Dubai-based Parkin, which operates public parking spaces in the emirate and which went public last year, posted a Q4 2024 net profit of AED 120 million ($32.7 million), up 13% year-on-year.
“In our first year as a publicly listed company, Parkin has made remarkable progress to meet its financial, strategic and social ambitions,” said Ahmed Bahrozyan, Chairman of Parkin’s Board of Directors.
“With our city’s accelerating economic growth, population expansion and record tourism in 2024, I am confident in Parkin’s future outlook and our ability to deliver another strong performance in 2025,” he added.
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The company said it is set to introduce variable pricing tariff in early April. For FY 2025, it gave a revenue guidance from the public parking segment of between AED 520 – AED 550 million.
Total revenues for Q4 rose 30% to AED 265 million in the quarter on increases in revenue generated from public and developer parking, seasonal card / permit fees and enforcement.
The total number of parking spaces as at the end of Q4 rose 5% to over 206,000, a 5% increase compared to Q4 2023.
Its CEO, Mohamed Al Ali, noted that “Parkin delivered record profits and growth in the fourth quarter having increased our parking space portfolio and expanded our customer base.”
“Parkin exceeded the full year financial targets set out at the time of our IPO in March 2024. In line with our dividend policy, and subject to shareholder approval at the forthcoming AGM, Parkin plans to distribute a final dividend in April 2025,” he added.
Parkin will distribute a cash dividend of AED281 million for H2-2024 in April.
For fiscal year 2024, the company made a net profit of AED423.5 million, 7% higher YoY.
“The company is well positioned to capture new opportunities in 2025 as we continue to shape the future of our industry and focus on delivering attractive, sustainable value to our shareholders,” Ali added.
Parkin’s IPOs is part of a long-term plan set in motion in 2021 by the Dubai government.
Back then, the government had said it intended to list 10 state-owned companies to boost the size of its financial market as well as its position as the UAE’s capital for financial services, targeting a value of AED3 trillion ($8.16 billion).
Since then, the government has sold stakes in several of its firms, including business park operator TECOM Group, toll operator Salik and Empower (Emirates Central Cooling Systems Corporation, Emirates Central Cooling Systems Corporation).
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