Dubai Taxi Company reports 2023 net profit of $94mln

Dubai Taxi Company reports 2023 net profit of $94mln

Dubai Taxi Company (DTC) made a full year 2023 net profit of 345 million dirhams ($94 million), 54% higher year-on-year (YoY) as the company benefited from the increased economic activity in Dubai. The net profit missed analysts’ mean estimate of AED365 million, according to LSEG data. Revenue increased to AED 1.95 billion from AED1.76 billion in the year-ago period, the company said in a regulatory filing on the Dubai Financial Market on Wednesday. The rise in revenue was primarily driven by "the increase in revenue from the regular taxi segment, as a result of the positive economic activity in the country, as well as enhanced operational utilisation of vehicles due to increased number of drivers during the year," the statement said. DTC, which raised $315 million in an IPO after selling nearly 25% of its total issued share capital, listed on the DFM in December 2023. (Writing by Brinda Darasha; editing by Seban Scaria) [email protected] Dubai Taxi Company reports 2023 net profit of $94mln