Parkin Company PJSC (“Parkin” or the “Company”), the largest provider of paid public parking facilities and services in Dubai, today announces its planned dividend payment for the second half (“H2” or “second half”) of 2024.

Key Highlights

  • As per the approved dividend policy, the Company is to distribute the higher of Net Income or Free Cash Flow to Equity
  • Following a strong second half operational performance, the Company will distribute a cash dividend of AED 280.9 million on 23 April 2025, derived from its Free Cash Flow to Equity
  • On a per share basis, the H2 dividend payment amounts to 9.36 fils per share

Eng. Mohamed Al Ali, CEO of Parkin, commented:

“Parkin’s record profits and growth in the fourth quarter closed a strong second half performance in 2024. Our consistent profitable growth throughout the year was supported by our dominant market position, best-in-class operational excellence, digitisation and continued innovation. I am proud that Parkin exceeded the full year financial targets we set out at IPO. This success is testament to the vision, dedication and considerable efforts of our leadership team, with valuable oversight from our highly experienced Board. 2024 was a year of milestones achievements for our business and we are well positioned to capture new opportunities in 2025. Parkin’s second half dividend reflects continued confidence in future growth and our steadfast commitment to delivering attractive, long-term shareholder value.”

Dividend Distribution

Parkin’s ability to pay dividends is dependent on several factors, including the availability of distributable reserves, capital expenditure plans and other cash requirements. Any level or payment of dividends will depend on, among other things, future profits and the Company’s business plan, at the discretion of the Board of Directors and the General Assembly.

Subject to the aforementioned conditions, Parkin expects to distribute a minimum dividend payout of the higher of:

(i) 100% of Net Income; or

(ii) Free Cash Flow to Equity

Distribution of a dividend is designed to reflect the Company’s expectation of strong cash flow generation and expected long-term earnings potential.

The Company intends to pay dividends semi-annually in April and October of each year.

Dividend distribution will be reviewed annually by the Board of Directors and the General Assembly, taking into account the Company’s cash management needs for operating expenses, finance costs and planned capital expenditures and investments. Additionally, the Board will consider market conditions, the current operating environment and future outlook.

Dividend Payment Timeline

3 April

2025

Last Entitlement Date
  • This is the last day on which an investor may purchase Parkin shares to meet the Record Date deadline and be entitled to receive the scheduled cash dividend payment for H2 2024

4 April

2025

Ex-Dividend Date
  • On this day, the Company's shares will begin to trade without the value of the scheduled dividend payment
  • An investor purchasing Parkin shares on, or after this date, will not be entitled to receive the cash dividend

7 April

2025

Record Date / Registry Closing Date
  • This is the date on which the Company will check its records to identify shareholders that qualify to receive the cash dividend payment
  • If you are recorded as a Parkin shareholder on this date, you will be entitled to receive the cash dividend

23 April

2025

Dividend Payment Date
  • This is the date on which the Dubai Central Securities Depository will issue instructions for crediting the cash dividend to eligible shareholders
  • Payment of dividends to a UAE bank account may take up to three working days to process

IR and Media Enquiries

For more information, please visit www.parkin.ae or contact:

Investors / Analysts

 

Media

max.zaltsman@parkin.ae

 

reem.abdalla@parkin.ae

About Parkin Company PJSC

With a unique blend of operational excellence, technological know-how and enforcement capability spanning almost three decades, Parkin Company PJSC is the largest provider of paid public parking facilities and services in the Emirate of Dubai, with a portfolio of approximately 206k paid parking spaces, as at year end 2024.

Parkin has a dominant position in relation to Dubai’s on and off-street paid public parking market and a leading share of the overall paid parking market. Under a 49-year Concession Agreement with Dubai’s Roads and Transport Authority (RTA), Parkin has the exclusive right to operate a portfolio of public on and off-street parking (c.184k spaces) as well as public multi-storey car parking facilities (c.3k spaces). Parkin also operates certain developer-owned parking facilities through partnership agreements across the Emirate (c.19k spaces) and provides barrierless parking for Majid Al Futtaim across two malls. Additional revenue streams include enforcement, the issuance of seasonal permits, parking reservations and other commercial activities.

By deploying state of the art digital payment solutions and intelligent parking management systems that utilise artificial intelligence and big data analysis, Parkin’s customers successfully conducted 132m parking transactions in 2024.

Dubai's parking operations were established in 1995 under the Dubai Municipality, before becoming part of the RTA in 2005. In December 2023, Parkin Company PJSC was established through the issuance of Law No. 30 of 2023, successfully completing its initial public offering (IPO) on the Dubai Financial Market in March 2024.