Dubai Taxi 2023 profit revs up 54% as trip numbers rise

Dubai Taxi 2023 profit revs up 54% as trip numbers rise

Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, said net profit surged 54 percent year on year to AED345 million ($94 million) in 2023, as fleet size and trips increased. Revenue increased 11 percent year on year to AED2 billion, primarily driven by the strong performance of its taxi segment, supported by Dubai’s […]Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, said net profit surged 54 percent year on year to AED345 million ($94 million) in 2023, as fleet size and trips increased.

Revenue increased 11 percent year on year to AED2 billion, primarily driven by the strong performance of its taxi segment, supported by Dubai’s growth and agreements in high-volume areas of the city, including Dubai International Airport.

Fleet size reached 7,400 vehicles by year-end, with its taxis and limousines completing 46 million trips, an increase of 8 percent year on year.

Ebitda rose 55 percent annually to AED 490 million due to continued focus on driving operational efficiencies through technology adoption and increased adoption of e-hailing.

The company’s net debt to Ebitda ratio stood at 1.3 times. DTC secured a AED1 billion term loan last year with a maturity of five years and a revolving credit facility of