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UAE: $381.2mln in local stock market liquidity at start of week. Image courtesy WAM. Image for illustrative purpose.
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)
