Dubai's largest public parking operator, Parkin Company PJSC, posted a record AED 384.2 million in total revenue for the first quarter of 2026, a 41% jump year-on-year, as the company continued to scale its operations and enforce compliance across an expanded network.
Net profit climbed 36% to a record AED 185.1 million, while EBITDA rose 31% to AED 231.3 million at a 60% margin. Free cash flow to equity reached AED 503.9 million, up 48% from the same period last year.
The company's total parking portfolio grew by 23% to 258,000 spaces, driven largely by a 216% surge in developer parking spaces, which jumped from 18,700 to 59,100 following a series of contracts signed primarily in the second half of 2025.
Seasonal card sales hit a record 100,600 units, up 129% year-on-year, as commuters took advantage of unchanged card pricing against higher variable hourly tariffs introduced in April 2025. The weighted average public parking tariff rose 51% to AED 3.02 per hour during the quarter.
Total parking transactions dipped 5% to 34.7 million, and the average public parking utilisation rate fell to 21.8% from 29% in Q1 2025. Parkin attributed the softer figures to regional geopolitical uncertainty, a longer Eid Al Fitr holiday period and the continued migration of users toward seasonal cards.
Enforcement activity intensified, with 754,300 fines issued during the quarter, up 33% year-on-year. The company's smart scan fleet scanned over 20.6 million vehicle registration plates, a 64% increase on the prior year period.
CEO Eng. Mohamed Abdulla Al Ali said the company began 2026 on a strong footing but noted that March performance reflected external pressures. Full-year revenue guidance is under review, with a revised outlook expected alongside Q2 2026 results in early August.
News Source: Dubai Media Office
