The company "Parking" announced yesterday the operational results for the first nine months of the current year, where the net profit amounted to about 303.5 million dirhams, increasing by 5% compared to 287.9 million dirhams of net profit received by the company in the same period of the previous year.
As stated in the official announcement, the company's revenue for the nine months increased by 15% to 660.2 million dirhams, compared to 575.4 million dirhams for the analogous period of 2023. The net profit for the third quarter of the current year also increased by 5% to 104.7 million dirhams compared to 99.8 million dirhams, while revenue increased by 25% to 239.2 million dirhams.
The company’s profit for the third quarter, taking into account financial, tax, amortization, and direct costs, amounted to 146.8 million dirhams, which is 40% higher, and the margin increased to 61% (compared to the previous 54%). 4300 new parking spaces were added, with a total number of parking transactions reaching 33.8 million, increasing by 16%.
The Chairman of the Board of Directors of "Parking," Ahmed Bekhrouzian, noted: "The company is the largest provider of paid public parking in Dubai, and the results of the third quarter have shown continuous progress in key operational indicators, supporting revenue growth and improving profitability."
"Parking," thanks to its previous capabilities and excellent operational efficiency, as well as the use of modern technologies, is in a favorable position to exploit future opportunities in accordance with the established strategy, he pointed out, emphasizing that the company's growth depends greatly on the growing population of Dubai, increased ownership of vehicles, and continued investments in our international level transport infrastructure.
The General Director of "Parking," Mohammedi Al Ali, stated: "We continue growth in the third quarter, adding more parking spaces to the company's portfolio, increasing the volume of record transactions and raising the level of- use of public parking, as well as improving the effectiveness and accuracy of our previous intelligent control systems."
"Operational achievements relate to the increase in revenue by 25%, due to the growth of revenue from public parking, success in the main business, where we occupy leading positions in this sector, increasing revenue from private parking operators, growth in seasonal card sales, and improving revenue control," he commented.
