Dubai Taxi Company PJSC (DTC) reported revenue of AED588.3 million for the first quarter of 2025, marking a 5 per cent increase year-on-year, according to financial results released today.
The company completed 13 million trips across its taxi and limousine segments during Q1, representing an 8 per cent growth compared to the same period last year.
DTC’s revenue growth was primarily driven by fleet expansion and strong performance in its taxi and delivery bike operations.
Dubai Taxi Fleet expansion drives 8% trip growth in Q1 2025 results
On a like-for-like basis, excluding the Connectech subsidiary which includes Bolt e-hailing operations, revenue increased by 7 per cent.
Despite revenue growth, EBITDA declined by 9 per cent to AED154 million, while net profit decreased by 23 per cent to AED84 million.
The company attributed this decline primarily to promotional discounts offered as part of Bolt’s launch campaign. On a like-for-like basis, EBITDA grew by 4 per cent, while net profit saw a modest decline of 2 per cent.
DTC CEO Mansoor Rahma Alfalasi said: “DTC delivered a solid start to the year, with strong growth across our core taxi and delivery bike segments reflecting the sustained momentum in Dubai’s mobility landscape. The expansion of our fleet and continued investment in operational efficiency enabled us to serve rising demand, driven by the city’s ongoing population and tourism growth.”
During the quarter, DTC added 250 fully electric taxis, bringing its total operational fleet to more than 6,200 vehicles. The company noted that over 86 per cent of its fleet now consists of hybrid or electric vehicles, aligning with the Dubai 2040 Urban Master Plan.
“We remain confident in the fundamentals of our business, supported by a healthy balance sheet and a scalable platform positioned for growth,” Alfalasi added. “Looking ahead, we will continue to optimise our operations, enhance customer experiences, and capture opportunities across Dubai’s rapidly evolving mobility ecosystem.”
Dubai Taxi Company signs five-year partnership with Dubai Airports
DTC also announced a five-year strategic partnership with Dubai Airports to be the exclusive provider of taxi services at Dubai International (DXB) and Dubai World Central – Al Maktoum International (DWC).
The partnership is expected to generate revenues of AED2.5 billion over the five-year period, with taxi and limousine annual trips from the airports projected to reach over 8 million by 2029.
The company’s partnership with Bolt completed its first full quarter of operations, with the Bolt app recording 279,000 downloads and 267 fleet partners onboarded with 14,600 cars registered on the platform.
Shareholders approved a final dividend of AED122.3 million for the second half of 2024, representing 4.89 fils per share, which was distributed in April 2025.
DTC maintains a healthy balance sheet with a net debt-to-EBITDA ratio of 1.2x and a cash balance of AED287 million as of March 31, 2025.
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