Recent Research

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  FIRST LOOK NOTES

  28 Jul 2026

  Dubai Taxi Company

  BUY

  Last Closing Price

  2.11

  Target Price

  3.00

  Upside (%)

  +42.18%

  UAE Equity Research - Dubai Taxi Company (DTC) 2Q26 - First Look Note

  Total operational fleet increased 4.5% QOQ to 11,928 vehicles as of June 2026, driven by expansion across the taxi, bus, and delivery bike segments. Softer airport and tourism-related demand led to a 24.4% YOY decline in taxi and limousine trips during 2Q26.

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  EARNINGS CALL INSIGHT

  28 Jul 2026

  Dubai Taxi Company

  BUY

  Last Closing Price

  2.10

  Target Price

  3.00

  Upside (%)

  +42.86%

  UAE Equity Research - Dubai Taxi Company (DTC) 2Q26 - Earnings Call Insight

  DTC’s revenue declined 22.5% YOY to AED 485 Mn in 2Q26, reflecting softer trip volumes across the taxi and limousine segments, partially offset by growth in the bus and delivery bike segments.

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  FIRST LOOK NOTES

  25 Feb 2026

  Dubai Taxi Company

  ACCUMULATE

  Last Closing Price

  2.68

  Target Price

  3.00

  Upside (%)

  +11.94%

  UAE Equity Research - Dubai Taxi Company (DTC) 4Q25 - First Look Note

  Total fleet size increased from 9,418 in 2024 to 11,126 in 2025, while the number of trips grew 8.0% YOY to AED 53 Mn. E-hailing trips surged 24.0% YOY to 21 Mn in 2025, reflecting strong digital adoption and progress toward Dubai’s target of shifting 80% of taxi trips to e-hailing.

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  FIRST LOOK NOTES

  13 Nov 2025

  Dubai Taxi Company

  BUY

  Last Closing Price

  2.60

  Target Price

  3.00

  Upside (%)

  +15.38%

  UAE Equity Research - Dubai Taxi Company (DTC) 3Q25 - First Look Note

  Total fleet size increased from 8,793 in 3Q24 to 10,500 in 3Q25, while the number of trips grew 6.5% YOY to AED 13.1 Mn. Expanded e-hailing network through partnership with Kabi, integrating 9,800 taxis of Kabi and DTC on the Bolt platform.

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• 

  EARNINGS CALL INSIGHT

  12 Nov 2025

  Dubai Taxi Company

  BUY

  Last Closing Price

  2.62

  Target Price

  3.00

  Upside (%)

  +14.50%

  UAE Equity Research - Dubai Taxi Co (DTC) 3Q25 - Earnings Call Insight

  DTC’s revenue grew 15.4% YOY to AED 585 Mn in 3Q25, owing to fleet expansion and a higher number of trips. Revenue on a like-for-like basis, excluding Connectech rose 14.9% YOY in 3Q25. Total trips across the Taxi and Limousine Segments rose 6.5% YOY to 13.1 Mn in 3Q25, attributed to continued growth in Dubai tourism and sustained improvement in fleet productivity.

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• 

  FIRST LOOK NOTES

  30 Jul 2025

  Dubai Taxi Company

  ACCUMULATE

  Last Closing Price

  2.70

  Target Price

  3.00

  Upside (%)

  +11.11%

  UAE Equity Research- Dubai Taxi Company (DTC)- 2Q25 First Look Note

  Total fleet size increased from 8,247 in 2Q24 to 10,180 in 2Q25, while the number of trips grew 19% YOY to AED 13.6 Mn. Secured an exclusive five-year strategic partnership with Dubai Airports to serve the rising passenger traffic in the emirate.

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