Transport Dubai Taxi plans $77m dividend payout after share price rise By Pramod Kumar February 20, 2025, 12:48 PM Dubai Taxi The company, one of five taxi operators in Dubai, listed on DFM in December 2023 Shares up 48% since listing Next dividend payment due in April Revenue rose 12% in 2024 Dubai Taxi Company is to issue a total dividend payout of AED282 million ($77 million) for 2024, helping its share price increase by nearly half since it listed 14 months ago. Its 2024 revenue was up 12 percent year on year to AED2.2 billion, the company said in a statement on Thursday. The taxi operator’s board recommended a final dividend for the year of AED122 million, in line with its policy to distribute at least 85 percent of annual net profit. Dubai Taxi’s final dividend, which will bring the total paid for 2024 to AED282 million, is expected to be distributed in April. The company’s shares, which trade on the Dubai Financial Market, have risen 48 percent since the initial public offering in December 2023. They closed at AED2.75 on Wednesday, compared to the listing price of AED1.85. Dubai Taxi Company’s net profit declined by 4 percent to AED331 million in 2024, which it attributed to the introduction of corporate tax and higher interest costs. Delivery Hero to use Talabat IPO earnings to clear bonds Number of hedge funds doubles at DIFC Dubai restaurants risk out-pricing customers on alcohol costs However, earnings excluding tax and interest costs rose 18 percent year on year. Taxi segment revenue increased 12 percent to nearly AED2 billion. Another 744 vehicles were added to its fleet, taking the total to 5,960. Its taxis and limousines completed more than 49 million trips, up 6 percent. CEO Mansoor Rahma Alfalasi said its performance “was enabled by Dubai’s robust population growth and thriving tourism sector, which drove demand”.
