Parkin Company PJSC, Dubai’s leading provider of paid public parking, posted a net profit of AED136.6 million ($37.2 million) for the three-month period ending March 31, a 32 percent increase over the same quarter in 2024.
The company has reported its latest financial results for the first quarter of 2025, underpinned by growing demand and operational expansion across the city.
Revenue rose 27 percent to AED273.3 million ($74.4 million), while earnings before interest, taxes, depreciation and ammortization (EBITDA) also climbed 27 percent to AED176.2 million ($48 million), maintaining a 64 percent margin.
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Operational performance remains strong
Operational performance was equally strong. The total number of parking transactions reached 36.5 million, up 12 percent year-on-year. Parkin expanded its parking portfolio by approximately 11,700 spaces, bringing the total to 209,000. Public parking utilisation climbed to a record 28.9 percent, supported by higher vehicle volumes and improved compliance.
Parkin also saw enforcement activity increase significantly. The company issued 569,000 enforcement notices in Q1, up 50 percent from the same period in 2024. This was boosted by enhanced inspection technology and a larger fleet of smart scan vehicles, which alone scanned 12.5 million vehicle plates in the quarter.
“As we continue to support Dubai’s ambitious growth plans, I am confident in Parkin’s future opportunities and in our ability to execute against our strategic objectives, driving sustainable, long-term shareholder value for the benefit of our investors,” said Eng. Mohamed Al Ali, CEO of Parkin.
The company confirmed that full-year guidance remains unchanged. It also highlighted early positive trends from the rollout of its variable pricing model in April 2025.
Parkin, which listed on the Dubai Financial Market in March 2024, operates under a 49-year concession agreement with Dubai’s Roads and Transport Authority.
