CFO Amit Khandelwal outlines 2024 results, investor confidence, and DTC’s future-ready strategy
Dubai Taxi Company (DTC) continues to deliver robust financial returns while contributing to Dubai’s vision of a smart and sustainable transportation ecosystem.
Amit Khandelwal, CFO of DTC, with 25 years of experience in the financial sector and heading the Finance, Procurement, and Investor Relations departments at DTC, informs: “In 2024, DTC reported a 12% year-on-year increase in revenue, reaching Dh2.2 billion. This growth was driven by an expanded fleet and increased trip numbers across its taxi, limousine, bus, and delivery segments. The company’s EBITDA rose by 19% to Dh584 million, maintaining a healthy margin of 27%. While net profit declined by 4% to Dh331 million due to the introduction of corporate tax and higher interest costs, the underlying net profit (excluding these factors) increased by 18%.
Amit Khandelwal, CFO of DTC.
In the first half of 2025, revenue grew 11% year-on-year to Dh1.2 billion, supported by fleet expansion, strategic partnerships, and sustained demand for smart, customer-centric mobility solutions. EBITDA rose 8% to Dh335 million, maintaining a healthy 28% margin, while net profit increased slightly to Dh189 million.
DTC’s total operational fleet across all segments expanded by 23% year-on-year to 10,180 vehicles as of June 2025. Key recent developments included the onboarding of over 6,000 taxis to the Bolt platform — advancing our goal of building the UAE’s largest e-hailing ecosystem — alongside a renewed partnership with Dubai Airports and our strategic collaboration with Al-Futtaim Electric Mobility.
By implementing a comprehensive framework to ensure financial transparency and robust corporate governance, DTC aligns with both local regulations and international best practices. Its financial reporting complies with international accounting standards, ensuring clarity and comparability for investors and stakeholders. The Audit Committee at DTC ensures that both internal and external audits are conducted regularly, with findings reported to the Board for appropriate action, keeping investors satisfied.
“At DTC, we maintain open and transparent communication with our investors, providing timely updates on financial performance, strategic initiatives, and governance matters. This aptly demonstrates our strong commitment to financial transparency and governance, positioning DTC as a responsible and forward-thinking entity in the region’s transportation sector,” says Khandelwal.
DTC leads Dubai’s transportation sector. Its eco-friendly fleet of taxis and limousines, with over 88% comprising hybrid or electric vehicles, is part of this forward thinking. This also aligns with Dubai’s sustainability goals while reducing environmental impact. In fact, the company has a five-year strategic plan (2025–2029) focusing on growth, digital transformation, and sustainability, which includes a comprehensive ESG strategy.
“Our EV vehicles are equipped with fast chargers, allowing drivers to be on the road longer and thus achieve the same number of daily trips and revenue compared to petrol or hybrid vehicles. In addition, DTC has procured EV cars from vehicle suppliers that are price competitive with hybrid vehicles and offer higher range and longer battery warranties, ensuring that DTC maintains or even improves its profit margins from EV trips,” assures Khandelwal.
Reducing fuel consumption and maintenance costs, investments in digital platforms such as the e-hailing partnership with Bolt, increasing trip volumes, and an enhanced brand reputation are helping DTC attract more customers and build loyalty. These factors continue to draw investors seeking responsible investment opportunities. DTC’s expansion plan via Bolt is mainly an operating cash flow model that does not require large investments.
“Our main investments are in license plates and taxi vehicles on payment plans, which also contribute to immediate cash flow generation. Therefore, DTC does not foresee a large funding requirement for expansion unless it enters into a large partnership agreement for an asset-intensive business line in the future,” adds Khandelwal.
“DTC is evolving with purpose, embracing innovation, and strengthening its market position. As we navigate this transformation, our focus remains on sustainable growth, operational excellence, and delivering long-term value for our shareholders. Shareholders’ continued support fuels our ambition to set new industry standards, expand our capabilities, and create lasting impact. Together, we are shaping a future of unparalleled opportunity,” Khandelwal concludes.
Source: Khaleej Times
Published: 15 September 2025
