Dubai: Fresh of its IPO success, Dubai Taxi Co. has reported Dh345.32 million as 2023 profit, up quite a distance from the Dh224.37 million a year before. This was on revenues of Dh1.95 billion, again a fairly decent rise on the Dh1.75 it did in 2022.
Dubai Taxi's IPO was one of the standouts of UAE stock market listings during 2023. At the time, the company had spoken of distributing 85 per cent of its profit as dividends.
The stock is up more than 20 per cent since listing early December. It will start trading at Dh2.28 on DFM today.
Solid profit margin
The Dh345 million net profit resulted in an 18 per cent net profit margin. The Dubai company will be looking to further expansion, adding more EVs into the mix and ride the growth wave of more residents and tourists visiting the city over the coming quarters.
The revenue gains were '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' said the company in a statement.
On DFM, activity on the DTC stock remains intense, with retail investors pushing to increase their holdings in it. (Retail interest in the IPO was among the highest for a Dubai company float.)