Parkin, the principal operator of paid public parking in Dubai, has reported a significant growth in its financial results for the second quarter, with all key metrics such as revenue, EBITDA, and net profit showing remarkable increases compared to last year.
Impressive Financial Outcomes in Q2
For the second quarter, the company recorded revenues amounting to Dhs320 million, reflecting a 56% increase from Dhs205.5 million in the same period of 2024. Additionally, EBITDA rose by 41% to Dhs189.3 million, resulting in a margin of 59%. Net profit surged 56% to Dhs148.4 million.
The firm expanded its portfolio by approximately 11,100 new parking spaces, a 6% growth, bringing its total to 211,500 spaces. Parking transactions rose 15% to 33.2 million, with seasonal card sales reaching an all-time high of 70,900, representing a 140% increase.
The average usage rate for public parking dropped to 22.7%, down 3 percentage points from the previous year.
Revenue Growth Driven by Tariff Adjustments and Enforcement
The revenue from public parking saw an increase of 48% to Dhs132.2 million, aided by a rise in the average hourly tariff to Dhs3.04, up from Dhs2.01.
On average, revenue per public parking spot increased by 38% to Dhs701.
Revenue from developer parking also grew by 55% to Dhs22.3 million, while income from seasonal card and permit sales rose by 40% to Dhs52 million.
Revenue from enforcement activities soared by 77% to Dhs96.7 million, even though the rate of fine collection slightly decreased from 87% to 83%.
Enforcement notices issued went up by 81% to 660,000, with 81% being related to public violations.
Field enforcement operations recorded 8.2 million licence plate scans (an increase of 346%), while a fleet of smart inspection vehicles scanned 13.5 million plates (up 110%).
Future Partnerships and Expectations
The company has come to a new agreement regarding concession fees with Dubai’s RTA, setting a limit of 27.5% on public parking revenues and 20% for other revenue streams.
As of the end of the quarter, Parkin’s net debt was Dhs692.5 million, with available liquidity totaling Dhs533.5 million.
The company has maintained its annual forecast, anticipating that public parking revenues will be between Dhs520 million and Dhs550 million, while enforcement revenues are expected to fall between Dhs275 million and Dhs305 million.
Mohamed Abdulla Al Ali, CEO of Parkin, remarked that the record-setting performance in Q2 highlights the company’s goal to transform Dubai’s urban mobility with intelligent, efficient, and customer-focused parking solutions. He expressed optimism for the future, stating they are prepared to embrace new opportunities in shaping Dubai’s promising future.