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Increased staffing drives up Dubai Taxi profits

Dubai Taxi vehicles in front of Dubai Global Village. Taxis and limousines completed 46 million trips, up 8% year on year Reuters
The UAE retail tranche of Parkin's IPO has increased to 890 million ordinary shares from 75 million
  • Dubai Taxi profit up 54%
  • Revenue of $532m
  • Airport fleet to double

Profits at Dubai Taxi Corporation rose 54 percent in 2023, which it attributes to an increase in its driving staff.

The Dubai Financial Market-listed company reported revenues of AED1.95 billion ($532 million) for the 12-month period, a year-on-year increase of 11 percent.

It resulted in a net profit of AED345 million and an 18 percent net profit margin.

A bourse filing said the increase in profits was “a result of the positive economic activity in the country, as well as enhanced operational utilisation of vehicles due to increased number of drivers during the year”.

DTC raised AED1.2 billion from its December listing after shares were priced at the top end of the marketed range at AED1.85.

Shares in the taxi company were trading down 0.4 percent on Wednesday lunch time at AED2.28.

Earlier this week, DTC announced plans to double the size of its fleet at Dubai Airports with the addition of 350 new environmentally friendly taxis.

The new arrivals would take the company’s taxi fleet size to 5,566 vehicles, increasing its market share within the taxi sector to 45 percent.

According to the company’s website, between July 1, 2022 and June 30 last year, DTC’s taxis and limousines made 44 million trips, 42 million of which were by taxi.

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