Q3 Results Show 25% Revenue Growth and 40% EBITDA Increase

Photo : Dubai Government Media Office

Dubai, UAE – Parkin Company PJSC, the largest provider of paid public parking services in Dubai, has announced its operational and financial results for the third quarter (Q3) and the first nine months (9M) of 2024, highlighting strong growth and operational achievements.

Key Highlights for Q3 2024:

• Total Revenues: AED 239.2 million (+25% YoY)
• EBITDA: AED 146.8 million (+40%), with an EBITDA margin of 61% (up from 54%)
• Net Profit: AED 104.7 million (+5%), despite the introduction of a 9% corporate tax rate
• New Parking Spaces: A net addition of approximately 4.3k new spaces across the parking portfolio
• Total Parking Transactions: 33.8 million (+16% YoY)
• Public Parking Utilization: Increased by 2.7 percentage points to 26.4%

Operational Growth:

• The company continued to expand its parking space portfolio with a net increase of 4.3k spaces, bringing the total number of active parking spaces to approximately 207.3k by the end of Q3 2024.
• Revenue from public parking, which remains Parkin’s core business, grew by 16% to AED 103.7 million. This was driven by increased parking transactions, especially in Zone C, and a higher volume of seasonal card sales.
• Developer parking, a growing segment, saw a 32% increase in revenue to AED 18.3 million.
• Revenue from fines surged by 56% to AED 64.9 million, reflecting improved enforcement capabilities, including the use of upgraded inspection technology and an expanded fleet of smart inspection scan cars.

Strategic Developments:

• Post-quarter, Parkin signed several Memorandums of Understanding (MoUs) with key partners such as Skyports Infrastructure, SAAED Traffic Systems, and Charge&Go by e&, along with a barrierless parking agreement with Majid Al Futtaim Properties for three malls.
• The company is on track to meet its full-year 2024 revenue, EBITDA, and net income guidance.

CEO and Chairman Comments:

Ahmed Bahrozyan, Chairman of Parkin’s Board of Directors, expressed pride in the company's continued operational success, noting that Parkin plays a crucial role in supporting Dubai’s transportation infrastructure. He emphasized that with expanding population and increasing car ownership, Parkin is well-positioned for future growth and innovation in mobility solutions.

CEO Mohamed Al Ali highlighted the company’s continued focus on operational excellence, noting that the technological advancements, such as smart scan cars and improved enforcement accuracy, are driving stronger performance across all key areas.

Financial Performance:

• Total Revenue: AED 239.2 million, up 25% from Q3 2023.
• Public Parking Revenue: AED 103.7 million, up 16% YoY.
• Seasonal Cards and Permits: AED 38.3 million, up 8% YoY.
• Developer Parking Revenue: AED 18.3 million, up 32% YoY.
• Fines Revenue: AED 64.9 million, up 56% YoY.

Parkin’s impressive financial growth is attributed to an increase in public and developer parking revenues, a strong increase in fines, and seasonal card sales.

The company’s results reflect its ongoing commitment to enhancing its service offering, expanding its capacity, and supporting Dubai’s ambitions for sustainable economic and social development.

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