DTC Q1 2025 Financial Results Overview

DTC delivered a robust set of results in Q1 2025, showcasing strong performance across its core business lines. The Company’s fundamentals remain strong, supported by Dubai’s population and tourism growth, as well as urban expansion, which drives demand for mobility services.

Financial Highlights

• Revenue: Increased 5% year-on-year to AED 588.3 million; 7% like-for-like.
• Taxi Revenue: Increased 7% year-on-year to AED 515.0 million, driven by increased trip numbers.
• Limousine Revenue: Increased 3% year-on-year to AED 34.3 million.
• Bus Segment Revenue: Decreased 14% year-on-year to AED 31.6 million due to contractual changes.
• Delivery Bike Revenue: Increased by 110%, leveraging partnerships with major delivery aggregators.

Operational Performance

DTC’s operational fleet rose 26% year-on-year to 9,872 vehicles, with over 86% of the fleet consisting of hybrid or electric vehicles. The company has added 250 fully electric vehicles this year, highlighting its commitment to sustainability.

The EBITDA decreased to AED 154.4 million, down 9% year-on-year but maintaining a margin of 26%. Excluding the impact of Connectech, EBITDA increased 4% year-on-year with a margin of 30%.

Net Profit

Reported net profit declined by 23% year-on-year to AED 83.6 million, primarily due to promotional discounts associated with Bolt’s launch campaign.

Dividend Announcement

During the Annual General Meeting, a final cash dividend of AED 122.3 million for H2 FY 2024 was approved, representing 4.89 fils per share.

CEO’s Commentary

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. We remain confident in the fundamentals of our business, supported by a healthy balance sheet and a scalable platform positioned for growth.

Operational Highlights

DTC has signed a five-year strategic partnership with Dubai Airports, reaffirming itself as the exclusive provider of taxi services at Dubai International (DXB) and Dubai World Central (DWC). This partnership aims to cater to the growing number of passengers, projected to reach over 8 million annual taxi and limousine trips by 2029.

Partnership with Bolt

Bolt has onboarded around 700 taxis from DTC’s airport fleet, providing a convenient ride-hailing service to travelers and enhancing the overall service experience.

Outlook

DTC has a positive outlook across all its business segments, further supported by Dubai’s strong economic forecast and significant resident population growth expected between 2024 and 2040. With continuous fleet expansion and investment in technology, DTC is well-positioned to capitalize on the anticipated growth in the emirate.

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