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.

About Author

Asma Ahmed
Asma Ahmed
1499 Total posts


Read Also

UAE
Abu Dhabi announces that traffic on some roads will be diverted until June 9

It has been announced by Abu Dhabi that certain routes will be closed till June 9 due to traffic congestion.

UAE
Dubai: Statement from the Roads Authority regarding amending traffic times and new lanes

The Roads and Transport Authority and the Dubai Police General Headquarters have revised the schedule for truck traffic on Sheikh Mohammed bin Zayed Road, specifically the segment between Ras Al Khor Street and the Emirate of Sharjah, in both...

UAE
A yellow alert was issued for UAE residents due to the weather in the coming hours

A yellow notice has been issued for UAE citizens because of the expected weather in the next several hours.

UAE
UAE Airlines issued a new statement regarding international flights to some destinations

UAE Airlines published this announcement about international flights to various destinations.

UAE
UAE earthquake: The residents of the Emirates feel an earthquake in some areas

Residents in several regions of the United Arab Emirates have reported feeling the effects of an earthquake.

UAE
UAE visa: The UAE will provide new types of long-term visas in 2024

The United Arab Emirates (UAE) will begin offering new sorts of long-term visas in the year 2024.

UAE
Abu Dhabi Police warns residents of new scams

The Abu Dhabi Police Department is warning residents about new frauds.

UAE
The UAE announces a heavy fine of up to 100 thousand dirhams

The UAE Ministry of Human Resources and Emiratization (MoHRE) said on Friday that more than 1,370 private enterprises will be subject to severe penalties after it was discovered that they had broken the Emiratization regulations.

UAE
The UAE imposes fines of up to DH 100,000 on 1,300 companies for Emiratisation violations

The United Arab Emirates (UAE) levies fines of up to DH 100,000 on 1,300 businesses for violations of the Emiratization law.

UAE
The UAE announces the deaths of two policemen while performing their duties in Abu Dhabi.

The United Arab Emirates (UAE) reported that two police officers died while performing their duties in Abu Dhabi.

UAE
Dubai Police issued special instructions to vehicle owners today.

The Dubai Police Department sent special instructions to car owners today during the President's Cup Finals.

UAE
Emirates Airlines provides new job opportunities for residents and gives its employees 20-week bonuses

Emirates Airlines offers new job opportunities to residents and offers 20-week incentives to its employees.

UAE
A resident in Dubai wins a million dollars

A woman received a million dollars after using her husband's financial gift to buy a duty-free ticket to Dubai.

UAE
The UAE employees take a long holiday on Eid al-Adha

On the occasion of Eid al-Adha, the employees of the UAE take a lengthy vacation.

UAE
Airline offers are available in the Emirates on the occasion of the Eid Al-Adha holiday

On account of the Eid al-Adha festival, the Emirates of the United Arab Emirates are offering special deals on airline tickets because of the Eid al-Adha festival.

UAE
The UAE announces a single visa that allows its holders to travel to 6 countries for work and leisure

The UAE announced the availability of a single visa that entitles its holders to business and leisure travel to six nations.

UAE
The steps to extend a UAE visa: documents and fees required to renew a Dubai visa

The procedures for extending a UAE visa include the necessary paperwork and costs.

UAE
The UAE Police explains to employees the procedures for filing complaints against abusive co-workers

Employees receive instructions from the UAE Police on the procedures to follow when filing complaints against abusive coworkers.

UAE
The UAE announces a new 10-year blue residency permit

The United Arab Emirates has declared a permanent residence for environmentalists.

UAE
New UAE Blue Visa: A new visa for UAE residents for 10 years

The Blue Visa, a new visa for citizens of the United Arab Emirates, is available.

UAE issues a warning to residents and citizens during Ramadan and a fine of up to 500,000 dirhams