Dubai: Parkin Company PJSC, the leading operator of public parking spaces in Dubai, is exploring constructing additional multi-level parking facilities to offer motorists an alternative during inclement weather conditions.
Eng. Mohamed Al Ali, CEO of Parkin and Khattab Omar Abu Qaoud, CFO of Parkin, revealed that the company is evaluating various options to broaden its platform, focusing on multi-storey parking structures. These structures, contributing 2 per cent to the company's revenues, are being considered for implementation on available plots.
In the first quarter of the year, Parkin witnessed an 8 per cent surge in revenues, totalling Dh215.3 million, following a successful IPO in March. The company's net profit also saw a 5 per cent rise to Dh103.7 million, driven by an expanded EBITDA base.
Parkin executives affirmed plans to collaborate with Dubai's Roads and Transport Authority (RTA) and private developers to expand their parking platform. They indicated that a formal announcement regarding this collaboration would be forthcoming.
The service provider might also consider extending its offerings to privately owned properties and complexes, such as shopping malls and commercial centres.
The recent rainstorm, named 'Hadeer', severely disrupted Dubai's transport network, causing road gridlock and flooding in public and private areas, especially in low-lying regions.
Parkin's operations were also adversely affected by the unprecedented weather conditions experienced across the UAE in mid-April. The disruption during this heavy rainfall is anticipated to result in a Dh4 million revenue impact for the second quarter.
Inputs from Khaleej Times