Dubai's Parkin Q2 Profit Rises 12% To Dh166.2 Million As Fine Revenue Hits Dh107.5 Million

Parkin reported a 12 per cent rise in second-quarter net profit to Dh166.2 million, supported by growth in seasonal cards, developer parking and enforcement revenues as the company continued to expand its parking portfolio across Dubai.

Revenue for the three months increased 14 per cent to Dh364.1 million, while EBITDA rose 15 per cent to Dh217.2 million, with the EBITDA margin at 60 per cent.

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The company added a net 56,800 parking spaces over the past 12 months, taking its total portfolio to 268,300 spaces, up 27 per cent year-on-year.

Developer parking more than triples

Developer parking spaces increased to 61,500, from 19,600 a year earlier, following several contracts signed mainly in the second half of 2025.

Developer parking revenue rose 61 per cent to Dh35.8 million, while transactions increased 75 per cent to 6.6 million.

Parkin also added 9,900 public parking spaces during the first half, with 7,900 spaces added during the second quarter alone.

Public parking spaces reached 203,200 at the end of June, up 8 per cent from a year earlier.

Seasonal card sales increased 38 per cent to 97,500 during the quarter, while revenue from seasonal cards and permits jumped 50 per cent to Dh78.2 million.

Parkin said demand remained particularly strong for one-month seasonal cards, as customers continued to take advantage of the gap between variable daily tariffs and unchanged seasonal card prices.

Public parking utilisation stood at 20.2 per cent, compared with 22.7 per cent a year earlier, partly reflecting the shift by customers towards seasonal cards, whose users are not counted in the utilisation measure.

Enforcement revenue rises

Enforcement revenue increased 11 per cent to Dh107.5 million.

Parkin's smart inspection vehicles scanned 20.6 million licence plates during the quarter, up 52 per cent year-on-year, while the number of enforcement notices increased 5 per cent to 695,000.

The company expanded its smart scan inspection fleet to 37 vehicles, from 25 a year earlier.

Parkin generated Dh341.8 million in free cash flow to equity by the end of the second quarter, with a cash conversion rate of 96 per cent.

Net debt stood at Dh710.1 million, while available liquidity amounted to Dh563.2 million.

The company maintained its dividend policy and expected its H1 2026 payout to be at least the higher of 100 per cent of first-half net profit or free cash flow to equity, subject to distributable reserves.

2026 outlook broadly unchanged

Parkin said its overall financial outlook for 2026 remains broadly unchanged, with slightly lower expected public parking revenue offset by stronger seasonal card and developer parking income.

Seasonal card revenue is now expected at Dh280 million to Dh300 million, up from previous guidance of Dh260 million to Dh280 million.

Developer parking revenue guidance was also raised to Dh130 million to Dh150 million, from Dh110 million to Dh130 million.

Public parking revenue is expected at Dh510 million to Dh550 million, while enforcement revenue guidance remains unchanged at Dh420 million to Dh460 million.

Capital expenditure is expected to remain between Dh45 million and Dh55 million.

Dubai's Parkin expands to Sharjah, to roll out up to 9,900 parking spots in Aljada Salik's H1 profits drop 8.7% as fines, number of trips decline Paid parking begins in Sharjah's Aljada; on-street fee will cost Dh6.5 per hour

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