Dubai’s Parkin, which operates public parking spaces in the emirate, made a net profit of 104.7 million dirhams ($28.5 million), 5% higher year-on-year (YoY)

The net profit far exceeded analysts' mean estimate of AED 83.3 million, according to LSEG data.

Revenue jumped 25% YoY to AED 239.2 million on addition of new spaces and a 16% rise in the number of transactions.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@lseg.com