Parkin profit rises 36% as revenue hits $75m

Parkin, the Dubai government’s parking management company, reported high-double-digit growth in net profit and revenue for the first quarter of 2026, driven by an increase in parking spaces.

Net profit rose 36 percent year-on-year to AED137 million ($37 million) in the January-March period, while revenue jumped 41 percent to AED273 million, the company said in a statement to the Dubai Financial Market.

The number of parking spaces increased 23 percent year-on-year to 258,000, driven by additions across the entire portfolio including public, developer and multi-storey facilities. Developer parking made the largest contribution, rising to 59,100 from the year-earlier 18,700.

Public parking spaces increased by 8,100 to 195,200.

Seasonal permit sales gained 129 percent year-on-year to 100,600. Growth was strong across most durations, with one-month permits recording the highest increase.

The company plans to pay a semi-annual dividend in April and October of each year.

Its shares closed 3.6 percent higher at AED5.02 on Wednesday, but are down 2 percent in the past year.

Dubai Investment Fund owns a 75 percent stake in Parkin.

Further reading:

• Parkin revises revenue guidance on top line gains
• Parkin signs deal to manage 3,600 Damac parking spaces
• Parkin to deploy 200 ‘ultra-fast’ EV chargers in Dubai