Dubai’s Parkin total revenue surged by 43 per cent for the third quarter of 2025 to a record AED343.3 million (US$93.5 million), despite a 5.1 per cent drop in average public parking utilisation rate to 21.3 per cent, compared to 26.4 per cent for the same period last year.
The drop follows the introduction of the variable parking tariff in April, and the fact that customers capitalised on the value-for-money proposition presented by the existing seasonal card prices.
There was a notable increase in public parking seasonal card purchases, which explains the shift from users who would normally purchase a daily pass, to customers opting to purchase a seasonal card. A record 81,000 seasonal cards were purchased during the quarter, up 126 per cent compared to Q3 2024 (35,800).
Parkin’s total revenues were up 43 per cent YoY to AED343.3 million (US$93.5 million), while EBITDA was up 36 per cent to AED199.8 million (US$54.4 million), with an EBITDA margin of 58 per cent. Net profit was at AED157.0 million (US$42.75 million), up 50 per cent.
During the quarter, Parkin added nearly 11,700 new spaces across entire parking portfolio, an increase of 6 per cent. Total parking transactions were 34.1 million.
Enforcement revenue increased by 59 per cent to AED103 million (US$28 million) during the quarter, compared to AED64.9 million (US$17.67 million) during Q3 2024. The overall fine collection rate amounted to 86 per cent during the quarter.
Mohamed Abdulla Al Ali, CEO of Parkin, commented: “We continued to execute our strategy with discipline and focus in Q3, delivering another strong set of financial and operational results. Total revenues rose 43 per cent to AED343.3 million, driven by the successful implementation of the variable parking tariff, expansion of our operational footprint, sustained transaction volumes, record seasonal card sales and robust enforcement proceeds.
“Beyond the financial results, we advanced key strategic initiatives. During the quarter, we signed several contracts to grow our developer parking portfolio and partnered with CAFU. We expect these initiatives to contribute to our revenue growth in the coming quarters, reinforcing Parkin’s position as a leader in smart mobility solutions.
The company announced an upward revision in its guidance.
Parkin said the application of the variable pricing tariff will positively impact revenue. For FY 2025, it is anticipated that the public parking segment will generate revenue of between AED520-AED550 million. The continued effectiveness of its enforcement framework is now anticipated to deliver annual enforcement revenue of between AED360-AED390 million (AED249.1 million in FY2024), up from the previously guided range of AED275-305 million.
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