Dubai Taxi Company (DTC) posted a Q2 net profit of 79.4 million dirhams ($21.6 million), 14% lower than in the year-ago period.

The net profit missed analysts’ mean estimate of AED 89.37 million, according to LSEG data.

Revenue for the quarter came in at AED 531 million, up 12% year-on-year (YoY), a statement said.

For H1 2024, the company made a net profit of AED 187.4 million, up 1% YoY, impacted by the introduction of corporate tax as well as finance costs, the company said.

“Our outlook is positive, supported by Dubai’s continued success as a leading business and leisure destination, with strong macroeconomic tailwinds enabling population growth and urban expansion, which we see driving long-term, sustainable demand growth for our services,” CEO Mansoor Rahma Alfalasi said.

DTC’s board has approved dividends of AED 159.3 million, amounting to 6.37 fils per share for H1 2024.