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Dubai’s paid public parking provider Parkin will pay its maiden dividend of 198.8 million UAE dirhams ($54 million) for H1 2024.
The company will distribute the interim cash dividend to its shareholders at the end of October, amounting to 6.63 fils per share.
Parkin, which listed on the DFM in March, said a “strong first half operational performance” has also resulted in a free cash flow to equity of AED 135.6 million.
Parkin has declared 10 October 2024 as the last day on which an investor may purchase shares to meet the deadline to receive the scheduled interim cash dividend for the period, with 28 October 2024 listed as the dividend payment date.
The dividend payout follows on from a Q2 net profit of AED 95 million and AED 205.5 million in revenue, generated by public and developer parking, seasonal permits and fines.
(Writing by Bindu Rai, editing by Seban Scaria)
