Parkin Q3 Profit Surges 50% on Dubai Parking Boom

Dubai’s Parkin Company PJSC, the city’s largest paid parking operator, delivered a record-breaking third quarter as revenue and profits soared on the back of tariff changes, portfolio expansion, and rising enforcement activity.

The company reported total revenue of AED 343.3 million, a strong 43% jump from the same period last year, while net profit surged 50% to AED 157 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) also rose 36% to AED 199.8 million, reflecting a solid 58% margin.

Parkin’s parking empire continued to grow, adding 11,700 new spaces to reach a total of 219,000, a 6% year-on-year rise. Public parking spaces saw the biggest increase — up 7% to 192,100 — boosted by new additions in zones C and D.

Despite the larger network, average public parking utilisation dipped to 21.3% from 26.4% a year earlier, as more customers opted for seasonal cards, which saw record sales of 81,000, more than doubling year-on-year.

The company’s enforcement drive intensified, with 682,000 violation notices issued in the quarter — up 63% — supported by a fleet of smart scan inspection cars that scanned over 15.4 million vehicle plates, a 169% jump. Enforcement revenue climbed 59% to AED 103 million.

Revenue from developer parking rose 28% to AED 23.5 million, while multi-storey car parks benefited from the reopening of the Al Rigga facility, pushing transactions in that segment up 26%.

Strong performance across segments led Parkin to raise its full-year 2025 revenue guidance, signaling confidence in continued growth. With a 99% cash conversion rate and AED 654.8 million in available liquidity, the company remains well positioned to expand its footprint and smart mobility initiatives across Dubai.