Parkin Company PJSC Achieves Record Quarterly Revenue Growth In Q3 2025

Parkin Company PJSC, the leading provider of paid public parking services in Dubai, reported impressive results for Q3 2025. The company achieved AED 343.3 million in revenue, a 43% increase from the previous year. EBITDA rose by 36% to AED 199.8 million, with a margin of 58%. Net profit also saw a significant rise of 50%, reaching AED 157.0 million.

The company's parking portfolio grew with an addition of approximately 11.7k new spaces, marking a 6% increase. The total number of active parking spaces at the end of Q3 was 219.0k, up from 207.3k in Q3 2024. Public parking spaces increased by 12.5k (+7%) to reach 192.1k spaces, with notable additions in zones C and D.

Mohamed Abdulla Al Ali, CEO of Parkin, commented: "We continued to execute our strategy with discipline and focus in Q3, delivering another strong set of financial and operational results. Total revenues rose 43% to AED 343.3 million, driven by the successful implementation of the variable parking tariff, expansion of our operational footprint, sustained transaction volumes, record seasonal card sales and robust enforcement proceeds.

This strong performance translated into a 36% increase in EBITDA to AED 199.8 million and a 50% rise in net income to AED 157.0 million. Beyond the financial results, we advanced key strategic initiatives. During the quarter, we signed several contracts to grow our developer parking portfolio and partnered with CAFU to launch the region’s first on-demand fuel and car wash service across our parking network, a milestone that underscores our commitment to innovation and customer convenience."

Q3 2025 Operational Performance

Total Active Parking Spaces

The total number of parking spaces as at the end of Q3 amounted to 219.0k, a 6% increase compared to Q3 2024 (207.3k). This growth was driven by additions to our public and multi-storey car parking portfolio, partially offset by a slight decline in developer spaces.

Public Parking

Public parking spaces increased by 12.5k (+7%), to 192.1k spaces in Q3 2025 (Q3 2024: 179.6k). In terms of new additions, zone C (on-street parking) saw the largest increase with 7.8k spaces added, while zone D (off-street parking) benefited from the addition of 4.6k new spaces. Between year-end 2024 and Q3 2025, a total of 8.1k new public parking spaces were added

Following the introduction of the variable parking tariff in Dubai from 4 April 2025, the Company’s public parking portfolio was reclassified into Standard Parking (112.4k spaces) and Premium Parking (79.7k spaces) categories.

Developer Parking

On a net basis, developer parking spaces decreased by 1.3k (-5%) from 24.5k in Q3 2024 to 23.2k in Q3 2025. This reduction reflects the planned phase-out of some spaces at Al Sufouh, which were part of the Company’s portfolio in Q3 2024 but were removed by year-end.

However, comparing the evolution of developer spaces between Q2 2025 and Q3 2025, 3.6k developer spaces were added in Q3 2025.

Multi-story Car Parking (MSCP)

MSCP spaces increased by 0.4k (+14%) from 3.2k in Q3 2024 to 3.7k in Q3 2025. The newly refurbished Al Rigga MSCP re-opened in July 2025, restoring access to 440 spaces, equipped with advanced barrierless, ticketless access technology.

Parking Transactions

Transaction volumes in Q3 2025 were supported by continued demand for parking, driven by Dubai’s solid economic growth, ongoing population expansion and resilient tourism.

Total public parking transaction volumes across the portfolio remained broadly flat year on year at 30.0 million in Q3 2025, (30.2m in Q3 2024) with an increasing number of customers opting to purchase a seasonal card to take advantage of the value-for-money offered by the unadjusted prices. Approximately 38% of all public parking transactions were during peak hours (Q3 2024: 43%).

The developer parking segment recorded a 10% increase in transaction volumes, with 3.9 million parking transactions in Q3 2025 (Q3 2024: 3.6 million), notwithstanding the slightly lower number of spaces. The positive impact on transaction volumes is partly due to an increase in the developer parking utilisation rate. Approximately 43% of all public parking transactions were during peak hours (Q3 2024: 43%).

Transactions from our MSCPs increased by 26% with 0.3 million parking transactions in Q3 2025 (Q3 2024: 0.2 million), primarily due to reopening of Al Rigga MSCP. Tariffs across the MSCP portfolio remained unchanged.

Public Parking Utilisation

From Q2 2025, following the introduction of the variable parking tariff in April, customers capitalised on the value-for-money proposition presented by the existing seasonal card prices, helping to drive a notable increase in public parking seasonal card purchases.

As a result, overall public parking utilisation in Q3 2025 came in at 21.3% (Q3 2024: 26.4%), reflecting a partial shift from users who would normally purchase a daily pass (particularly in zones B and D), to customers opting to purchase a seasonal card. Consistent with Q2 2025, utilisation across zones B and D has experienced more of an impact when compared to zones A and C.

When interpreting the Q3 2025 public-parking utilisation rate, it should be noted that customers purchased a record 81.0k seasonal cards during the quarter, a 126% increase compared to Q3 2024 (35.8k).

Public Parking Weighted Average Hourly Tariff

The weighted average hourly tariff increased 51% to AED 3.03, following the introduction of the variable parking tariff in April 2025. As a result of the uplift in the daily parking tariff, zones B and D experienced a material increase in their weighted-average tariffs relative to zones A and C. Between Q2 and Q3 2025, the weighted-average tariff edged down slightly, from AED 3.04 to AED 3.03 due to the addition of new public parking spaces.

Seasonal Cards Sales

Total seasonal card sales increased by 126% to 81.0k in Q3 2025 (Q3 2024: 35.8k). Growth was strong across all durations, with 1-month seasonal cards in particular recording the highest year-on-year increase.

The growth in seasonal card sales volumes is underpinned by customers taking advantage of the temporary price gap between the newly introduced variable daily tariffs effective April 2025 and the unadjusted rates for seasonal cards. The current cost of these seasonal cards represents a strong value proposition for frequent customers:

Enforcement

The total number of enforcement notices issued by Parkin increased by 63%, from 418k in Q3 2024 to 682k in Q3 2025. This increase reflects higher customer activity, the expansion of the parking portfolio and the positive, ongoing impact of technology-based enhancements to our enforcement framework introduced in H2 2024.

Additionally, the growth of smart scan inspection fleet to 27 units from the end of 2024 played a material role. In February 2025, Parkin onboarded an equivalent number of trained drivers to operate these vehicles, enabling our dedicated inspectors to be redeployed either to field operations or supervisory roles.

82% of total enforcement notices in Q3 2025 (560k) were issued in relation to public parking violations (Q3 2024: 355k), an increase of 58% year-on-year.

During Q3 2025, the Company’s field enforcement team scanned a total of 9.8 million vehicle registration plates, representing a 107% increase compared to Q3 2024 (4.7 million). In addition to the previously announced technology upgrades, this performance was driven by a data-driven reallocation of resources, with inspection teams redeployed to high-demand parking zones during peak hours to maximise enforcement coverage.

Further gains were achieved during the summer months relative to the same period in 2024, supported by a new initiative focused on improving inspector mobility and wellbeing during extreme heat, ensuring continuous operations and consistent performance levels.

In September 2025, 31 extra drivers were hired to operate smart scan inspection vehicles. This allowed inspectors who previously operated these vehicles to transition into field and supervisory roles, which had the effect of increasing overall inspector capacity.

During Q3 2025, the Company’s fleet of smart inspection cars scanned a total of 15.4 million vehicle registration plates, a 169% increase on the same period last year (Q3 2024: 5.7 million).

Q3 2025 Financial Performance

Total Revenue

Total revenue increased by 43% to a quarterly record of AED 343.3 million (Q3 2024: 239.2 million), with notable year-on-year increases in revenue generated across all business segments, particularly public parking, seasonal card / permit fees and enforcement. As at Q3 2025, revenues from developer parking and enforcement, for which Parkin is exempt from concession fees, constituted 37% of total revenues (Q3 2024: 35%).

Concession Fee Expense

As part of a 49-year concession agreement, Parkin pays the RTA a variable concession fee on all revenues, except those from enforcement and developer parking. Under the terms of the agreement, the overall concession fee is capped at 27.5%.

EBITDA

EBITDA increased 36% in Q3 2025 to AED 199.8 million (Q3 2024: AED 146.8 million), representing an EBITDA margin of 58% (Q3 2024: 61%). The modest dip in EBITDA margin is largely attributable to higher concession fees, staff costs and some other expenses, including professional fees, advertising / marketing and IT.

Net Profit

Net income for the period increased 50% to AED 157.0 million (Q3 2024: 104.7 million). The growth in the bottom line was due to higher overall revenues, lower depreciation and financing costs, offset by higher taxes.

At the end of the Q3 2025, Parkin’s net debt position amounted to AED 577.3 million, including the Murabaha revolving credit facility, which remains fully undrawn, the Company has available liquidity of AED 654.8 million.