Strong Q3 Operational Results Deliver 25% Revenue Growth and a 40% Increase in EBITDA

Parkin PJSC (“Parkin” or “the Company”), Dubai's leading paid public parking service provider, announced its financial and operational performance for the third quarter (Q3) and nine-month period ending 30 September 2024. The Company’s strong Q3 results reflect strategic expansions and enhanced operational capabilities, positioning it for sustained growth in the region's transport ecosystem.

Key Q3 Highlights

• Revenue Growth: Total revenue reached AED 239.2 million, a 25% increase from Q3 2023.
• EBITDA Surge: AED 146.8 million (+40%), with margins expanding from 54% to 61%.
• Profit Resilience: Net profit rose to AED 104.7 million (+5%), despite the introduction of a 9% corporate tax rate.
• Infrastructure Expansion: Net addition of approximately 4,300 new parking spaces, boosting Parkin’s capacity to 207,300 spaces.

Chairman Ahmed Bahrozyan commented, “Parkin's robust Q3 performance reflects our dedication to operational excellence and our role in supporting Dubai’s transport infrastructure. With a strategic focus on seamless and sustainable mobility solutions, we are well-positioned to capitalize on future market opportunities aligned with Dubai’s growth trajectory.”

Strategic Partnerships and Technological Advances

In Q3 2024, Parkin signed individual Memorandums of Understanding (MoUs) with industry players like Skyports Infrastructure, SAAED Traffic Systems, and Charge&Go by e&. A significant new agreement with Majid Al Futtaim Properties introduced a barrierless parking system for three major malls, showcasing Parkin’s ability to integrate innovative solutions in public and private sector projects.

CEO Mohamed Al Ali added, “Our achievements in Q3 2024 reflect profitable growth driven by operational efficiencies, increased public parking revenues, and expanding customer engagement. The recent partnerships and our advanced enforcement technology underline our strategic focus and commitment to supporting Dubai’s rapid development.”

Financial Performance Overview

For the nine months ending 30 September 2024:

• Revenue: AED 660.2 million (+15%).
• Developer Parking Revenue: AED 18.3 million (+32%).
• Seasonal Card and Permit Sales: Increased by 13%, contributing to AED 112.3 million in revenue.
• Fines Revenue: AED 64.9 million (+56%), boosted by enhanced inspection technology and increased enforcement accuracy.

Operational Expansion

Total active parking spaces rose by 6%, with public parking spaces increasing by 3% to 179,600. The Q3 period saw a significant 16% rise in total parking transactions to 33.8 million, of which 91% were cashless, highlighting Parkin’s adaptability to modern digital payment trends.

Enforcement Enhancements

Parkin introduced upgraded software for inspection devices, resulting in a 48% increase in fines issued, reaching 418,100 in Q3 2024. By leveraging smart inspection scan cars, Parkin has expanded its enforcement reach with higher accuracy and reduced physical inspections. This strategy is expected to further support revenue growth and improve operational efficiency.

Dividend Policy and Future Outlook

Following its commitment to shareholders, Parkin declared an interim dividend of AED 198.773 million in October 2024. The Company expects its FY 2024 performance to align with the guidance set during its Q1 2024 listing.

With solid financials, expanding partnerships, and a focus on sustainable urban mobility, Parkin is positioned to play a vital role in supporting Dubai’s economic growth while delivering long-term value to its shareholders.

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