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.

Eng. Mohamed Abdulla Al Ali, CEO of Parkin, said, "Parkin delivered a strong second quarter, with revenues up 14 percent to AED364.1 million, EBITDA up 15 percent to AED217.2 million and net profit up 12 percent to AED166.2 million. Growth was driven by our seasonal cards, developer parking and enforcement segments, offsetting softer public parking demand during the quarter."

He added that Parkin continued to execute its growth strategy, expanding its total parking portfolio by almost 57,000 spaces over the past 12 months. In cooperation with the Roads and Transport Authority (RTA), the company added 9,900 public parking spaces in the first half of 2026, while its developer parking portfolio more than tripled to 61,500 spaces through several strategic partnerships.

The company's total parking portfolio increased 27 percent to 268,300 spaces from 211,500 in the second quarter of 2025. Public parking spaces increased by 14,500, or 8 percent, to 203,200 from 188,700. Zone C accounted for 9,900 new spaces and Zone D for 4,500. During the second quarter alone, Parkin added 7,900 public parking spaces in cooperation with the RTA, with around 50 percent 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. At the end of the second quarter, Standard Parking comprised 122,700 spaces, or 60 percent of the public parking portfolio, while Premium Parking accounted for 80,300 spaces, or 40 percent.

Developer parking spaces increased to 61,500 from 19,600 a year earlier, mainly as a result of contracts signed and announced in the second half of 2025. Parkin added a further 2,400 developer spaces during the second quarter. Multi-storey car parking spaces increased by around 400 to 3,700.

Total parking transactions reached 34 million, up 2.6 percent year-on-year. Public parking transactions declined to 27.2 million from 29.2 million, while developer parking transactions surged 75 percent to 6.6 million from 3.8 million. Multi-storey car park transactions remained stable at 0.2 million.

The average public parking utilisation rate stood at 20.2 percent, compared with 22.7 percent in the second quarter of 2025 and 21.8 percent in the first quarter of 2026. Seasonal card sales increased 38 percent to 97,500 from 70,900, while the weighted average hourly public parking tariff remained broadly stable at AED3.00, down 1 percent year-on-year.

Parkin's field enforcement teams scanned 8.3 million vehicle registration plates, up 1 percent, while its smart inspection fleet scanned 20.6 million plates, a 52 percent increase from 13.5 million. The smart inspection fleet expanded to 37 vehicles from 25 a year earlier. Enforcement notices increased 5 percent to around 695,000, of which 496,000, or 71 percent, related to public parking violations.

Public parking revenue declined 8 percent to AED121.9 million from AED132.2 million. Developer parking revenue rose 61 percent to AED35.8 million, while revenue from seasonal cards and permits increased 50 percent to AED78.2 million. Enforcement revenue grew 11 percent to AED107.5 million from AED96.7 million, while the fine collection rate stood at 75 percent compared with 83 percent a year earlier.

The variable concession fee paid to the RTA increased to AED55.2 million from AED49.2 million, while staff costs remained broadly stable at AED34.7 million, with an average headcount of 361 employees.

Free cash flow to equity reached AED341.8 million, with a cash conversion rate of 96 percent. Parkin's net debt stood at AED710.1 million at the end of the quarter, while available liquidity amounted to AED563.2 million.

Parkin maintained its dividend policy, under which it intends to pay semi-annual dividends in April and October. For the first half of 2026, the company expects to pay a minimum dividend equal to the higher of 100 percent of net profit for the period or free cash flow to equity, subject to distributable reserve requirements.

For 2026, Parkin expects public parking revenue of AED510 million to AED550 million, enforcement revenue of AED420 million to AED460 million, seasonal card revenue of AED280 million to AED300 million and developer parking revenue of AED130 million to AED150 million.

Capital expenditure guidance remains 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 now estimates that a further 3,500 to 5,000 spaces could be added by year-end.