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  • UAE Flag
    FIRST LOOK NOTES
    03 Mar 2025
    Dubai Taxi Company
    HOLD
    AED 2.77
    AED 3.00
    +8.30%

    UAE Equity Research - Dubai Taxi Company (DTC) 4Q24 - First Look Note

    Added 744 taxis, 79 limousines, 24 buses, and 1,089 delivery bikes to its fleet in 2024. Completed 48.8 Mn trips during 2024 in the taxi and limousine segment compared to 45.9 Mn trips in 2023. Won 994 taxi plates in 2024 leading to a taxi fleet of 5,960 taxis increasing DTC’s share to 47% in the Dubai Taxi Market.
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  • UAE Flag
    FIRST LOOK NOTES
    14 Nov 2024
    Dubai Taxi Company
    ACCUMULATE
    AED 2.64
    AED 3.00
    +13.64%

    UAE Equity Research - Dubai Taxi Company (DTC) 3Q24 - First Look Note

    DTC recorded a 5.0% YOY increase in the Taxi and Limousines segment trips to 12.2 Mn during 3Q24, out of which the taxi segment accounted for 12.0 Mn trips. Signed a strategic partnership with Bolt with exclusive operational rights to offer e-hailing services for 20 years in the UAE.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    11 Nov 2024
    Dubai Taxi Company
    ACCUMULATE
    AED 2.72
    AED 3.00
    +10.29%

    UAE Equity Research - Dubai Taxi Company (DTC) 3Q24 - Earnings Call Insight

    DTC’s revenue grew 11.0% YOY to AED 507 Mn in 3Q24 owing to growth across taxi, buses, and delivery bikes segments partially offset by a decline in Limousine revenue. DTC recorded a 5.0% YOY increase in the Taxi and Limousines segment trips that reached 12.2 Mn during 3Q24, out of which the taxi segment accounted for 12.0 Mn trips
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  • UAE Flag
    FIRST LOOK NOTES
    29 Jul 2024
    Dubai Taxi Company
    BUY
    AED 2.32
    AED 2.75
    +18.53%

    Higher finance cost and operating expenses impacted profitability

    DTC acquired 94 taxi licenses in the recent RTA auction and further plans to participate in two upcoming auctions; one in August 2024 and the other at the end of the year.
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  • UAE Flag
    FIRST LOOK NOTES
    10 May 2024
    Dubai Taxi Company
    HOLD
    AED 2.30
    AED 2.48
    +7.83%

    Robust fleet expansion and higher tariffs drove profitability

    DTC acquired 94 taxi licenses in the recent RTA auction and added 235 delivery bikes to its fleet in 1Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    06 Mar 2024
    Dubai Taxi Company
    ACCUMULATE
    AED 2.23
    AED 2.48
    +11.21%

    Higher loss on financial assets impacted profitability

    Dubai Taxi Company P.J.S.C. (DTC/the Company) net profit declined 12.9% YOY to AED 78 Mn in 4Q23, lower than our estimate of AED 89 Mn.
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  • UAE Flag
    INITIAL COVERAGE (EQUITIES)
    09 Jan 2024
    Dubai Taxi Company
    ACCUMULATE
    AED 2.24
    AED 2.47
    +10.27%

    Favourable regulations with strong macro backdrop fuels growth

    We initiate coverage on Dubai Taxi Company PJSC (“DTC” or “the Company”) with a target price of AED 2.47 per share.
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