Parkin Company PJSC has reported a strong second quarter, with total revenue climbing 14 percent to AED364.1 million and net profit rising 12 percent to AED166.2 million, as growth in seasonal cards, developer parking and enforcement offset softer demand for public parking.
The Dubai parking operator posted EBITDA of AED217.2 million, up 15 percent from AED189.3 million, maintaining a healthy 60 percent margin. Eng. Mohamed Abdulla Al Ali, CEO of Parkin, said the results reflected the strength of the company's diversified portfolio even as public parking demand softened during the period.
Parkin's total parking portfolio grew 27 percent year-on-year to 268,300 spaces, with almost 57,000 added over the past 12 months. Working with the Roads and Transport Authority, the company introduced 9,900 new public parking spaces in the first half of 2026, while its developer parking portfolio more than tripled to 61,500 spaces on the back of new partnerships.
Public parking revenue fell 8 percent to AED121.9 million, dragged down by lower utilisation, which averaged 20.2 percent compared with 22.7 percent a year earlier. However, developer parking revenue jumped 61 percent to AED35.8 million and seasonal card revenue rose 50 percent to AED78.2 million. Enforcement revenue also climbed 11 percent to AED107.5 million, supported by an expanded smart inspection fleet that scanned 20.6 million plates during the quarter.
Free cash flow to equity reached AED341.8 million, with a 96 percent cash conversion rate, while net debt stood at AED710.1 million.
Parkin reaffirmed its dividend policy for the first half of 2026 and issued full-year guidance projecting public parking revenue of up to AED550 million and enforcement revenue of up to AED460 million. Capital expenditure guidance was set between AED45 million and AED55 million, with plans to add up to 5,000 more public parking spaces by year end.
News Source: Emirates News Agency
