Parkin, Dubai's public parking operator, reported record revenue and profit for the fourth quarter of 2025, on the back of an increased number of paid-for parkin spaces across the city.
Net profit rose 53 per cent to Dh183.6 million ($50 million), in the final three months of 2025, marking a 47 per cent increase on the same period in 2024, it said in a statement late on Wednesday to the Dubai Financial Market, where its shares trade.
The company recorded revenue of Dh389.4 million during the period. That was driven by public parking revenue, which increased by 29 per cent to Dh144.5 million, thanks to an increase in the weighted average hourly tariff to Dh3.03 from Dh2.01 in the same period a year ago.
On a full-year basis, revenue increased to Dh1.32 billion, up 43 per cent year-on-year, while net profit reached Dh625.5 million, representing a 48 per cent annual increase.
Parkin manages the Dubai Roads and Transport Authority's on-street spaces across the city and a growing number of spaces in developer-built communities.
It said seasonal card sales, which allow for the easier use of spaces, were up by 140 per cent in the fourth quarter and 113 per cent during the full year.
Users took "advantage of the temporary price gap between the variable daily tariffs effective April 2025 and the unadjusted seasonal card rates", the company said.
"Seasonal card sales reached record highs as customers continued to recognise the relative value offered by this product," said Mohamed Al Ali, chief executive of Parkin.
Rising charges
Parkin said it has asked the RTA to further "increase the weighted‑average public parking tariff".
"Among these are proposed changes to the seasonal card structure and tariffs, designed to reduce existing price arbitrage and better align with the variable pricing introduced earlier this year. The proposals would also preserve the existing discount framework to promote long‑term fairness for customers, Parkin, and the RTA," it said.
The RTA is reviewing the request.
More spaces
Parkin also said it anticipates "expanding the public parking portfolio by approximately 5,500 to 7,500 spaces over the course of 2026", which would bring in an additional Dh560 million to Dh610 million.
Parkin has 229,000 paid parking spaces in Dubai as of the end of 2025.
Dubai, which until half a decade ago was largely free to park in, has sought to cash in on new revenue streams as it rapidly expands.
The charges came in as the Dubai government sought to overhaul the city's roads to manage a population that hit four million in 2025, up from about 2.5 million in 2014.
