Dubai Taxi’s Revenue Grows to $330 Million

Driven by fleet expansion and higher number of trips, Dubai Taxi Company (DTC), a leading provider of comprehensive mobility solutions in Dubai, on Tuesday reported a revenue growth of 18% y-o-y to $170.24 million in the second quarter of 2025 while the same has increased by 11% y-o-y to $330 million reflecting sustained momentum throughout the first half of the year.

Announcing the financials for Q2 2025 and H1 2025 respectively in a bourse filing with Dubai Financial Market (GFM) this morning. As of June 2025, the total operational taxi fleet reached 6,210 vehicles, including 335 fully electric vehicles as part of the Company’s ongoing transition to a more sustainable offering.

As of June 2025, DTC’s total operational fleet across all segments increased by 23% to 10,180. DTC’s bus segment revenue stood at $8.52 million for Q2 2025, a 12% decrease y-o-y, due to contractual changes that altered the revenue recognition cycle during the period. These changes do not have any impact on the overall annual contract values.

The company’s delivery bike segment recorded strong revenue growth in Q2 2025, increasing by 102% y-o-y to $4.96 million, supported by continued expansion in the fast-growing on-demand delivery market.

The Company’s EBITDA increased 30% y-o-y to $49.18 million in Q2 2025 driven by a significant increase in trips and revenue, alongside a lower promotional impact from Connectech (DTC’s subsidiary including Bolt e-hailing operations), which was more heavily weighted toward the first quarter as anticipated.

The EBITDA margin in the second quarter was up 3 percentage points at 29%, whilst remaining robust at 28% for the first half, as DTC remained focused on driving operational efficiencies, DTC said.

Net profit in Q2 2025 increased by 33% y-o-y to $28.7 million, representing a net profit margin of 17%, supported by the strong rise in operating profit. DTC maintains a healthy balance sheet, with a highly attractive net debt-to-EBITDA ratio of 1.2x and a cash balance of $64.26 million as of 30 June 2025, including Wakala deposits.

DTC Chairman Abdul Muhsen Ibrahim Kalbat said that the results reflect the continued strength of their operating model and ability to deliver value through consistent execution and customer-focused innovation.

“We are proud to operate in a market as dynamic and forward-looking as Dubai and the wider UAE, where strong population growth, record infrastructure investment, and robust economic indicators continue to support long-term demand for smart mobility solutions, and we are well-positioned to capitalise on these positive trends. I am also pleased to confirm that the Board approved a dividend pay-out for the first half of the year, in line with our highly attractive policy to distribute at least 85% of annual net profit,” he added.

DTC CEO Mansoor Rahma Alfalasi, said that the financial results underscored their disciplined execution and sustained operational progress. DTC continued to see strong momentum across its core segments, driven by expanding fleet capabilities and increasing demand for smart, customer-centric mobility solutions.

According to him, a major highlight of the period has been the deepening partnership of DTC with Bolt, marked by the onboarding of over 6,000 taxis to the Bolt platform. This milestone represents a significant step forward in our ambition to build the UAE’s largest e-hailing ecosystem.

“It also exemplifies our commitment to creating integrated, digital-first mobility solutions that elevate everyday convenience and reshape the customer experience. Additionally, our alliance with Al-Futtaim Electric Mobility reinforces our long-term commitment to sustainability as we advance towards a fully electric fleet by 2040,” he said.

H1 2025 Dividend

DTC’s Board of Directors has approved dividends of $43.76 million in line with the company’s dividend policy of targeting dividend distribution of at least 85% of annual net profit, distributed semi-annually. The announced interim dividend is expected to be distributed in August 2025.