Dubai Taxi Co. on Friday confirmed that following a robust set of results for full-year 2023, its board has recommended a dividend payout of 71 million dirhams ($19.3 million), amounting to 2.84 fils per share for Q4 2023, in line with the company's IPO commitment.

Upon approval by the  shareholders the dividend will be paid out in April 2024, the DFM-listed  mobility solutions provider said in a regulatory disclosure.

Last month DTC posted net profit of AED 345.3 million for FY 2023, up 54% year-on-year, with free cash flow of AED 129 million.

For Q4 2023, the company saw a 13% year-on-year dip in net profit to AED78 million.

DTC said it sees a "supportive environment for growth driven by Dubai’s status as a premier tourist destination and the expansion of the emirate’s urban areas.” population growth in Dubai is forecast to grow at a CAGR of 2.8% between 2023 and 2040, and a tourism CAGR of 20.5% between 2023 and 2025.

DTC, which raised $315 million in an IPO after selling nearly 25% of its total issued share capital, listed on the DFM in December 2023.

(Reporting by Brinda Darasha; editing by Seban Scaria)