Dubai Taxi Company reported revenue of more than Dh1 billion for the first half of the year despite a sharp decline in airport and tourism-related demand during the second quarter.
The company said revenue for the three months to the end of June fell 22.5% year-on-year to Dh484.5 million. EBITDA dropped 57.2% to Dh77.2 million, while net profit for the quarter stood at Dh10.4 million.
For the first half of the year, net profit reached Dh61.1 million.
Taxi and limousine trips declined 24.4% year-on-year to 10.3 million during the second quarter, with weaker demand from airport passengers and tourists affecting activity.
The company said the market showed signs of improvement as the quarter progressed. Trip volumes in June were 11.2% below the level recorded a year earlier, compared with a 36.7% decline in April.
Dubai Taxi Company continued to expand during the first half as part of its five-year strategy. The company acquired 600 additional taxi licence plates through the latest Roads and Transport Authority auction, raising its share of Dubai’s taxi market to 46%, or 59% when National Taxi is included.
The company also expanded its presence beyond Dubai. Bolt began operations in Abu Dhabi with limousine services before adding taxis, while Dubai Taxi Company entered the Ajman market as part of its wider expansion across the UAE.
After the reporting period ended, Dubai Taxi Company completed its acquisition of National Taxi following regulatory approval. The deal gives the group an estimated 12% share of the Abu Dhabi taxi market and creates the UAE’s largest taxi operator, with a combined fleet of more than 9,000 vehicles.
The acquisition is expected to increase earnings from the first full year of ownership.
The company said it was seeing early signs of demand returning despite market conditions remaining weaker than at the beginning of the year. Its priorities include integrating National Taxi, expanding into other emirates, growing the Bolt platform and investing in technology and fleet efficiency.
Dubai Taxi Company also said the RTA had recalculated monthly taxi vehicle fees for March to May, resulting in reductions worth Dh25.6 million. The amount will be recognised in the company’s third-quarter financial statements.
Group Chief Executive Mansoor Rahma Alfalasi said the company had remained fully operational despite challenging conditions, particularly in airport and tourism-related business.
He said the company remained confident in Dubai’s long-term growth, supported by population growth, urban development and continued investment in transport infrastructure.
Alfalasi said the National Taxi acquisition, regional expansion and development of the company’s digital mobility platform represented important steps in building a stronger UAE-wide transport business.
