New parking spaces in Dubai drive Parkin’s revenues

Revenues for Parkin, the Dubai government’s parking management company, grew 12 percent year on year in the second quarter of 2024 due to an increase in parking spaces and seasonal permits.

Parkin’s top line for the April to June period reached AED206 million ($56 million), compared to AED184 million a year ago despite the impact of the April floods in the emirate.

The number of parking spaces rose 3 percent annually to 200,000, including 2,900 public parking spaces and 3,000 developer-owned parking spaces.

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The growth led to net profit rising 7 percent year on year to AED95 million in the second quarter.

The total number of seasonal permits issued increased by 39 percent annually to 30,700 in Q2 2024, driven by a 47 percent increase in the issuance of seasonal permits with a short-term validity period of 0-3 months.

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The number of fines issued rose 26 percent to 365,000 in Q2 2024 from 291,000 in Q2 2023. The fine collection rate reached 87 percent during the quarter. Most of the fines issued were due to public parking voilations.

Revenues for the first half were up 10 percent year on year to AED421 million, while the bottom line rose 6 percent to AED199 million.

The company plans to pay a semi-annual dividend in April and October, with the first payment expected in October 2024 for H1 2024.