37 million, also driven by the increase in fleet size and new service contracts.
“Looking ahead, we are confident in the steady growth of Dubai’s population underpinned by strong economic fundamentals and its status as a leading business and leisure destination", DTC’s CEO, Mansoor Rahma Alfalasi said.
He added that the company planned to expand in Dubai as well as into neighbouring emirates.
(Reporting by Brinda Darasha; editing by Seban Scaria)
