Transport Dubai Taxi revenue up but profit slides By Pramod Kumar November 7, 2024, 8:08 AM Dubai Taxi Dubai Taxi says it remains optimistic about future growth across all its business segments Revenue at Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, rose 13 percent year on year to AED1.6 billion ($436 million) in the first nine months of 2024. The company said the result was due to a positive macroeconomic environment, a rise in tourism and population growth. The taxi segment was the primary contributor, with revenue growing 12 percent year on year to AED1.4 billion, driven by a higher number of trips and an increase in average trip length. The company also expanded its operating fleet by 444 vehicles since the beginning of the year, bringing the total to 5,660. The bus segment reported strong growth, with new service contracts secured and 77 vehicles added to its fleet. As a result, revenue increased 27 percent year on year to AED88 million. Despite these gains, net profit declined by 7 percent annually to AED247 million, impacted by the UAE’s newly introduced corporate tax and higher interest costs. Third-quarter revenue rose 11 percent to AED507 million, compared to AED457 million in the same period last year, while net profit fell by 26 percent annually to nearly AED60 million. Dubai Taxi partners with Bolt to take on Uber Dubai Taxi to pay $43m dividend despite profit drop Dubai to launch air taxi service in 2026 Thanks to Dubai’s strong economic outlook, the company remains optimistic about future growth across all its business segments. The resident population is expected to grow at a compound annual growth rate (CAGR) of 2.8 percent between 2023 and 2040, with tourist arrivals projected to increase at a CAGR of 20.5 percent between 2023 and 2025. Additionally, the Dubai government announced its largest budget for 2025-2027, with proposed spending of AED272 billion. Nearly 46 percent of the budget will be allocated to infrastructure, including enhancements to the road network.
