27/02/2026 07:52 AST
Parkin Company, a leading provider of paid public parking facilities in Dubai, has reported a 47% jump in fourth-quarter revenue, supported by portfolio expansion, higher seasonal card sales and the introduction of variable tariffs.
Revenue for the three months ended December 31 rose to AED389.4 million ($106 million) from a year earlier, the company said.
Earnings before interest, tax, depreciation and amortisation (ebitda) increased 47% to AED232.9 million with the margin steady at 60%. Net profit climbed 53% to AED183.6 million, it stated.
For the full year ended December 31, 2025, the company reported record revenue, ebitda and net income, driven by higher capacity and enforcement activity.
Parkin added about 22,600 parking spaces across its portfolio during the year, lifting total capacity 11% to 229,000 spaces at the end of December.
Public parking spaces increased by 5% to 193,200, while developer parking spaces rose to 32,200 from 19,200 a year earlier following new contracts signed mainly in the second half, said the company in a statement.
Multi-storey car park capacity edged up to 3,700 spaces from 3,200, helped by the reopening of the refurbished Al Rigga facility in July, it stated.
Quarterly parking transactions were broadly flat at 37 million, up 0.3% from a year earlier. The average public parking utilisation rate fell by 5 percentage points to 23%, reflecting the addition of new capacity and a higher share of seasonal card users.
Seasonal card sales surged 140% year-on-year to 89,300, reaching a record level.
Dubai introduced a variable parking tariff in April 2025, prompting Parkin to reclassify its public parking portfolio into standard and premium categories.
On the solid results, CEO Mohamed Abdulla Al Ali said the company had expanded its operational footprint across public and developer parking, supported by Dubai's economic growth, rising population and tourism.
"We closed 2025 with a strong quarter, converting disciplined execution into higher earnings. As in prior periods, we continued to expand our operational footprint, adding both public and developer parking spaces to our portfolio, supported by Dubai's status as a world class place to live, work, visit and invest," he stated.
"Total transaction volumes were broadly in line with the same period last year, while utilisation moderated as expected, reflecting a greater mix of seasonal card users, as well as the addition of new parking space capacity. We also benefited from the implementation of the variable parking tariff earlier in the year," he added.
Trade Arabia
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