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Parkin Company PJSC said in a statement that total revenue for the second quarter climbed 14 percent to Dh364.1 million while EBITDA rose 15 percent to Dh217.2 million, delivering a 60 percent margin even as public parking demand eased. Net profit reached Dh166.2 million, up from Dh148.4 million a year earlier, supported by seasonal cards, developer parking and enforcement segments. The Dubai parking operator added nearly 57,000 spaces to its portfolio over the past 12 months, including 9,900 public spaces in the first half through cooperation with the Roads and Transport Authority.
According to the company’s operational update, its total parking inventory expanded 27 percent year on year to 268,300 spaces, with public parking rising 8 percent to 203,200 and developer parking more than tripling to 61,500. Transactions across all categories totalled 34 million, a 2.6 percent increase, although public parking visits slipped to 27.2 million while developer parking jumped 75 percent to 6.6 million. The average utilisation rate for public spaces stood at 20.2 percent, down from 22.7 percent in the prior-year quarter, even as seasonal card sales surged 38 percent to 162,500.
The statement detailed revenue shifts that saw public parking income fall 8 percent to Dh121.9 million while developer parking revenue advanced 61 percent to Dh35.8 million and seasonal cards plus permits climbed 50 percent to Dh78.2 million. Enforcement revenue grew 11 percent to Dh107.5 million after field teams scanned 8.3 million plates and the smart inspection fleet, now 37 vehicles strong, scanned 20.6 million, a 52 percent rise. The weighted average hourly tariff held near Dh3.00, and the fine collection rate stood at 75 percent.
Parkin maintained its established dividend policy under which it plans semi-annual payouts in April and October, targeting for the first half at least the higher of 100 percent of net profit or free cash flow to equity subject to reserves. Free cash flow to equity for the quarter reached Dh341.8 million at a 96 percent conversion rate while net debt ended the period at Dh710.1 million against Dh563.2 million in available liquidity. Staff costs remained stable at Dh34.7 million with an average headcount of 361.
These Q2 figures follow Parkin’s first-quarter performance in which net profit totalled Dh185.1 million on revenue of Dh384.2 million, according to the company’s May announcement. For the full year the operator forecast public parking revenue between Dh510 million and Dh550 million, enforcement revenue of Dh420 million to Dh460 million, seasonal card revenue of Dh280 million to Dh300 million and developer parking revenue of Dh130 million to Dh150 million. Capital expenditure guidance stayed at Dh45 million to Dh55 million after the firm spent Dh13.9 million in 2025.
The company noted that it reclassified its public parking portfolio into Standard and Premium categories following the variable tariff introduction in April 2025, with Standard accounting for 122,700 spaces or 60 percent at quarter-end. It added 7,900 public spaces during the second quarter alone, half of them in June, and another 2,400 developer spaces plus 400 multi-storey bays. Parkin now expects to add between 3,500 and 5,000 more public spaces by year-end after completing the first-half rollout.
