Dubai's Parkin share price is up 15% in 5 days - and it's also building a 'super-app'

Dubai: Could Parkin be the UAE’s next ‘super-app’? The go-to platform to pay for parking spots, book for EV charging and, soon, more services related to the upkeep and maintenance of your vehicle?

By the looks of it, Parkin’s app sure will be ticking those boxes soon.

“There will definitely be a scale up from the Version 1.0 app we launched recently,” said Mohamed Al Ali, CEO of Parkin, which has just delivered a handsome set of results from the first three months of 2025.

“End May or early June, there will be Version 2.0, that will offer access to EV charging, carwash, and maybe, light maintenance works. We see the app as offering mobility-as-a-service.”

Based on third-party sources, the Parkin app has been getting a lot of attention from vehicle owners in the UAE. It remains one of the most downloaded apps since the launch in late February. (Earlier, paying for a parking space in Dubai mostly meant using the RTA app.)

“Users can even use the app for a relook at any of the payments charged,” said the CEO. “There is no need to call in or wait a few days. It’s all immediate.”

Parkin stock price

It’s not only the Parkin app that’s getting a lot of attention. The stock on DFM has been having a dream run – 139.69% higher over the last one year. And just in the last 5 days, the stock’s gained 15.6% since the announcement of the first-quarter results, when Parkin pulled out high double-digit gains. (The stock's trading at Dh6.3 this morning, up 1.61%.)

Investors have been all in on the stock, which remains among the best performers in the UAE. According to analysts, Parkin remains among the handful of ‘risk-off’ stocks that investors have been adding to their portfolios.

“Yeah, Parkin has started 2025 with a strong momentum by delivering record operational results,” said Al Ali. “Our platform, operational discipline, ongoing investment in technology and enforcement capability continues to deliver results for us.”

Throw in the organic growth the Dubai economy has been having and of its population, then Parkin’s growth story is in cruise mode.

“We have built in natural growth by building an increasing number of public parking areas with RTA,” said Al Ali. “There are also the spaces we are creating with private developers in Dubai. Then there are the associations with malls (on their parking spaces).”

And the best part? There is ‘more to come’.

Parkin’s revenues in the January to end March 2025 period were higher by 27% and net profit zoomed in with a 32% spike.

So, will these percentage increases be the ‘new normal for Parkin, especially after it introduced peak- and off-peak payments?

According to Khattab Abu Qauod, CFO of Parkin, “From an operational perspective and revenue drivers, it could definitely be the new normal. But it’s also important to highlight that we are benefiting from the tailwinds of the growth the Dubai economy enjoys. We will keep on improving on the Q1…”