Parkin reports net profit rise of 13% to Dhs120m in 2024
Parkin’s total revenue for Q4 2024 surged 30 per cent year-on-year to Dhs265m, driven by increased parking transactions and expanded space capacity
Parkin Company, the provider of paid public parking facilities and services in Dubai, reported strong operational and financial results for the fourth quarter (Q4) and full year 2024 (FY 2024), exceeding financial guidance set at its March 2024 IPO.
Parkin’s total revenue for Q4 2024 surged 30 per cent year-on-year to Dhs265m, driven by increased parking transactions and expanded space capacity.
EBITDA rose 42 per cent to Dhs158.2m, with margins expanding to 60 per cent, up from 55 per cent in Q4 2023.
Net profit increased by 13 per cent to Dhs120m despite introducing a 9 per cent corporate tax.
The company added approximately 10,400 new parking spaces during the quarter, bringing its total portfolio to 206,400.
Public parking transactions rose 16 per cent year-on-year to 36.9 million, while the average public parking utilisation rate increased by 2.4 percentage points to 28.3 per cent.
A cash dividend for H2 2024 is set to be paid in April 2025, subject to shareholder approval.
Parkin: Full-year 2024 highlights
For the full year, Parkin’s revenue reached Dhs925.2m, up 19 per cent from FY 2023. EBITDA grew 39 per cent to Dhs577.3m, with a margin expansion of nine percentage points to 62 per cent.
Net profit rose 7 per cent to Dhs423.5m.
Revenue from fines surged 37 per cent to Dhs249.1m, while seasonal permits increased 36 per cent to 139,000. Developer parking revenue grew 19 per cent to Dhs69.5m.
Capital expenditure jumped significantly to Dhs1.1bn due to a one-off upfront payment to the Roads and Transport Authority (RTA) for a 49-year concession agreement.
Ahmed Bahrozyan, chairman of Parkin’s Board of Directors, said the company has made “remarkable progress” in its first year as a publicly listed entity. “Parkin operates at the centre of Dubai’s transport ecosystem, playing a vital role as a mobility enabler. Our results reflect our dominant market position, operational excellence, and focus on digitisation and innovation,” he said.
CEO Engineer Mohamed Al Ali highlighted the company’s record-breaking profits and growth, attributing the success to an expanded parking portfolio and improved enforcement measures. “EBITDA growth of 42 per cent in the fourth quarter underscores Parkin’s operational leverage and efficiency initiatives. We exceeded financial targets set at our IPO, demonstrating the strength of our strategic vision and leadership,” he added.
Looking ahead, Parkin remains confident in delivering another strong performance in 2025, supported by Dubai’s economic growth, population expansion, and record tourism figures.
