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Image used for illustrative purpose. Traders monitor stock information at Dubai Financial Market, in Dubai, United Arab Emirates, June 5, 2017.
Dubai-based Parkin, which operates public parking spaces in the emirate, posted a Q4 2024 net profit of 120 million dirhams ($32.7 million), up 13% year-on-year as it added new spaces to keep pace with the rise in the city's population
The company said it is set to introduce variable pricing tariff in early April. For FY 2025, it gave a revenue guidance from the public parking segment of between AED 520 – AED 550 million.
Total revenues for Q4 rose 30% to AED 265 million in the quarter on increases in revenue generated from public and developer parking, seasonal card / permit fees and enforcement.
The total number of parking spaces as at the end of Q4 rose 5% to over 206,000, a 5% increase compared to Q4 2023.
Parkin will distribute a cash dividend of AED281 million for H2-2024 in April.
For fiscal year 2024, the company made a net profit of AED423.5 million, 7% higher YoY.
(Writing by Brinda Darasha; editing by Daniel Luiz)
