Parkin hits robust financial growth for Q2, H1 of 2024 amid new tax regulations

(MENAFN) Parkin, a leading provider of public parking services in Dubai and listed on the Dubai Financial Market, has disclosed its financial and operational results for the second quarter and the first half of 2024, ending June 30. The company experienced a notable 12 percent increase in total revenues for the second quarter, reaching AED 205.5 million (USD56 million). Concurrently, net profit rose by 7 percent to AED 95 million (USD26 million) despite the recent implementation of a 9 percent corporate tax rate starting in January. This growth in revenue and profit reflects Parkin’s robust performance even amidst new fiscal regulations.

Parkin, renowned for managing the largest number of paid public parking facilities in Dubai, also announced the addition of around 2,900 new public parking spaces, marking a 2 percent increase during the second quarter. For the first half of 2024, the company reported a 6 percent year-on-year increase in net profit, reaching AED 198.8 million. This positive financial trajectory is attributed to heightened transaction volumes in both public and developer-owned parking sectors, increased demand for seasonal parking cards, improved parking usage rates, and more effective control measures.

Eng. Mohammed Al Ali, CEO of Parkin, highlighted that the company’s strong second-quarter growth was driven by these factors and the 12 percent year-on-year revenue increase. Reflecting on this successful performance, Parkin plans to distribute dividends to shareholders for the first half of the year, with payments expected to be made by the end of October. This decision underscores the company's solid financial health and operational efficiency.

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