Parkin PJSC (“Parkin”), Dubai’s leading paid public parking service provider, has released its financial and operational results for the third quarter (Q3) and the nine-month period ending 30 September 2024. The company’s robust performance for Q3 highlights its strategic growth and operational improvements, positioning it for continued success in Dubai’s transport sector.
Q3 Key Highlights:
- Revenue Growth: Total revenue reached AED 239.2 million, a 25% increase from Q3 2023.
- EBITDA Increase: AED 146.8 million (+40%), with margins growing from 54% to 61%.
- Profit Stability: Net profit rose to AED 104.7 million (+5%), despite the introduction of a 9% corporate tax rate.
- Infrastructure Growth: Parkin added about 4,300 new parking spaces, increasing its capacity to 207,300 spaces.
Chairman Ahmed Bahrozyan shared, “Parkin’s strong performance in Q3 demonstrates our commitment to operational excellence and our role in strengthening Dubai’s transport infrastructure. With a focus on seamless mobility solutions, we are well-positioned to leverage Dubai’s growth opportunities.”
Strategic Partnerships and Technological Advancements
In Q3 2024, Parkin signed agreements with key industry players like Skyports Infrastructure, SAAED Traffic Systems, and Charge&Go by e&. A notable partnership with Majid Al Futtaim Properties introduced a barrierless parking system at three major malls, showcasing Parkin’s innovation in both public and private sector projects.
CEO Mohamed Al Ali said, “Our Q3 2024 results reflect strong growth driven by operational efficiencies, rising parking revenue, and improved customer engagement. Our recent partnerships and advanced enforcement technologies underline our commitment to supporting Dubai’s rapid development.”
Financial Performance Overview
For the nine months ending 30 September 2024:
- Revenue: AED 660.2 million (+15%).
- Developer Parking Revenue: AED 18.3 million (+32%).
- Seasonal Card and Permit Sales: Increased by 13%, contributing AED 112.3 million.
- Fines Revenue: AED 64.9 million (+56%), boosted by enhanced inspection technology.
Operational Expansion
Parkin’s total active parking spaces grew by 6%, with public parking spaces increasing by 3% to 179,600. Q3 also saw a 16% rise in total parking transactions to 33.8 million, with 91% of these being cashless, reflecting the company’s adaptation to digital payment trends.
Enforcement Improvements
Parkin upgraded its software for inspection devices, resulting in a 48% increase in fines issued, reaching 418,100 in Q3 2024. Using smart inspection scan cars, Parkin expanded its enforcement reach with higher accuracy, reducing the need for physical inspections. This strategy is expected to drive revenue growth and improve efficiency.
Dividend Policy and Future Outlook
In October 2024, Parkin declared an interim dividend of AED 198.773 million. The company’s FY 2024 performance is expected to align with the guidance set during its Q1 2024 listing.
With solid financial results, expanding partnerships, and a focus on sustainable urban mobility, Parkin is positioned to continue supporting Dubai’s economic growth and deliver long-term value to its shareholders.
