Parkin Company has reported its financial results for the second quarter of 2026. The Dubai-based operator recorded a net profit of AED166.2 million.
Total revenue climbed 14% to AED364.1 million. Earnings before interest, taxes, depreciation, and amortization rose 15% to AED217.2 million. The EBITDA margin reached 60 percent.
Performance was supported by growth in seasonal cards, developer parking, and enforcement. These gains offset softer demand in the public parking sector during the quarter.
Portfolio Expansion
The total parking portfolio grew to 268,300 spaces. This figure is up 27% from 211,500 spaces in the same period last year. The expansion added almost 57,000 spaces over the past 12 months.
Public parking spaces increased by 14,500 to reach 203,200. Zone C contributed 9,900 new spaces, while Zone D added 4,500. The company added 7,900 public parking spaces in the second quarter alone.
This growth occurred in cooperation with the Roads and Transport Authority. Around 50% of the new spaces introduced in the second quarter were launched in June.
— Eng. Mohamed Abdulla Al Ali, CEO
Operational Performance
The developer parking portfolio more than tripled to 61,500 spaces. This increase resulted from contracts signed in the second half of 2025. Parkin added 2,400 developer spaces during the second quarter. Multi-storey car parking spaces increased by around 400 to 3,700.
Total parking transactions reached 34 million, a 2.6% year-on-year rise. Public parking transactions fell to 27.2 million from 29.2 million. Conversely, developer parking transactions surged 75% to 6.6 million.
The average public parking utilization rate stood at 20.2%. This is a decrease from 22.7% in the second quarter of 2025. Seasonal card sales increased 38% to 97,500. The weighted average hourly public parking tariff remained broadly stable at AED3.
Following the introduction of a variable tariff in 2025, the portfolio is split. Standard Parking accounted for 122,700 spaces, or 60% of the public portfolio. Premium Parking represented Frequently asked questions What was Parkin Company's net profit for the second quarter of 2026? Parkin Company posted a net profit of AED166.2 million in Q2 2026.
How many total parking spaces does Parkin Company operate after its latest expansion?
The operator now manages 268,300 parking spaces, a 27% increase from the same period last year.
Which business segments drove the profit rise for Parkin Company in Q2 2026?
Growth in seasonal cards, developer parking and enforcement segments lifted profit despite softer public parking demand.
How many developer parking spaces did Parkin Company add in the second quarter?
Parkin Company added 2,400 developer parking spaces in Q2, bringing its developer portfolio to 61,500 spaces.
