Parkin posts stronger Q1 performance with more parking spaces and record seasonal card sales.
Dubai: Dubai’s paid parking network expanded by around 49,000 spaces during the first quarter of 2026, bringing Parkin’s total portfolio to 258,000 spaces across public, developer and multi-storey parking facilities.
The expansion was disclosed in Parkin Company’s financial results for the three months ended March 31, 2026. The company said its parking portfolio grew 23 per cent from 209,000 spaces a year earlier, with developer parking contributing the largest share of the increase.
Developer spaces drive growth
Public parking spaces increased by 8,100 to 195,200 during the first quarter. Zone C, which covers on-street parking, added 4,900 spaces, while Zone D, covering off-street parking, expanded by 3,200 spaces.
The sharper growth came from developer parking, where the number of spaces surged from 18,700 in Q1 2025 to 59,100 in Q1 2026. Parkin said the increase was driven by contracts signed and announced mainly during the second half of last year.
Between the fourth quarter of 2025 and the first quarter of 2026 alone, the company added 26,900 developer parking spaces.
Multi-storey parking capacity also increased to 3,700 spaces. The growth was supported by the reopening of the refurbished Al Rigga Multi-Storey Car Park in July 2025, which restored access to 440 spaces and introduced barrierless, ticketless entry technology.
“I am pleased to report that we began 2026 on a strong footing, delivering total revenue of Dh384 million, a 41 per cent increase compared to the same period last year, alongside a 36 per cent rise in net profit to a record Dh185 million,” said Mohamed Abdulla Al Ali.
“During the quarter, we continued to expand our operational footprint, adding both public and developer parking spaces to our portfolio, while seasonal card sales reached a record 100,600, representing a 129 per cent year-on-year increase,” he added.
Seasonal card sales hit record
Parkin also reported record seasonal card sales of 100,600 during the quarter, up 129 per cent from 44,000 a year earlier.
The surge in seasonal card sales points to a noticeable shift in driver behaviour, with more frequent motorists opting for subscription-style permits instead of paying each time they park following the introduction of variable parking tariffs in Dubai in April 2025.
Parkin said customers were increasingly taking advantage of the gap between higher variable daily parking rates and unchanged seasonal card prices, describing the permits as a strong value offering for regular users.
The weighted average hourly tariff for public parking climbed 51 per cent to Dh3.02 during the quarter, compared with Dh2.00 a year earlier. Public parking revenue rose 15 per cent to Dh130.3 million, supported by the higher average tariff and the expansion of the public parking network.
Despite this, public parking transactions declined to 28.5 million from 32.5 million a year earlier. Parkin attributed the drop to regional geopolitical uncertainty, fewer chargeable days during the quarter, and the growing use of seasonal cards at existing rates.
Parking checks increase
Parkin also reported a sharp increase in parking enforcement activity during the first quarter.
The company issued 754,000 enforcement notices, up 33 per cent from 569,000 a year earlier. Public parking violations accounted for 562,000 notices, representing 75 per cent of the total.
Smart inspection vehicles scanned 20.6 million vehicle registration plates during the quarter, a 64 per cent increase from 12.5 million a year earlier. Meanwhile, field enforcement teams scanned another 10.2 million plates, up 115 per cent from 4.7 million.
Parkin said the rise in fines was linked to the expansion of its parking network and the continued adoption of technology-driven enforcement systems.
The company also began testing a new smart scan car camera system in February, with the technology installed on one inspection vehicle. The roof-mounted system is intended for use in more congested areas of Dubai and is designed to reduce the need for manual, on-foot inspections.
Revenue reaches Dh384 million
Parkin reported total revenue of Dh384.2 million in the first quarter of 2026, marking a 41 per cent increase from Dh273.3 million a year earlier. Net profit rose 36 per cent to Dh185.1 million, while EBITDA climbed 31 per cent to Dh231.3 million.
Growth was recorded across public parking, developer parking, seasonal cards and enforcement activities.
Developer parking revenue surged 66 per cent to Dh33.6 million, supported by a larger parking portfolio and higher transaction volumes. Revenue from seasonal cards and permits increased 79 per cent to Dh76.3 million, while enforcement revenue rose 46 per cent to Dh119.7 million.
Public parking utilisation stood at 21.8 per cent in the first quarter of 2026, compared with 29 per cent a year earlier. Parkin said the comparison was not directly comparable, as variable parking tariffs had not yet been introduced during the same period in Q1 2025.
The company said trading performance in January and February met expectations, while March was impacted by regional geopolitical developments, an extended Eid Al Fitr holiday period, and temporary remote working and schooling arrangements.
Parkin added that it is continuing to review its revenue guidance for 2026 and expects to provide an updated outlook alongside its second-quarter results in early August.
