Dubai Taxi Company (DTC) announced strong results for the first quarter of 2025, with revenues reaching AED588.3 million, marking a 5% year-on-year increase. The company’s growth was fueled by the continued expansion of its electric and hybrid fleet, rising trip volumes, and robust performance in the taxi and delivery bike segments, reinforcing DTC’s leadership in Dubai’s mobility sector.
The company’s core taxi business reported a 7% rise in revenue to AED515 million, supported by increased trip volumes and fleet growth. DTC added 250 fully electric vehicles during the quarter, bringing its total operational taxi fleet to over 6,200 vehicles—86% now hybrid or electric—underscoring its commitment to sustainable transport aligned with the Dubai 2040 Urban Master Plan.
DTC’s limousine business posted a 3% year-on-year increase in revenue to AED34.3 million. In comparison, the delivery bike segment saw an impressive 110% surge, capitalising on the fast-growing on-demand delivery market.
DTC completed 12.8 million trips in Q1 2025 across its taxi and limousine services, up 8% from the previous year. The company’s operational fleet expanded by 26% year-on-year to 9,872 vehicles.
However, revenue in the bus segment declined 14% year-on-year to AED31.6 million, due to changes in contract structures that altered revenue recognition timing, although full-year contract values remain unaffected.
Promotional discounts linked to the launch of Bolt’s ride-hailing services impacted other services, including DTC’s digital mobility arm, Connectech. These strategic investments contributed to a 9% drop in EBITDA to AED154.4 million. However, excluding Connectech, EBITDA rose by 4% year-on-year, with a healthy margin of 30%.
The net profit for the quarter stood at AED83.6 million, down 23% year-on-year. Adjusted for Bolt-related promotional activity, the core business recorded only a marginal 2% decline in profit.
DTC maintains a robust financial position, with AED287 million in cash and a conservative net debt-to-EBITDA ratio of 1.2x as of March 31, 2025.
In April, the company distributed AED122.3 million in dividends for the second half of FY 2024, reflecting 4.89 fils per share and 85% of net profit, in line with its dividend policy.
Strategic Partnerships Driving Growth
During the quarter, DTC secured a five-year strategic agreement with Dubai Airports, reaffirming its status as the exclusive taxi provider for Dubai International (DXB) and Al Maktoum International (DWC). The partnership supports Dubai’s growing air passenger traffic, with airport-related taxi and limousine trips expected to exceed 8 million annually by 2029. The agreement will generate estimated revenues of AED2.5 billion over the contract period.
The company also launched Bolt’s e-hailing service, integrating approximately 700 airport taxis into the platform. Since its launch in December 2024, the Bolt app has recorded over 279,000 downloads, with more than 14,600 cars and 267 partners registered, providing a seamless, tech-driven transport experience for Dubai’s travellers.
Outlook
Commenting on the results, Mansoor Rahma Alfalasi, CEO of DTC, 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. We are also proud of our long-term strategic partnership with Dubai Airports, strengthening our market position and further aligning DTC with Dubai’s vision as a leading global mobility hub, as well as our strategic partnership with Bolt, which has delivered exceptional operational results in its first quarter that set a strong foundation for continued success.
“We remain confident in the fundamentals of our business, supported by a healthy balance sheet and a scalable platform positioned for growth. Looking ahead, we will continue to optimise our operations, enhance customer experiences, and capture opportunities across Dubai’s rapidly evolving mobility ecosystem.”
With Dubai’s population forecast to grow by more than 50% by 2040 and international tourist arrivals rising steadily, DTC expects continued momentum across all business segments. The emirate’s robust economic indicators and record government spending plans further support a positive outlook for mobility services.
–Input WAM
