Dubai's Parkin posts record profit as fines outpace tickets for first time

Dubai's public parking operator Parkin reported a record profit for the third quarter, with fines and seasonal permits generating more revenue than parking fees for the first time. The company's net profit after tax was Dh199.2 million ($54.2 million), as revenue increased 21% year-on-year to Dh415.2 million. Parkin's enforcement category, which includes fines and seasonal parking passes, contributed Dh136.4 million, surpassing parking fees at Dh127.8 million.

In the three months leading up to the quarter, earnings before interest, taxes, depreciation and amortisation jumped 28% to Dh255 million. The company sold a record 110,600 seasonal passes, a 37% increase year-over-year, and issued 916,100 fines, a 34% jump. For the first nine months of 2026, Parkin's profit grew 25% to Dh550.6 million, with revenue reaching over Dh1.16 billion, a 24% increase.

The company added 53,500 parking spaces over the past year, bringing its total to a record 272,500. Parkin's CEO Mohamed Al Ali attributed the strong results to the company's diversified business, with growth across developer parking, seasonal cards, and other revenue streams offsetting softer public parking revenues.