UAE Equity Research - Dubai Taxi Company (DTC) 1Q25 - First Look Note
Total fleet size stood at 9,872 units, and the number of trips grew 8% YOY to AED 12.8 Mn in 1Q25. Revenue grew 5.4% YOY to AED 588 Mn while like-for-like total revenue excluding Connectech expanded 7.1% YOY in 1Q25. Gross profit declined 5.9% YOY to AED 143 Mn, and margin fell 290 YOY to 24.3% in 1Q25, attributed to lower margin in Limousine, Bus and Delivery Bike Segment, partially offset margin expansion in Taxi Segment.
