Parkin Company PJSC posted AED364.1 million ($99.1 million) in revenue for the second quarter of 2026, up 14 percent from AED320 million a year earlier, as the Dubai-based parking operator expanded its footprint sharply even as public parking usage softened.
The company added about 56,800 parking spaces over the past 12 months, growing its total portfolio by 27 percent to 268,300 spaces from 211,500. EBITDA rose 15 percent to AED217.2 million from AED189.3 million, with margin improving to 60 percent from 59 percent. Net profit climbed 12 percent to AED166.2 million from AED148.4 million.
Public parking softens as developer parking surges
Parking transactions overall increased 2.6 percent to 34 million, but the picture beneath that headline number was mixed. Public parking transactions fell to 27.2 million from 29.2 million, and average public parking utilization declined 2.5 percentage points to 20.2 percent. The weighted average hourly public parking tariff also edged 1 percent lower, to AED3.
Developer parking told a different story. Transactions in that segment jumped 75 percent to 6.6 million from 3.8 million, while developer parking capacity increased by 41,900 spaces to 61,500 from 19,600. Public seasonal-card sales also surged, rising 38 percent to 97,500 from 70,900 a year earlier.
Where the new spaces came from
Public parking capacity rose by 14,500 spaces, or 8 percent, to 203,200 from 188,700. That expansion included 9,900 new on-street spaces added in Zone C and 4,500 off-street spaces added in Zone D. The multi-story car park portfolio, which includes the Al Rigga facility, grew by about 400 spaces to 3,700 from 3,200.
Enforcement activity climbs
Parkin's field enforcement team scanned 8.3 million license plates during the quarter, up 1 percent from 8.2 million a year earlier. Smart vehicles used for scanning covered far more ground, reading 20.6 million plates, a 52 percent increase from 13.5 million. Enforcement notices issued rose 5 percent to 695,000 from 660,000.
What Parkin's CEO said
Mohamed Abdulla Al Ali, Parkin's CEO, said "the quarter demonstrated the company's resilience and the strength of its diversified platform. Growth in seasonal cards, developer parking and enforcement more than offset softer public parking activity, while disciplined execution supported profitability."
He added that Parkin had expanded its portfolio by almost 57,000 spaces within a year, and said the company had prudently adjusted its public parking outlook to reflect the timing and initial ramp-up of newly introduced spaces. Stronger expectations for seasonal cards and developer parking meant the overall financial outlook remained broadly unchanged. Parkin, he said, remained committed to its dividend policy and to creating sustainable, long-term shareholder value.
Parkin operates under an agreement tied to Dubai's Roads and Transport Authority, managing on-street and off-street parking across zones including Zone B, Zone C and Zone D, alongside multi-story facilities such as Al Rigga.