In FY 2024, the first full year of business since its IPO, DTC produced a strong set of results. Dubai’s growing population, tourism, and urbanisation all contributed to the company’s impressive performance by increasing demand for mobility services. Due to strong growth in all of its sectors, revenue rose 12% yearly to Dhs2.20 billion.
As the company significantly expanded its fleet to better serve its clients, DTC’s taxi sector revenue climbed 12% yearly to Dhs1.92 billion. Since the beginning of the year, the company has added 744 vehicles to its running fleet, bringing its total number of active taxis to 5,960.
By doubling its fleet of airport taxis and allocating 644 more plates through RTA auctions, the company acquired 994 more license plates during the year. Raising its market share to 47% improved its standing in the Dubai cab industry.
Due to the addition of more vehicles to its fleet, the limousine segment’s income increased by a solid 8% year over year to Dhs124.5 million in FY 2024. Over 49 million journeys were made by the company’s limos and taxis in the year, a 6% increase over the previous year.
The bus segment performed well throughout the year, expanding its fleet size and securing new service contracts. Revenue thus rose 11% annually to Dhs119.2 million. As it grows in the quickly expanding on-demand delivery industry through agreements with large delivery aggregators, the company’s delivery bike division produced exceptional growth, with revenue rising 2.3 times. Due to the company’s impressive topline performance, EBITDA increased by 19% year over year to Dhs584.4 million, with an attractive margin of 27%. DTC is still committed to increasing operational efficiency by utilising its size and implementing technology that maximises its fleet upkeep and resource allocation.
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