Dubai's Parkin Q1 profit jumps 32% on expanding parking demand

Dubai: Parkin, Dubai’s largest paid public parking operator, reported a 32% year-on-year increase in net profit for Q1 2025, reaching Dh136.6 million, amid expanding parking demand and a growing network of spaces.

Total revenue rose 27% to Dh273.3 million, also a quarterly record, supported by growth in public and developer parking, seasonal card sales, and enforcement proceeds, according to the company’s financial disclosure on Thursday. EBITDA also grew 27% to Dh176.2 million, with a margin holding steady at 64%.

Operationally, Parkin added around 11,700 new spaces to its portfolio in the quarter, bringing the total number of parking transactions to 36.5 million, a 12% increase year-on-year. Public parking utilisation rose by 2.9 percentage points to 28.9%, another high for the company.

CEO Eng. Mohamed Al Ali attributed the results to both “strong top-line growth and operational leverage,” as well as Dubai’s broader evolution as a global business and tourism hub. He highlighted record seasonal permit issuance—45,800 permits sold—and improvements in enforcement as key performance drivers.

The company maintained its full-year guidance previously disclosed in February.