Dubai Taxi Stock
More rides and bigger fleets did enough to fuel Dubai Taxi's strong run during the first 3 months of 2024. Image Credit: WAM

Dubai: the Dubai Taxi Company drove up with smart increases in revenue and profits for the January to March period, with profit after tax coming to over Dh108 million from Dh94 million a year ago.

This was from a revenue base of Dh558.35 million, a sharp rise on the Dh480.49 million 12 months ago. (This is the revenue DTC generated from ‘contracts with customers’.

Its taxis and limousines completed 12 million trips during the quarter, an increase of 8 per cent from a year ago.

"We maintained strong momentum into the first quarter of 2024, delivering revenue growth of 15 per cent year-on-year, which drove a 40 per cent increase in EBITDA," said Mansoor Rahma Alfalasi, CEO. "During the quarter, we announced the doubling of our fleet of airport taxis and acquired 94 new taxi licenses at the latest RTA auction, further cementing our position as the largest taxi operator in Dubai.

"We are committed to supporting Dubai’s mobility landscape as the emirate’s urban areas continue to expand by offering solutions that meet the diverse needs of Dubai’s residents and through adopting technologies that enable efficient operations and enhance utilisation.”

Dubai Taxi, which set some records during its IPO and subsequent DFM listing, fared well on its core services. The core taxi services had revenues up 15 per cent year-on-year, with a mix of increased trips and longer trip lengths.

Higher tariffs

Plus, there was the 'higher tariffs', and was also supported by the additional taxis added to the fleet.

"The company has exclusive pick-up rights at both Dubai Airports and benefits from an attractive tariff structure," said a statement. "DTC’s exclusivity agreements in high-volume areas of Dubai provide significant competitive advantage over other operators in the city. Its limousine segment also witnessed solid performance with revenue increasing 7 per cent year-on-year and 17 per cent quarter-on-quarter."