Dubai Taxi Company (DTC), a key player in Dubai’s mobility sector, announced an impressive 13% year-on-year revenue increase, reaching Dh1.6 billion in the first nine months of 2024. This growth, coupled with a record 36 million trips across its taxi and limousine services, highlights DTC’s expanding role in Dubai’s transportation industry. This surge aligns with Dubai’s push for innovative and accessible transit solutions, reinforcing DTC’s market presence and commitment to serving the city’s growing population.
Revenue and Expansion Strategy
DTC’s financial performance for 2024 demonstrates a proactive approach to growth, with profit before tax and interest costs rising by 19% to Dh319.3 million. Despite a net profit dip of 7% due to the new UAE corporate tax and increased interest costs, the company recorded a strong 20% year-on-year increase in EBITDA to Dh432.2 million. Additionally, DTC added 444 vehicles to its fleet, totaling 5,660 taxis, ensuring that demand is met across Dubai’s bustling metropolis.
With a rising demand for efficient transport solutions, DTC has also secured 300 new taxi licenses and expanded its market share to 46% by the end of September. The increase in trips by 5% from the previous year further underscores the growth of Dubai’s taxi industry in 2024.
Rising Demand and Strategic Alliances
DTC’s CEO, Mansoor Rahma Alfalasi, noted the importance of strategic partnerships in enhancing DTC’s service quality and reach. A recent partnership with Bolt has integrated advanced technology into DTC’s fleet, offering more user-friendly options for residents and visitors alike. As Dubai anticipates continued population and tourism growth, industry experts predict a steady demand for accessible and reliable transportation options in the city.
As DTC leads the way in Dubai’s taxi industry, other companies may look to emulate its strategies, focusing on fleet expansion and technology integration. This growth model could pave the way for a more robust public transportation network, benefiting both residents and the city’s tourism industry.
