Press release: Q1 2026 Operational and Financial Results

Parkin reported a record net profit of AED 185.1 million for the first quarter of 2026, representing a 36% year-on-year increase. Total revenues grew 41% to AED 384.2 million, primarily driven by a 51% increase in weighted average public parking tariffs and the expansion of the company's operational footprint.
The total parking portfolio expanded 23% to 258,000 spaces, led by a 216% surge in developer parking following new contract implementations. This expansion helped offset a 5% decline in total parking transactions and lower utilization rates, which management attributed to regional geopolitical factors and a longer Eid Al Fitr holiday period.
Seasonal card sales surged 129% to a record 100.6k units as customers shifted from hourly pay-per-use parking to fixed-price seasonal cards to mitigate the impact of variable parking tariffs introduced in 2025. Additionally, enforcement revenue rose 46% to AED 119.7 million, supported by the expanded use of smart-scan car inspection technology.
EBITDA rose 31% to AED 231.3 million, though the EBITDA margin compressed from 64% to 60% year-on-year. Due to the shifting operating environment, the company has placed its full-year 2026