Dubai’s Parkin posts 41% rise in Q1 revenue as parking portfolio expands
Parkin reported a 4 per cent rise in public parking spaces to 195,200, while multi-storey car park capacity increased 16 per cent to 3,700 spaces
07 May, 2026
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Parkin Company, Dubai’s largest provider of paid public parking facilities, reported a 41 per cent rise in first-quarter revenue, supported by higher tariffs, expansion in developer parking and a sharp increase in seasonal card sales.
The company posted total revenue of Dhs384.2m for the three months ended March 31, compared with Dhs273.3m a year earlier, while net profit rose 36 per cent to a record Dhs185.1m.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 31 per cent year-on-year to Dhs231.3m, with an EBITDA margin of 60 per cent.
Parkin’s total parking portfolio saw 23 per cent growth in Q1
Parkin said its total parking portfolio expanded by 23 per cent to 258,000 spaces, driven largely by growth in developer parking, which more than tripled to 59,100 spaces following several contracts signed in the second half of 2025.
Public parking spaces rose 4 per cent to 195,200, while multi-storey car park capacity increased 16 per cent to 3,700 spaces.
Despite the increase in capacity, total parking transactions fell 5 per cent to 34.7 million during the quarter, while average public parking utilisation declined to 21.8 per cent from 29 per cent a year earlier.
The company attributed the softer transaction volumes and utilisation to regional geopolitical uncertainty, a longer Eid Al Fitr holiday period and the continued uptake of seasonal cards following the introduction of variable parking tariffs in April 2025.
Weighted average public parking tariffs rose 51 per cent year-on-year to Dhs3.02 per hour following the tariff changes.
Seasonal parking card sales more than doubled to 100,600 during the quarter, with one-month cards recording the strongest growth as customers opted for fixed-price parking packages.
Enforcement revenue rose 46 per cent to Dhs119.7m, while the number of fines issued increased 33 per cent to 754,300 notices.
The company said it continued to expand its technology-enabled enforcement operations, with smart inspection vehicles scanning 20.6 million vehicle registration plates during the quarter, up 64 per cent from a year earlier.
Engineer Mohamed Abdulla Al Ali, CEO of Parkin, commented: “I am pleased to report that we began 2026 on a strong footing, delivering total revenue of Dhs384m, a 41 per cent increase on the same period last year, alongside a 36 per cent increase in net profit to a record Dhs185m. During the quarter, we continued to expand our operational footprint, adding both public and developer parking spaces to our portfolio, while seasonal card sales reached a record 100.6k, a 129 per cent year-on-year increase. Total transaction volumes and utilisation were softer, reflecting the impact of the regional geopolitical situation and a longer Eid Al Fitr holiday period relative to last year. It is also worth noting that utilisation comparisons with Q1 2025 are not directly meaningful, as variable pricing had not yet come into effect during that period. On the enforcement front, we continued to leverage our technology-enabled smart scan car inspection fleet, complemented by targeted, data-driven field deployment to reinforce compliance across the network.
“Looking ahead, we remain confident in the structural strengths of our business and in Parkin’s ability to navigate the current operating environment. We are keeping our FY 2026 revenue guidance under review and expect to provide the market with a revised assessment alongside our Q2 2026 results in early August.”
The company said free cash flow to equity increased 48 per cent to Dhs503.9m during the quarter, while cash conversion improved to 99 per cent.
It added that its full-year 2026 revenue guidance remains under review due to the impact of external factors, including evolving regional geopolitical developments, and said it expects to provide an updated outlook alongside second-quarter results.























