Dubai public parking operator Parkin posts Q3 2026 net profit of $54.2M, up 27%
Parkin reported Q3 2026 net profit of Dh199.2 million ($54.2 million), up 27%, as fines and seasonal passes outpaced parking fees for the first time.
Dubai’s public parking operator Parkin reported third-quarter net profit after tax of Dh199.2 million ($54.2 million), up 27 per cent year on year. Revenue rose 21 per cent year on year to a record Dh415.2 million, according to a filing to the Dubai Financial Market.
Its enforcement category, which groups fines and seasonal parking passes, contributed Dh136.4 million. That surpassed parking fees, which added Dh127.8 million, a 5 per cent annual drop. It was the first time income from fines and seasonal permits outpaced parking fees.
Quarterly EBITDA rose 28 per cent to a record Dh255 million. Parkin sold a record 110,600 seasonal passes in the quarter, up 37 per cent, while fines issued rose 34 per cent to about 916,100.
For the first nine months of 2026, profit grew by a quarter to Dh550.6 million, and revenue climbed 24 per cent to more than Dh1.16 billion. EBITDA for the period grew 24 per cent to Dh703.4 million. Seasonal permits grew 58 per cent to about 308,600, while fines rose 24 per cent to more than 2.36 million.
Parkin added about 53,500 parking spaces over the past 12 months, lifting its total to a record 272,500.
Earlier this year, Parkin introduced micro cameras on kerbsides to catch motorists who avoid tickets. Cars with automatic cameras that scan entire streets have operated for several years.
Parkin has been playing a major role in Dubai’s strategy of expanding its paid public parking network to curb illegal parking and better manage available spaces. Last week, paid parking was extended to certain areas of Jebel Ali Industrial area and Al Furjan, and last month Parkin partnered with Q Mobility to manage smart parking facilities across Etihad Rail’s passenger station network.
Chief executive Mohamed Al Ali said the results demonstrate “the strength of our diversified business, with growth across developer parking, seasonal cards and our other revenue streams more than offsetting softer public parking revenues during the quarter”.
