Parkin, the largest paid public parking operator in Dubai, has reported impressive second-quarter financial results, with significant increases in total revenues, EBITDA, and net profit compared to the previous year.
Robust Q2 Financial Results
In the second quarter, the company generated revenues of Dhs320 million, representing a 56% rise from Dhs205.5 million in Q2 of 2024. EBITDA saw a remarkable increase of 41% to reach Dhs189.3 million, achieving a margin of 59%.
Net profit also experienced a 56% surge, amounting to Dhs148.4 million.
Furthermore, the company expanded its offerings by adding approximately 11,100 new parking spaces, marking a 6% increase and bringing the total to 211,500 spaces. Parking transactions grew by 15%, reaching 33.2 million, while sales of seasonal cards soared to a record high of 70,900, which translates to a 140% increase.
The average utilization rate for public parking fell to 22.7%, a decrease of 3 percentage points.
Revenue Boost from Variable Tariff and Enforcement
Revenue from public parking increased by 48% to Dhs132.2 million, aided by a rise in the weighted average hourly tariff to Dhs3.04 from Dhs2.01.
The average revenue generated per public parking spot climbed by 38%, reaching Dhs701.
Revenue from developer parking rose by 55% to Dhs22.3 million, while revenue from seasonal cards and permits increased by 40% to Dhs52 million.
Income from enforcement activities surged by 77%, totaling Dhs96.7 million, although the rate of fine collection slightly decreased to 83% from 87%.
The number of enforcement notices issued rose by 81%, reaching 660,000, with 81% attributed to public violations.
The company’s field enforcement efforts scanned 8.2 million license plates (up 346%), while the fleet of smart inspection vehicles scanned 13.5 million plates (up 110%).
Strategic Alliances and Future Outlook
Parkin has updated its concession arrangement with Dubai’s RTA, setting a cap of 27.5% on public parking revenues and 20% on other revenue sources.
As of the end of the quarter, net debt was reported at Dhs692.5 million, with available liquidity standing at Dhs533.5 million.
The company affirmed its annual projections, anticipating public parking revenues between Dhs520 million and Dhs550 million, and expected enforcement revenues to fall within the range of Dhs275 million to Dhs305 million.
CEO Mohamed Abdulla Al Ali emphasized that the record-breaking performance in Q2 highlights their goal to transform Dubai’s urban mobility through innovative, efficient, and customer-focused parking solutions. He expressed optimism for the future, ready to embrace new opportunities and contribute to shaping Dubai’s promising future.