Parkin Company PJSC, the largest provider of paid public parking facilities in Dubai, has reported robust financial results for the second quarter (Q2) and first half (H1) of 2024, ending June 30.
The company achieved a 12% increase in total revenue, reaching AED 205.5 million in Q2 2024, driven by higher transaction volumes in public and developer parking, along with increased demand for seasonal permits and enhanced enforcement practices.
Parkin's EBITDA grew by an impressive 42% to AED 134.0 million, with an EBITDA margin expanding to 65%, up from 51% in Q2 2023. Net profit also saw a 7% increase, reaching AED 95.0 million, despite the introduction of a 9% corporate tax rate in January 2024. For the first half of 2024, the company reported a 10% revenue increase to AED 421.0 million and a 37% rise in EBITDA to AED 272.3 million.
Operational highlights for Q2 2024 include a 3% increase in total parking spaces to 200,400, with public parking spaces growing by 2% to 177,000. Developer parking spaces saw a significant 17% increase, adding 3,700 new spaces in key Dubai locations. The company also expanded its enforcement capabilities, resulting in a 26% increase in fines issued during the quarter.
Parkin's CEO, Eng. Mohamed Al Ali, highlighted the company's strategic initiatives, including the addition of new parking spaces and a visionary partnership with DEWA to enhance Dubai's EV charging infrastructure. Parkin plans to reward shareholders with a dividend for the first half of 2024, payable in late October.
Despite some seasonal fluctuations, Parkin remains confident in its ability to meet its full-year 2024 guidance, maintaining strong financial performance and operational efficiency. The company continues to leverage cutting-edge technology to enhance service delivery, solidifying its position as a leader in Dubai's parking industry.
News Source: Dubai Media Office
