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Parkin, Dubai’s largest paid public parking operator, posted a sharp rise in second-quarter results, with total revenues, EBITDA and net profit all climbing sharply year-on-year.
Strong financial performance in Q2
The company booked revenues of Dhs320m in Q2, up 56 per cent from Dhs205.5m in Q2 2024. EBITDA surged 41 per cent to Dhs189.3m, yielding a margin of 59 per cent.
Net profit also jumped 56 per cent to Dhs 148.4m.
The company added about 11.1k new parking spaces (a 6 per cent increase), boosting its portfolio to 211.5k spaces. Parking transactions climbed 15 per cent to 33.2 million, while seasonal card sales hit a record 70.9k, a 140 per cent increase.
The average public parking utilisation rate dipped to 22.7 per cent, down 3 percentage points.
Variable tariff and enforcement lift Parkin’s revenues
Public parking revenue rose 48 per cent to Dhs 132.2 m, supported by a weighted average hourly tariff increase to Dhs3.04 (from Dhs2.01).
Average revenue per public parking spot rose 38 per cent to Dhs 701.
Developer parking revenue increased 55 per cent to Dhs 22.3m, while seasonal card and permit revenue climbed 40 per cent to Dhs 52m.
Enforcement revenue jumped 77 per cent to Dhs 96.7m, though the fine collection rate eased slightly to 83 per cent from 87 per cent.
Enforcement notices issued rose 81 per cent to 660k, 81 per cent of which were for public violations.
The company’s field enforcement scanned 8.2 million licence plates (up 346 per cent), and its fleet of smart inspection cars scanned 13.5 million plates (up 110 per cent).
Strategic partnerships and outlook
The company agreed a revised concession fee with Dubai’s RTA, set at a cap of 27.5 per cent on public parking revenues and 20 per cent for other revenue lines.
Net debt stood at Dhs 692.5 m at the end of the quarter, with Dhs 533.5m in available liquidity.
The company maintained its full-year guidance, expecting public parking revenues to total between Dhs520 m and Dhs550m, and enforcement revenues to range between Dhs275m and Dhs305m.
Engineer Mohamed Abdulla Al Ali, CEO of Parkin, said its “record‑breaking Q2 performance underscores our ambition to redefine Dubai’s urban mobility landscape through smart, efficient, consumer‑centric parking solutions… We look to the future with confidence, ready to seize new opportunities, helping to shape Dubai’s bright future.”
