Parkin Company PJSC plans at building more multi-level parking to provide alternative to motorists during unstable weather

Top company executives announced on Thursday that Parkin Company PJSC, the only operator of public parking spaces in Dubai, is considering adding more multi-level parking to give drivers an alternative during erratic weather. 

Multi-story parking, which accounts for 2% of our sales, is one of the solutions we are researching to broaden our platform. Following the release of their Q1 financial report, Parkin CFO Khattab Omar Abu Qaoud and CEO Eng. Mohamed Al Ali told Khaleej Times, "We have different plots that can accommodate multi-level parking."

After a successful IPO (initial public offering) in March, Parkin had an 8% growth in revenues in the first quarter of the year, totaling Dh215.3 million. Due to a stronger EBITDA (earnings before interest, taxes, depreciation, and amortization) basis, net profit increased by 5% to Dh103.7 million.

In order to extend its parking platform, the Parkin executives announced that they will be working with private developers and Dubai's Roads and Transport Authority (RTA). They mentioned that there will be an announcement regarding this.