Business
ZAWYA: Parkin’s Q1 2026 results demonstrate resilience and growth momentum
ZAWYA: Parkin’s Q1 2026 results demonstrate resilience and growth momentum
About this update from Parkin Co. Pjsc
Key Takeaways: Q1 2026 vs. Q1 2025• Total revenues of AED 384.2 million (+41%)• EBITDA of AED 231.3 million (+31%), at an EBITDA margin of 60%• Net profit of AED 185.1 million (+36%)• Total net addition of c.49.0k new spaces across entire parking portfolio (+23%)• Total parking transactions of 34.7 million (-5%)• Average public parking utilisation rate of 21.8% (-7 p.p.)• Total public parking seasonal card sales of 100.6k (+129%)Operational HighlightsFinancial HighlightsEng. Mohamed Abdulla Al Ali, CEO of Parkin, commented:“I am pleased to report that we began 2026 on a strong footing, delivering total revenue of AED 384 million, a 41% increase on the same period last year, alongside a 36% increase in net profit to a record AED 185 million. 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 100.6k, a 129% year-on-year increase. Total transaction volumes and utilisation were softer, reflecting the impact of the regional geopolitical situation and a longer Eid Al Fitr holiday period relative to last year. It is also worth noting that utilisation comparisons with Q1 2025 are not directly meaningful, as variable pricing had not yet come into effect during that period. On the enforcement front, we continued to leverage our technology-enabled smart scan car inspection fleet, complemented by targeted, data-driven field deployment to reinforce compliance across the network.Looking ahead, we remain confident in the structural strengths of our business and in Parkin's ability to navigate the current operating environment. We are keeping our FY 2026 revenue guidance under review and expect to provide the market with a revised assessment alongside our Q2 2026 results in early August."Q1 2026 Operational PerformanceTotal Active Parking SpacesThe total number of parking spaces as at the end of Q1 increased by 23% to 258.0k (Q1 2025: 209.0k). This growth was driven by additions across the entire portfolio, including public, developer and multi storey parking facilities, with developer parking accounting for the largest contribution.Public ParkingPublic parking spaces increased by 8.1k (+4%), to 195.2k spaces in Q1 2026 (Q1 2025: 187.1k). In terms of new additions, zone C (on-street parking) saw the largest increase with 4.9k spaces added, while...