Parkin Company PJSC, the largest provider of paid public parking facilities and services in Dubai, has announced an interim cash dividend of AED 198.773 million for the first half of 2024, reflecting a strong operational performance.
This distribution, amounting to 6.63 fils per share, will be paid out to shareholders at the end of October.
The company reported a net income of AED 198.773 million and free cash flow to equity of AED 135.643 million for the first half of the year, exceeding expectations set during its record-breaking IPO in March.
Eng. Mohamed Al Ali, CEO of Parkin, expressed his satisfaction with the company's growth strategy and operational efficiency.
“Our best-in-class operational, technological, and enforcement capabilities continue to drive impressive results,”
he stated, emphasizing the management team's efforts and the board's oversight.
Parkin's dividend payout is dependent on various factors, including the availability of distributable reserves and capital expenditure plans. The company intends to maintain semi-annual dividend payments in April and October, with the Board of Directors reviewing distribution annually based on cash management needs and market conditions.
Key Dates for Dividend Distribution:
- 10 October 2024: Last entitlement date for purchasing shares to qualify for the dividend.
- 11 October 2024: Ex-dividend date; shares will trade without the dividend value.
- 14 October 2024: Record date for identifying eligible shareholders.
- 28 October 2024: Dividend payment date, with processing to eligible UAE bank accounts expected within three working days.
This dividend announcement underscores Parkin’s commitment to delivering sustainable returns to its shareholders while positioning itself for future growth.
News Source: Dubai Media Office
