Parkin Company PJSC, the largest provider of paid public parking services in Dubai, has announced robust operational and financial results for the third quarter (Q3) and nine-month period (9M) ended 30 September 2024.
In Q3 2024, Parkin reported a 25% increase in total revenues, reaching AED 239.2 million compared to AED 192.2 million in the same period last year. This growth was driven by a 16% rise in public parking revenue, a 32% increase in developer parking income, and a 56% jump in fines revenue. EBITDA surged by 40%, totaling AED 146.8 million, while net profit rose by 5% to AED 104.7 million despite the introduction of a 9% corporate tax rate.
The company’s operational performance saw significant improvements, with a 16% increase in total parking transactions to 33.8 million. The number of public parking spaces grew by 3%, adding over 4,300 new spaces across its portfolio. Additionally, the company’s enforcement capabilities were enhanced through technology upgrades, boosting fine collection efficiency.
Parkin's Chairman, Ahmed Bahrozyan, attributed the strong results to the company’s technological advancements and strategic growth initiatives, positioning Parkin to capture future market opportunities.
CEO Mohamed Al Ali highlighted the company’s expansion into new sectors, including recent agreements with Skyports Infrastructure and Majid Al Futtaim Properties, reinforcing its competitive edge.
Looking ahead, Parkin remains on track to meet its full-year 2024 financial targets, with continued focus on operational excellence and sustainable growth to support Dubai’s transportation ecosystem.
News Source: Dubai Media Office
