Dubai's Parkin locks in record Q2 revenue, profit on parking demand

08/08/2025 02:56 AST

Parkin Company PJSC, the city's largest paid public parking provider, reported a record 56% year-on-year rise in Q2 2025 revenue to Dh320 million, driven by higher public parking tariffs, strong enforcement income, and record seasonal card sales.

The company's net profit also surged 56% to Dh148.4 million, while EBITDA rose 41% to Dh189.3 million, maintaining a robust 59% margin. These gains come as Dubai's growing population, tourism numbers, and economic expansion continue to fuel demand for urban mobility infrastructure.

Eng. Mohamed Abdulla Al Ali, CEO of Parkin, said: "Parkin's record-breaking Q2 performance underscores our ambition to redefine Dubai's urban mobility landscape through smart, efficient parking solutions. Our strong results reflect growing demand, strategic execution, and our ability to align with the city's infrastructure goals."

Revenue drivers
Public parking revenue rose 48% to Dh132.2 million, with 59% generated during peak hours, up from 47% a year ago.

Seasonal card and permit revenue climbed 40% to Dh52 million, with a record 70,900 seasonal cards sold in the quarter.

Enforcement income jumped 77% to Dh96.7 million, though the fine collection rate dipped slightly to 83%, down from 87% in Q2 2024.

Developer parking revenue increased 55% to Dh22.3 million, despite a minor dip in available spaces.

The implementation of variable parking tariffs, averaging Dh3.04 per hour (up from Dh2.01), along with portfolio expansion, helped boost average revenue per public parking spot by 38%, to Dh701.

Parking network growth
Parkin added around 11,100 new parking spaces during the quarter, expanding its total portfolio by 6% to 211,500 spaces.

Public parking capacity rose by 11,700 year-on-year to 188,700 spaces in Q2 2025, led by the addition of 7,800 on-street (Zone C) and 3,800 off-street (Zone D) spaces. However, developer parking dipped slightly to 19,600 spaces due to the planned phase-out at Al Sufouh, partly offset by 900 new additions during the quarter.

Multi-storey car park (MSCP) capacity remained flat at 3,200 spaces, though the refurbished Al Rigga MSCP reopened in July, adding 440 ticketless, barrier-free spaces back into service.

Parking usage, transactions
Total parking transactions-public and private-rose 15% YoY to 33.2 million in Q2 2025.

Zone C recorded the highest growth in parking transactions, rising 17% year-on-year to 20 million. Zone D saw a 7% increase, while Zone A rose 3%. Despite a lower number of spaces, developer parking transactions jumped 35% to 3.8 million. Transactions across multi-storey car parks (MSCPs) remained steady at 0.2 million.

Gulfnews