Dubai’s leading parking management company, Parkin, has reported a remarkable financial performance for 2024, with net profits reaching Dh423.5 million. This marks a 7% increase from the previous year, demonstrating the company’s steady growth in the city’s evolving mobility sector.
The company’s revenue surged by 25%, hitting Dh925.2 million, up from Dh780 million in 2023. A major factor contributing to this growth has been the sharp rise in parking fines, which saw a 37% increase over the year.
Steep Rise in Parking Fines
A significant part of Parkin’s revenue came from fines, which totaled Dh249.1 million in 2024, compared to Dh181.3 million the previous year. The last quarter alone witnessed a 72% spike in fines issued, amounting to Dh77 million.
We issued most of these fines in public parking areas, with total fines rising by 51% in Q4, reaching 424,000 violations compared to 281,000 in the same period in 2023.
New Variable Parking Rates from April 2025
Starting April 2025, Parkin will implement a variable parking tariff system across Dubai, aligning with peak and off-peak hours.
- Premium parking spaces will be charged at Dh6 per hour during peak hours (8 AM – 10 AM & 4 PM – 8 PM).
- Daily parking tariffs will be set at Dh40 in Zone B and Dh30 in Zone D.
- Regular public parking rates will remain unchanged at Dh4 per hour in non-premium areas.
- Free overnight parking will be available from 10 PM to 8 AM, as well as on Sundays and public holidays.
We aim to improve traffic flow and optimize parking availability, especially in high-demand areas, with these changes.
High Parking Demand in Key Locations
We will strategically place premium parking zones within 500 meters of metro stations, commercial hubs, and high-traffic areas. Additionally, during major events and conferences, specific locations will have an event-based tariff, with charges going up to Dh25 per hour.
This move aligns with Dubai’s broader vision to enhance urban mobility and manage the increasing number of vehicles on the road.
Dividend Payout for Investors
To reward its shareholders, Parkin has announced a dividend payout of Dh280.867 million (Dh0.09362 per share) for the second half of 2024. With the company’s financial stability and ongoing expansion plans, investors remain optimistic about Parkin’s growth in 2025.
Future Outlook and Expansion Plans
Looking ahead, Parkin expects its public parking operations to generate between Dh520 million to Dh550 million in 2025, a significant jump from Dh404.6 million in 2024. The company has also been expanding its reach by introducing digital payment options and implementing smart parking solutions to enhance user experience.
Parkin’s success parallels Salik’s, Dubai’s toll operator, both using dynamic peak-hour pricing. These RTA-affiliated entities are transforming the city’s transportation infrastructure, ensuring sustainable and efficient traffic management.
Market Confidence in Parkin’s Growth
Following the announcement of new parking tariffs, Parkin’s shares have surged, outperforming the Dubai Financial Market (DFM) index. Analysts expect the company’s stock to continue its upward trend as Dubai’s population grows, increasing the demand for organized parking facilities.
With a strong financial performance, new revenue streams, and upcoming tariff adjustments, Parkin is set for a blockbuster 2025. The company’s innovation and efficiency keep Dubai’s parking infrastructure leading in global urban mobility.
Read more:
- Dubai’s Floating Pink Tennis Court Makes Waves – Social Kandura
- Ramadan & Eid Gifts Ideas for every budget – Social Kandura
Stay updated with the latest local news, events, and things to do in Dubai and the UAE. Follow Social Kandura for more exclusive updates!
