Transport

Tourism and fleet expansion drive up Dubai Taxi revenue

By Pramod Kumar

May 8, 2025, 3:41 PM

Dubai taxis and limousines completed nearly 13 million trips during the first quarter of 2025, up 8 percent year on year

Revenue growth reported
Profitability impacted by Bolt
Positive future outlook predicted

Dubai Taxi Company, 75 percent-owned by state-backed Dubai Investment Fund, said revenues rose in the first quarter of 2025, supported by fleet expansion and tourism growth.

The top line increased by 5 percent year on year to AED588 million ($160 million) in the first quarter.

The taxi segment revenue increased 7 percent annually to AED515 million, driven by increased trip numbers. Since the start of the year, the company expanded its operational fleet by 250 fully electric vehicles, bringing the total to more than 6,200 taxis by the end of March.

The limousine segment’s revenue increased by 3 percent year on year to AED34 million in the first quarter.

Taxis and limousines completed nearly 13 million trips during the quarter, up 8 percent year on year.

The delivery bike segment’s revenue rose 110 percent, thanks to the rapidly growing on-demand delivery market and partnerships with major delivery aggregators.

However, net profit declined by 23 percent year on year to AED84 million, driven primarily by the impact of the promotional discounts offered as part of European e-hailing app Bolt’s launch campaign.

Bolt deployed around 700 taxis, part of DTC’s airport fleet, to its platform.

The company said the emirate’s GDP growth, stable inflation and a government budget of AED272 billion for 2025-27 reinforced a positive growth outlook. In addition, the forecast resident population growth of more than 50 percent between 2024 and 2040 will support growth.

A cash dividend of AED122 million was paid for the second half of 2024.

Its share closed marginally higher at AED2.69 on Wednesday. The share has fallen 1.8 percent year to date on the Dubai Financial Market.