Parkin Achieves Record Q3 Growth Amid Dubai’s Parking Expansion

Post by : Bianca Suleiman

Parkin Company PJSC, the leading paid parking operator in Dubai, has marked a remarkable third quarter this 2025, with both revenue and profits soaring due to tariff adjustments, expansion of services, and heightened enforcement efforts.

The operator recorded a total revenue of AED 343.3 million, representing an impressive 43% increase compared to the same quarter last year. Net profit soared by 50%, reaching AED 157 million, while EBITDA grew by 36% to AED 199.8 million, reflecting a robust margin of 58%.

Continuing its growth trajectory, Parkin added 11,700 parking spaces, bringing its total to 219,000—a 6% year-on-year increase. The public sector saw a substantial bump, with spaces increasing by 7% to 192,100, thanks in part to new developments in areas C and D.

However, the average public parking utilization experienced a decline, dipping to 21.3% from 26.4% last year as more customers opted for seasonal cards, with record sales hitting 81,000—more than twice the amount from the previous year.

On the enforcement front, the company intensified its measures, issuing 682,000 violation notices, a 63% increase, supported by smart scan vehicles that processed over 15.4 million license plates, reflecting a 169% rise. Enforcement-related revenue surged by 59% to AED 103 million.

Likewise, revenue from developer parking climbed 28% to AED 23.5 million, benefiting from the reopening of the Al Rigga multi-storey car park, which saw a 26% increase in transactions.

With this impressive performance across various segments, Parkin has updated its revenue outlook for the entire year of 2025, showcasing confidence in sustained growth. With a cash conversion rate of 99% and AED 654.8 million in liquidity, the firm is strategically positioned for further expansion and smart mobility initiatives in Dubai.