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Dubai's Parkin Co., which listed on Dubai's DFM in March this year following an IPO, posted a Q2 net profit of 95 million dirhams ($26 million), up 7% as revenue rose.
The company which operates public parking spaces in the emirate said revenues for the quarter rose 12% to AED 205.5 million driven by an increase in revenue generated by public and developer parking, seasonal permits and fines.
Parkin's public parking spaces increased by 2% in Q2 2023 to 177,000 spaces in Q2 2024.
The company generated cash of AED 135.6 million in the second quarter.
(Writing by Brinda Darasha; editing by Seban Scaria)