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

Dubai's public parking firm Parkin announced a record profit in the third quarter, with fines and seasonal permits driving revenue growth for the first time. Net profit after tax reached Dh199.2 million ($54.2 million), up 27% year-over-year, as revenue climbed 21% to a record Dh415.2 million. Enforcement activities, comprising fines and seasonal parking passes, generated Dh136.4 million, surpassing parking fees of Dh127.8 million, which fell 5%.

Parkin introduced micro cameras on kerbsides to catch traffic violators, complementing existing automatic cameras that monitor entire streets. For the three months, earnings before interest, taxes, depreciation, and amortization surged 28% to Dh255 million. Seasonal passes sold rose 37% to 110,600, while fines issued increased 34% to around 916,100.

For Q3 2026, Parkin's profit grew 25% to Dh550.6 million, with revenue reaching Dh1.16 billion, a 24% increase. Ebitda also expanded 24% to Dh703.4 million. The company added 53,500 parking spaces since the prior year to hit a record 272,500. Parkin's CEO Mohamed Al Ali attributed the results to the company's diversified revenue streams, including developer parking and smart parking collaborations, aligning with Dubai's strategy to boost paid parking and manage available spaces effectively.