Parkin PJSC, a leading provider of public parking spaces in Dubai, presented financial and operational indicators for the third quarter (Q3) and the nine-month period ending September 30, 2024. The company expects its results for the 2024 fiscal year to correspond with the established forecast presented during the initial briefing in Q1 2024.
With a strong financial position, expanded partnerships, and a focus on sustainable mobility, Parkin positions itself as an important participant in supporting Dubai's economic growth and ensuring long-term value for its shareholders. A significant new agreement with Majid Al Futtaim Properties introduced a barrier-free parking system for three major shopping centers, showcasing Parkin’s capability to integrate innovative solutions in the public and private sector projects.
General Director Mohamed Al Ali noted: "Our achievements in Q3 2024 reflect a profit growth driven by operational efficiency, increased revenue from public parking, and expanded customer engagement. Recent partnerships and our advanced technologies underscore our strategic focus and commitment to supporting the rapid development of Dubai."
In the nine months ending September 30, 2024, the company recorded the following indicators: revenue amounted to 660.2 million dirhams (+15%); income from parking developers reached 18.3 million dirhams (+32%); sales of seasonal cards and permits increased by 13%, with an investment of 112.3 million dirhams; penalty revenues reached 64.9 million dirhams (+56%), increased due to enhanced inspection technology and improved implementation accuracy.
Public parking spaces rose by 3% to 179,600, while the total number of active parking spaces increased by 6%. The Q3 period showed a significant growth in public parking transactions by 16%, reaching 33.8 million, of which 91% were non-cash transactions - highlighting Parkin's adaptability to modern digital payment trends.
Parkin has introduced enhanced software solutions for inspection systems, leading to a 48% increase in the issuance of fines to 418,100 in Q3 2024. "Focusing on smooth and sustainable mobility, we are ready to leverage future market opportunities that align with Dubai's growth trajectory," emphasized Mohamed Al Ali.
Key highlights for the third quarter include increased total revenue to 239.2 million dirhams (+25%), an EBITDA growth to 146.8 million dirhams (+40%), a rise in net profit to 104.7 million dirhams (+5%), and the expansion of infrastructure by approximately 4,300 new parking spaces. Chairman Ahmed Bahrozian commented: "The stability of Parkin's Q3 results reflects our tradition of operational excellence and our role in supporting Dubai's transport infrastructure."
