By Staff Reporter
Dubai’s leading public parking operator, Parkin Company PJSC, has reported record first-quarter revenue of AED 384.2 million for 2026, marking a 41 percent increase compared to the same period last year, driven by rapid portfolio expansion and stronger enforcement operations.
Net profit rose 36 percent to AED 185.1 million, while EBITDA reached AED 231.3 million with a strong 60 percent margin. Free cash flow to equity also surged by 48 percent to AED 503.9 million.
The company expanded its total parking portfolio by 23 percent to 258,000 spaces. A major contributor was the sharp growth in developer parking spaces, which climbed 216 percent from 18,700 to 59,100 spaces following several agreements signed in late 2025.
Seasonal parking card demand also reached record levels, with sales jumping 129 percent year-on-year to 100,600 cards. The increase came as motorists sought fixed-cost parking options after variable hourly tariffs were raised in April 2025. Average public parking tariffs increased by 51 percent to AED 3.02 per hour during the quarter.
Despite the strong revenue performance, total parking transactions declined 5 percent to 34.7 million, while average parking utilisation dropped to 21.8 percent from 29 percent in Q1 2025. Parkin linked the slowdown to regional geopolitical tensions, an extended Eid Al Fitr holiday period, and the growing shift toward seasonal card usage.
Enforcement activity continued to intensify, with the company issuing more than 754,000 parking fines during the quarter — a 33 percent increase year-on-year. Parkin’s smart scan fleet processed over 20.6 million vehicle registration plate scans, up 64 percent from the previous year.
CEO Mohamed Abdulla Al Ali said the company entered 2026 with strong momentum, although March performance was affected by external regional pressures. The company is expected to release updated full-year revenue guidance alongside its Q2 2026 results in August.
Source: Dubai Focus
