Yesterday, the Dubai Taxi Company announced its financial results for the three months ending 31 March 2024.
The company continued to achieve rapid and strong growth in the first quarter of 2024, and its revenue for the first quarter increased by 16% to reach 558.4 million dirhams, thanks to the improved financial performance of the divisions all along.
The taxi division of Dubai Taxi Company achieved strong growth this quarter, as revenue increased by 15% compared to the previous year, due to the increase in the number of trips and the implementation of a new tax for transport services, which was. also supported by the installation of new taxi vehicles.
The limousine segment also saw a strong performance, with revenue increasing 7% compared to the previous year and 17% compared to the previous quarter. The company’s taxis and limousines completed 12 million trips this quarter, an increase of 8% compared to the previous year, as they received 94 new taxi licenses in the recent RTA auction.
The revenue of the bus sector increased by 28% compared to the previous year, reaching 37 million dirhams, due to an increase in the size of the fleet and new service contracts. The delivery bike segment achieved outstanding performance, with revenue more than quadrupling over last year, and Dubai Taxi Company benefited from the rapid growth of e-commerce and the increasing demand for delivery services on demand.
The company’s strong income contributed to the increase of earnings before interest, taxes, depreciation and amortization by 40% compared to the previous year to reach 169.9 million dirhams, with an exceptional profit margin of 30%, and an increase of five percentage points compared to the previous year.
Net profit in the first quarter of 2024, which was affected by the cost of corporate tax and financing, increased by 15% compared to the previous year, reaching 108 million dirhams. After taking out the effect of taxes, net profit increased by 26%, and free cash flow in the first quarter came to 122.7 million dirhams.
2024-05-08 22:58:22
#million #dirhams #Dubai #taxi #revenue #quarter
