Parkin Company, provider of paid public parking facilities and services in Dubai, said its second quarter 2025 revenue rose 56 per cent to AED 320 million (US$87.13 million), leading to a 41 per cent increase in EBITDA of AED 189.3 million (US$51.44 million). Net profit also rose 56 per cent to AED 148.4 million (US$40.4 million).
Implementation of variable parking, addition of approximately 11,100 new spaces across the entire parking portfolio (up 6 per cent), and total parking transactions of 33.2 million (up 15 per cent) played a significant role in the result.
Record profits for Dubai parking giant
Total revenue increased by 56 per cent to a quarterly record of AED 320 million, with notable increases in revenue generated from public parking, seasonal card/permit fees and enforcement.
Mohamed Abdulla Al Ali, CEO of Parkin, commented: “Parkin’s record-breaking Q2 performance underscores our ambition to redefine Dubai’s urban mobility landscape through smart, efficient, consumer-centric parking solutions. Having commenced the year on a strong footing, we continued to gain momentum in the second quarter, executing on our strategy to deliver strong growth and operational excellence.
“As a result, total revenues increased by 56 per cent to AED 320 million, underpinned by the successful implementation of the variable parking tariff policy, sustained transaction volumes, record seasonal card sales as well as improved enforcement proceeds.
“With Dubai firmly established as a global economic hub for infrastructure and innovation, Parkin remains committed to aligning with the city’s ambitions, focused on delivering practical and sustainable mobility solutions that empower communities, enhancing the quality of everyday life.”
Revenues from developer parking and enforcement, for which Parkin is exempt from concession fees, constituted 37 per cent of total revenues, up from 34 per cent in Q2 2024, while public parking revenue increased 48 per cent to AED 132.2 million (US$36 million), up from AED 89.6 million (US$24.4 million) in the same period last year.
In Q2 2025, revenue generated during peak hours amounted to AED 78.3 million (US$21.32 million) or 59 per cent of total public parking revenue, compared to AED 42.5 million (US$11.57 million) or 47 per cent in Q2 2024.
The impact of the variable parking tariff and an increase in the size of the public parking portfolio lifted average revenue per public parking spot by 38 per cent, from AED 506 to AED 701 (US$190.8) in Q2 2025.
Stronger transaction volumes, improved utilisation and the application of the variable tariff in relation to approximately 13,000 developer spaces saw developer parking increase 55 per cent to AED 22.3 million (US$6.07 million) compared to AED 14.3 million (US$3.89 million) in Q2 2024.
Revenue from seasonal cards and permits in Q2 2025 increased 40 per cent to AED 52 million (US$14.16 million), due to a record number of seasonal cards sold during the period (37.2 million). Enforcement revenue increased by 77 per cent to AED 96.7 million (US$26.33 million) as against AED 54.6 million (US$14.87 million). The overall fine collection rate amounted to 83 per cent during the quarter. The collection rate was slightly lower during the period because of the substantial year-on-year increase in the volume and quantum of enforcement.
