Dubai Taxi Company

Business and history

As of: 2026-06-30

Dubai Taxi Company P.J.S.C. provides taxi, limousine, bus, delivery-bike and digital passenger-transport services. It was formed on 28 June 1994 and began operations on 20 May 1995. Its legal status changed from Dubai Taxi Corporation to a public joint stock company in 2023; shares listed on DFM under DTC on 7 December 2023.

The main economic engine is paid passenger journeys. Taxis serve city and airport demand, limousines target premium customers, buses serve contracted transport and delivery bikes support last-mile services. These activities have different pricing, utilisation and cost patterns; an enlarged fleet does not automatically mean proportionately higher earnings.

Owners, leadership and group boundaries

As of: 2026-06-30

At 30 June 2026, Dubai Investment Fund held 75.01%, with local and international investors holding 24.99%. The Government of Dubai is the ultimate controlling party. The half-year statements identify Abdul Muhsen Ibrahim Kalbat as chairman and Mansoor Rahma Alfalasi as group chief executive. State control does not remove operating or financing risk.

The half-year consolidation comprises DTC and wholly owned Connectech L.L.C., established on 6 November 2024 for passenger transport through electronic services. National Taxi was acquired after the reporting date and is not included in those results. RTA is a regulator and major counterparty, not a subsidiary; booking partners and platform-connected fleets must not be treated as wholly owned assets.

Fleet, journeys and revenue mix

As of: 2026-06-30

The July results release reports 11,928 operational vehicles at June 2026, including 6,522 taxis; 669 taxis were fully electric. Taxi and limousine journeys in Q2 2026 totalled 10.3 million, compared with 13.6 million a year earlier. The trip measure covers these two services, not bus passengers or delivery orders.

H1 2026 revenue before the group discount reconciliation included AED 852.135 million from regular taxis, AED 53.638 million from limousines, AED 65.681 million from buses and AED 54.502 million from delivery. E-hailing and other revenue complete the mix. The interim note separately deducts discounts before reporting consolidated revenue; these rounded service figures are not a complete reconciliation.

Assets, licences and cost structure

As of: 2026-06-30

At 30 June 2026 property and equipment had a carrying value of AED 816.479 million, including motor vehicles of AED 704.030 million. The group also recorded intangible assets of AED 889.357 million. These accounting values are not a market appraisal of the fleet or permission to expand it without licences.

Taxi fares and relevant charges follow RTA rules. Plate and licence fees were AED 184.427 million in H1 2026 versus AED 182.902 million a year earlier, despite fewer journeys. Fuel, driver compensation, insurance, maintenance and depreciation also absorb revenue. The licence base supports market access but creates costs that do not fall immediately with demand.

Dated annual and interim results

As of: 2026-06-30

Audited FY 2025 revenue was AED 2,474.161 million and net profit AED 356.071 million, versus AED 2,196.607 million and AED 331.280 million in FY 2024. The annual report reclassified some comparative expense lines without changing total profit; individual cost categories should therefore be compared using the same presentation.

Reviewed H1 2026 revenue was AED 1,035.628 million and net profit AED 61.138 million, versus AED 1,213.424 million and AED 189.023 million in H1 2025. These are cumulative half-year figures, not the quarter or a full-year forecast. Deloitte’s interim review has a narrower scope than the annual audit. National Taxi and the subsequently approved licence-fee relief are excluded from these half-year results.

Cash flow and funding

As of: 2026-06-30

H1 2026 operating cash flow was AED 242.999 million. Cash purchases of property and equipment were AED 119.954 million, with no intangible purchases in the half-year. A separate AED 19.495 million purchased financial investments; it is not fleet capital expenditure. Disposals, deposits and investment movements mean net investing cash flow is different from gross asset purchases.

Statutory cash equivalents were AED 317.590 million at 30 June 2026. The release’s broader cash measure also includes short-term National Bonds and should not replace this balance-sheet line. The existing bank loan had AED 1,000 million principal and AED 998.588 million carrying value. It carries EIBOR plus 0.8% and a five-year bullet structure. These are pre-acquisition balances; they do not describe debt after National Taxi completion.

National Taxi and reporting perimeter

As of: 2026-07-23

DTC obtained control of 100% of National Taxi LLC on 7 July 2026, after regulatory conditions were met. The acquired operator works in Dubai, Abu Dhabi and Al Ain. Final consideration was AED 1,449.050 million, rounded from the statutory subsequent-event note, and the acquisition was funded with new bank debt.

The half-year note says purchase accounting, acquired fair values and goodwill had not yet been finalised when the statements were authorised. A larger combined fleet is therefore not proof of achieved earnings accretion. Integration costs, finance charges, acquired working capital and actual cash generation require post-acquisition reporting. Target-company management results must not be added to DTC’s half-year statutory totals.

Digital strategy and capital allocation

As of: 2026-08-19

The strategy combines regional expansion, fleet optimisation and digital distribution through Bolt. The board decided to consider any FY 2026 shareholder distribution at year-end instead of the usual semi-annual cycle. This is a deferral of consideration, not an approved dividend or a quantified promise of payment.

On 19 August 2026 DTC announced an agreement to connect Arabia Taxi’s 1,607 vehicles to Bolt. Arabia Taxi belongs to Economic Group Holdings. Platform access is distinct from buying that fleet; the announcement does not establish DTC ownership or a completed earnings contribution.

Risks and evidence limits

As of: 2026-07-23

Editorial interpretation: profitability is sensitive to tourism and airport activity, fleet utilisation, regulated fares, fuel and insurance costs. Fixed licence commitments magnify the effect of weaker trips. Fleet renewal, electric charging infrastructure and digital systems require investment while acquisition debt competes with distributions for cash.

The annual auditor treated taxi revenue recognition as a key audit matter because of transaction volumes and interfaces between systems. This is an audit focus, not a finding of fraud. The interim statements also flag seasonal demand and uncertain regional effects. The subsequent AED 25.590 million licence-fee waiver is a later-period benefit and must not be inserted retrospectively into H1 earnings.

Official contacts and source dates

As of: 2026-08-31

Official website: https://www.dubaitaxi.ae. Reports: https://www.dubaitaxi.ae/en/investor-relations/results-reports. Investor relations: ir@dtc.gov.ae; corporate IR telephone +971 4 208 0331. Headquarters: Al Muhaisnah 4, Dubai; registered postal address P.O. Box 2647, Dubai, UAE. No personal telephone number is reproduced.

Prepared on 31 August 2026. Annual data refer to FY 2025; interim accounts end on 30 June 2026 and were authorised on 23 July 2026. The August platform agreement is separately dated. Values shown in millions are rounded from AED in the accounts; PDF references use physical pages. New acquisition accounting or financial results should update the relevant section without rewriting historical periods.

Sources

1. S1 · DTC FY2025 audited financial statements · 2026-02-24
2. S2 · DTC H1 2026 reviewed interim statements · 2026-07-23
3. S3 · DTC H1 2026 results release · 2026-07-23
4. S4 · DTC Annual Report 2025 · 2026-03-20
5. S5 · DTC: Arabia Taxi platform agreement · 2026-08-19
6. S6 · DTC investor contact page · 2026-08-31