Dubai: Parkin Company PJSC (Parkin) announced its financial and operational results for the second quarter ended 30th June, 2026, reporting a 14 percent increase in total revenue to AED364.1 million compared with the same period in 2025. Net profit rose 12 percent to AED166.2 million, supported by growth in seasonal cards, developer parking and enforcement. EBITDA increased 15 percent to AED217.2 million from AED189.3 million, with an EBITDA margin of 60 percent.
According to Emirates News Agency, Eng. Mohamed Abdulla Al Ali, CEO of Parkin, highlighted the company's strong performance in the second quarter. He attributed the growth to the seasonal cards, developer parking, and enforcement segments, which offset the softer demand for public parking. Parkin continued its growth strategy by expanding its parking portfolio by nearly 57,000 spaces over the past year.
In collaboration with the Roads and Transport Authority (RTA), Parkin added 9,900 public parking spaces in the first half of 2026. The developer parking portfolio also expanded, more than tripling to 61,500 spaces due to strategic partnerships. Overall, the total parking portfolio grew 27 percent to 268,300 spaces from 211,500 in the second quarter of 2025.
The company's public parking spaces increased by 14,500, or 8 percent, to 203,200, with significant contributions from Zones C and D. In the second quarter alone, Parkin added 7,900 public parking spaces in cooperation with the RTA, with about half of these introduced in June.
Following the introduction of the variable parking tariff in April 2025, Parkin's public parking portfolio was reclassified into Standard and Premium Parking. Standard Parking comprised 122,700 spaces, or 60 percent, while Premium Parking accounted for 80,300 spaces, or 40 percent at the end of the second quarter.
Developer parking spaces surged to 61,500 from 19,600 a year earlier. Parkin added 2,400 developer spaces during the second quarter. Multi-storey car parking spaces increased by approximately 400 to 3,700.
Total parking transactions reached 34 million, marking a 2.6 percent year-on-year increase. While public parking transactions declined to 27.2 million from 29.2 million, developer parking transactions rose 75 percent to 6.6 million. Multi-storey car park transactions remained stable at 0.2 million.
The average public parking utilisation rate stood at 20.2 percent, compared to 22.7 percent in the same quarter of 2025. Seasonal card sales grew 38 percent to 97,500. The weighted average hourly public parking tariff was stable at AED3.00, a slight 1 percent decrease year-on-year.
Parkin's enforcement efforts saw its teams scanning 8.3 million vehicle registration plates, a 1 percent increase. The smart inspection fleet scanned 20.6 million plates, a 52 percent rise from the previous year. Enforcement notices rose 5 percent to approximately 695,000, with 71 percent related to public parking violations.
Revenue from public parking decreased 8 percent to AED121.9 million. However, developer parking revenue increased 61 percent to AED35.8 million. Revenue from seasonal cards and permits rose 50 percent to AED78.2 million, and enforcement revenue grew 11 percent to AED107.5 million.
Parkin's variable concession fee to the RTA increased to AED55.2 million. Staff costs remained stable at AED34.7 million. Free cash flow to equity reached AED341.8 million, with a cash conversion rate of 96 percent. Net debt stood at AED710.1 million, with available liquidity of AED563.2 million.
Parkin intends to maintain its dividend policy, paying semi-annual dividends. For 2026, Parkin projects public parking revenue of AED510 million to AED550 million, enforcement revenue of AED420 million to AED460 million, and developer parking revenue of AED130 million to AED150 million.
Capital expenditure guidance is set at AED45 million to AED55 million, compared with AED13.9 million in 2025. Following the addition of 9,900 public parking spaces in the first half, Parkin estimates an additional 3,500 to 5,000 spaces could be added by year-end.