Post by : Bianca
Haleem
The largest paid parking operator in Dubai, Parkin Company PJSC, reported a remarkable third quarter fueled by strong revenue growth driven by tariff adjustments, portfolio expansion, and heightened enforcement measures.
The total revenue reached AED 343.3 million, marking a substantial 43% increase compared to the previous year, while net profit experienced a 50% rise to AED 157 million. Furthermore, earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 36% to AED 199.8 million, reflecting an impressive margin of 58%.
Parkin's operations expanded significantly, adding 11,700 new parking spaces to achieve a total of 219,000, which represents a 6% increase year-on-year. The largest growth was seen in public parking, which rose by 7% to 192,100 spaces, bolstered by new offerings in zones C and D.
Despite the expansion, the average public parking usage fell to 21.3% from 26.4% the previous year, as many customers chose seasonal cards, leading to record sales of 81,000 — more than double compared to last year.
The company's enforcement efforts intensified, with 682,000 violation notices issued this quarter, a 63% increase, supported by smart scan inspection vehicles that scanned over 15.4 million vehicle plates, representing a 169% rise. This enforcement drive resulted in a 59% increase in revenue to AED 103 million.
Revenue from developer parking also grew by 28% to AED 23.5 million, while multi-storey car parks saw advantages from the reopening of the Al Rigga facility, benefiting transactions by 26% in that segment.
The impressive performances led Parkin to revise its full-year 2025 revenue guidance upwards, showcasing confidence in sustained growth. Holding a strong cash conversion rate of 99% and AED 654.8 million in liquidity, the company is poised for further expansion and smart mobility initiatives throughout Dubai.
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