Dubai’s Parkin, which operates public parking spaces in the emirate, reported a net profit of 103.7 million UAE dirhams ($28.23 million) in the first quarter of 2024, rising 5%, compared to AED 98.9 million in the same period last year.

The quarterly revenue rose 8% to AED 215.3 million from AED 198.8 million a year ago, driven by an increase in public parking revenue, issuance of seasonal cards and permits, the company said in its Q1 2024 financial statement published on the Dubai Financial Market (DFM) on Thursday.

The company’s parking spaces reached 197,300 at the end of Q1 2024, up from 195,000 a year ago. Public parking spaces increased 1% year-on-year (YoY) to 176,2000 during the quarter. In terms of new additions, zone C saw the largest increase, with 1,500 spaces added.

The total number of parking transactions increased 9% YoY to 32.5 million in Q1 2024, primarily driven by increased transactions across the public parking segment. 

Moreover, the total number of fines issued increased 2% YoY to 378,400 in Q1 2024, with the fine collection rate improving by 11 percentage points to 87% due to the doubling in the number of smart inspection scan cars.

Parkin started trading on the Dubai Financial Market on March 21, raising AED1.6 billion ($429 million) for the selling shareholder, Dubai Investment Fund.

The IPO was oversubscribed 165 times, the highest achieved on the DFM, with gross demand for shares from local, regional, and international investors reaching AED259 billion.

(Editing by Seban Scaria seban.scaria@lseg.com)