Dubai parking giant Parkin profit rises 12% to $45.3m as portfolio hits 268,300 spaces
Dubai’s Parkin reports a 12 per cent rise in Q2 net profit to $45m as revenue climbs 14 per cent and its parking portfolio reaches 268,300 spaces
Dubai-based parking operator Parkin has revised its 2026 revenue outlook as seasonal parking cards gain popularity. The company now expects its public parking business to generate Dh510 million to Dh550 million in 2026, down from the previous forecast of Dh560 million to Dh610 million. This decrease is due to stronger demand for seasonal cards and developer parking, which is expected to make up the shortfall.
Parkin's second-quarter revenue reached Dh364.1 million, up 14% year-on-year, with net profit increasing 12% to Dh166.2 million. The company's CEO attributed the growth to the popularity of seasonal cards and developer parking, while noting that public parking demand remains softer. Despite the revised outlook, Parkin continues to expand its public parking network, adding 9,900 spaces in the first half of 2026 and anticipating another 3,500 to 5,000 spaces by the end of the year.
The company's fixed components from developer parking agreements will be recognized below EBITDA, impacting margin expansion.
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