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Dubai: Parkin posts record Dh273.3 million total revenues in first quarter of 2025
The first quarter revenues did not cover the period when Parkin introduced variable parking fees and hike in fees in premium category areas
- PUBLISHED: Thu 8 May 2025, 8:10 PM
Dubai’s largest provider of paid public parking facilities, Parkin Company PJSC, posted a record Dh273.3 million total revenues in the first quarter this year, marking a 27 per cent increase as compared to the first three months of 2024.
Parkin CEO Eng. Mohamed Al Ali announced on Thursday: “Our financial performance this quarter was driven by several key operational achievements, including the addition of 10.9 thousand new spaces to our public parking portfolio, a 12 per cent increase in the volume of total parking transactions, a record-high public parking utilisation rate of 28.9 per cent.
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The first quarter revenues did not cover the period when Parkin introduced on April 4 variable parking tariff and hike in parking fees in premium category parking areas.
Al Ali said: “Our financial performance this quarter was driven by several key operational achievements, including the addition of 10,900 new spaces to our public parking portfolio, a 12 per cent increase in the volume of total parking transactions, a record-high public parking utilisation rate of 28.9 per cent; record seasonal card / permit issuance (45,800 seasonal cards / permits sold), as well as ongoing enforcement improvements.
“During the first quarter of 2025, compared to same period in 2024, our revenues increased by 27 per cent to a record Dh273.3 million. Our EBITDA (earnings before interest, taxes, depreciation, and amortization) advanced by 27 per cent to Dh176.2 million, with a margin of 64 per cent, primarily due to strong top-line growth and operational leverage. Additionally, net income rose by 32 per cent to a record AED 136.6 million,” he added.
Total parking spaces
Parking’s total number of parking spaces as at the end of Q1 amounted to 209,000, a 6 per cent increase compared to Q1 2024 (197,300). This growth was driven by additions to both public and developer parking.
In particular, public parking spaces increased by 10,900 (+6%), from 176,200 spaces in Q1 2024 to 187,100 spaces in Q1 2025. Developer parking spaces increased by 8,000 (+5%) from 17,900 in Q1 2024 to 18,700 in Q1 2025.
Parkin became more efficient in issuing enforcement notices as shown by a 50 per cent, rising from 378,000 in Q1 2024 to 569,000 in Q1 2025.
Smart scan inspection vehicles
“The overall increase can be attributed to various factors, including higher overall customer activity, the expansion of parking portfolio and the positive, ongoing impact of technology-based enhancements to enforcement framework implemented in the second half of 2024,” Parkin said in a statement sent to Khaleej Times.
The company added the uptick was brought about by the expansion of fleet of smart scan inspection vehicles to 25 units by the end of 2024. Parkin also contracted 25 drivers to operate the smart scan inspection fleet, enabling inspectors to be redeployed either in the field or in supervisory roles.
Parkin added 84 per cent of total enforcement notices issued in Q1 2025 were from public parking violations, with public parking enforcement up 43 per cent in Q1 2025 to 477,000 fines as compared to Q1 2024’s 334,000 fines.
Impact of variable pricing
Variable parking tariff became effective across Dubai from April 4, applying to all public parking spaces, excluding multi-story car parking and some developer spaces.
Parkin said they continue to analyse the data collected up until April 25 (20 chargeable days, starting from the introduction of variable pricing on 4 April).
“It should be noted that customer behaviour patterns are still evolving in response to the changes and it is currently too early to identify definitive trends that could be extrapolated,” the company noted.
“Initial observations indicate that while overall public parking utilisation in April 2025 is broadly consistent with that of April 2024, we have detected more of a utilisation shift in zones B and D (24 per cent of our public parking portfolio), with some customers who previously opted for the daily tariff, preferring to purchase a seasonal card instead,” Parkin added, noting “an uptick in the number of seasonal cards sold during April 2025, when compared to April 2024".
Parkin also pointed out an increase in revenue per chargeable day in April 2025 compared to the same period in 2024. "This growth in revenues is driven by Parkin’s implementation of the variable pricing tariff policy and expansion of our public parking portfolio."
