Dubai's exclusive public parking operator Parkin Company has announced solid results for the second quarter with its total revenue surging 14% jump for the second quarter to AED364.1 million ($99 million) and its total parking portfolio increased to 268,300 spaces, up 27% from 211,500 last year.
Announcing its results for the three-month period ended June 30, 2026, Parkin said its net profit rose 12% to AED166.2 million, supported by growth in seasonal cards, developer parking and enforcement, while ebitda increased 15% to AED217.2 million from AED189.3 million, with an ebitda margin of 60 percent.
The company's total parking portfolio increased 27% to 268,300 spaces from 211,500 in the second quarter of 2025. Public parking spaces increased by 14,500 (8%) to 203,200 from 188,700. Zone C accounted for 9,900 new spaces and Zone D for 4,500.
During the second quarter alone, Parkin added 7,900 public parking spaces in cooperation with the RTA, with around 50 percent of these introduced in June.
On the robust results, CEO Eng. Mohamed Abdulla Al Ali said: "Parkin delivered a strong second quarter, with revenues up 14% to AED364.1 million, ebitda up 15% to AED217.2 million and net profit up 12% to AED166.2 million. Growth was driven by our seasonal cards, developer parking and enforcement segments, offsetting softer public parking demand during the quarter."
Parkin, he stated continued to execute its growth strategy expanding its total parking portfolio by almost 57,000 spaces over the past 12 months.
In cooperation with the Roads and Transport Authority (RTA), the company added 9,900 public parking spaces in the first half of 2026, while its developer parking portfolio more than tripled to 61,500 spaces through several strategic partnerships, he added.
Following the introduction of the variable parking tariff in April 2025, Parkin's public parking portfolio was reclassified into Standard and Premium Parking.
At the end of Q2, Standard Parking comprised 122,700 spaces (60%) of the public parking portfolio, while Premium Parking accounted for 80,300 spaces (40%).
Developer parking spaces increased to 61,500 from 19,600 a year earlier, mainly as a result of contracts signed and announced in the second half of 2025. Parkin added a further 2,400 developer spaces during the second quarter. Multi-storey car parking spaces increased by around 400 to 3,700.
Total parking transactions reached 34 million, up 2.6% year-on-year. Public parking transactions declined to 27.2 million from 29.2 million, while developer parking transactions surged 75% to 6.6 million from 3.8 million. Multi-storey car park transactions remained stable at 0.2 million.
The average public parking utilisation rate stood at 20.2%, compared with 22.7% in the second quarter of 2025 and 21.8% in the first quarter of 2026.
Seasonal card sales increased 38% to 97,500 from 70,900, while the weighted average hourly public parking tariff remained broadly stable at AED3, down 1% year-on-year.-TradeArabia News Service
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