Dubai Taxi Company reported a 25.3 per cent year-on-year decline in net profit to Dh57.1 million in the third quarter of 2026, despite a 25.7 per cent increase in revenue to Dh735.5 million, as higher financing costs and weaker demand weighed on profitability.
The Dubai-listed mobility operator said the rise in revenue was mainly supported by the consolidation of National Taxi’s financial results following the completion of its acquisition on July 8.
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Earnings before interest, taxes, depreciation and amortisation increased 10 per cent to Dh166.5 million, while the Ebitda margin narrowed to 22.6 per cent from 25.9 per cent a year earlier.
For the first nine months of 2026, DTC’s net profit declined 55.5 per cent to Dh118.3 million, compared with Dh265.4 million in the same period last year. Revenue fell 1.5 per cent to Dh1.77 billion.
Taxi demand shows signs of recovery
DTC and National Taxi completed a combined 18.5 million taxi and limousine trips during the third quarter.
Excluding National Taxi, DTC recorded 12.4 million trips, a decline of 5.3 per cent year-on-year. However, the rate of decline narrowed from 7.8 per cent in July to 1.9 per cent in September, reflecting a gradual recovery in demand.
The company said weaker airport- and tourism-related demand continued to affect its underlying performance.
Taxi segment revenue increased 27.2 per cent to Dh643.4 million, mainly supported by National Taxi’s contribution, while like-for-like taxi revenue declined 6 per cent.
Meanwhile, delivery bike revenue jumped 75.2 per cent to Dh32.1 million, supported by fleet expansion and demand for delivery services.
National Taxi integration progresses
DTC said approximately 30 per cent of National Taxi’s integration had been completed by the end of September, ahead of its initial plan, generating Dh3.9 million in synergies during the quarter.
The combined operational fleet reached 15,388 vehicles, up 16.7 per cent year-on-year, while 450 of the 600 newly acquired Dubai taxi plates were operational by quarter-end.
Mansoor Rahma Alfalasi, Group CEO of Dubai Taxi Company, said mobility trends had improved steadily during the quarter.
“Although lower airport- and tourism-related demand continued to affect underlying performance, mobility trends improved steadily through the period, with September trip volumes significantly higher than July and approaching prior-year levels,” he said.
Expansion in ride-hailing services
The company continued expanding its ride-hailing operations, adding 1,607 Arabia Taxi vehicles to the Bolt network.
Bolt recorded 2.3 million trips during the quarter, an increase of 52 per cent year-on-year.
Following the end of the reporting period, DTC renewed its strategic agreement with Hala through the RTA-Careem joint venture for another five years.
The company also commissioned an ultra-fast electric vehicle charging hub in Dubai with 24 charging points, forming the first phase of a planned network of more than 200 charging points.
DTC reported cash and liquid investments of Dh425.6 million at the end of September, while net debt increased to Dh2 billion, mainly reflecting financing for the National Taxi acquisition.
The company said it would continue focusing on integrating National Taxi, expanding digital mobility services and improving operational efficiency as demand gradually recovers.
Source: Khaleej Times