Dubai Taxi company announces 71 Million Dirham Q4 Profit Distribution

Asma Ahmed - | UAE

The Dubai Taxi Company's Board of Directors has greenlit the inaugural dividend payout of 71 million dirhams, equivalent to 2.84 fils per share, for the fourth quarter of 2023.

The approval is pending shareholder endorsement at the company’s forthcoming annual general assembly meeting, with the dividend slated for distribution in April 2024.

The company's performance in 2023 was robust, notably marked by the successful listing of its shares on the Dubai Financial Market in December of the same year. Revenues for 2023 surged by 11% compared to the preceding year, reaching 1.95 billion dirhams. This growth was propelled by the taxi sector's strong performance, the flourishing economic landscape in Dubai, and exclusive service agreements signed by the company with various entities, particularly in high-demand areas like Dubai International Airport, which witnessed an uptick in flight frequency during this period.

With a fleet size exceeding 7,400 vehicles, Dubai Taxi Company recorded 46 million trips in 2023, marking an 8% increase from 2022. Enhanced operational efficiency, driven by the adoption of advanced technologies and initiatives like the revamp of the fleet distribution control center and increased utilization of the electronic reservation system, contributed to a significant 55% surge in earnings before interest, taxes, depreciation, and amortization, reaching 490.5 million dirhams.

The net profit for the fiscal year 2023 reached 345.3 million dirhams, reflecting a notable 54% increase from 2022, with cash flows amounting to 129 million dirhams. Despite obtaining a one billion dirhams loan and maintaining a revolving credit facility of 200 million dirhams, Dubai Taxi Company sustained a healthy balance sheet, with the net debt to earnings before interest, taxes, depreciation, and amortization ratio standing at 1.3 times.

Abdul Mohsen Ibrahim Kalbat, Chairman of the Board of Directors, highlighted the company's robust performance post-initial public offering, attributing it to Dubai's growth trajectory and the organization's market leadership. CEO Mansour Rahma Al Falasi echoed these sentiments, emphasizing the positive outlook driven by Dubai's status as a premier tourist destination and the ongoing urban development in the emirate.

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