Dubai's Parkin announces AED 198m profit for H1

Parkin, the company that manages public parking operations in Dubai, posted a H1 net profit of AED 198.8 million and saw 743,000 parking penalties issued in the emirate the first half of 2024.

The company posted total revenues of AED 421 million, up 10 per cent year-on-year, along with AED 198.8 million net profit, which is a six per cent increase year-on-year.

Ahmed Bahrozyan, Chairman of Parkin’s Board of Directors, said: “With a track record spanning three decades, Parkin is the largest provider of paid public parking facilities and services in the Emirate of Dubai. The Company operates an extensive, digitally enabled, parking portfolio at strategic locations as part of the city’s critical infrastructure, with a systemic role in enabling mobility.

"Our second quarter results highlight continued momentum in our core business of public parking and clear execution on key initiatives as part of our growth strategy.

"As Dubai’s population and economy continues to grow and prosper, Parkin will continue to play a key role in supporting the ambitious expansion plans of the Emirate, while seeking to deliver long-term, sustainable, shareholder value.”

Public parking spaces increased by 2,900 from 174,000 spaces in Q2 2023 to 177,000 spaces in Q2 2024.