The Dubai-based parking operator Parkin will distribute Dh280.9 million in dividends to shareholders on April 23. This payout corresponds to its strong performance in the second half of 2024.
On a per-share basis, the H2-2024 dividend amounts to 9.36 fils per share.
Starting Friday, April 4, Parkin will implement a variable pricing model based on peak and off-peak usage of its parking spaces. This pricing adjustment is expected to significantly boost revenue, with the impact becoming evident in its Q2-25 financial results.
As per its dividend policy, Parkin distributes the higher value between net income and free cash flow to equity. The company’s dividends are paid semi-annually, in April and October.
For H1-2024, Parkin had released a dividend payout of Dh198.77 million, translating to 6.63 fils per share.
The Board of Directors and the general assembly will review the dividend distribution annually, considering factors such as operational expenses, financing costs, and planned investments. The company also evaluates market conditions, the operating environment, and future outlook when making these decisions.
Parkin: New Variable Pricing Model
Parkin’s variable pricing strategy will apply across all its public parking spaces and approximately 35% of spaces managed for developers. The tariff structure distinguishes between standard and premium parking spots.
Key Pricing Details:
- Peak hours (8 AM to 10 AM & 4 PM to 8 PM)
- Dh6 per hour for premium parking spots.
- Dh4 per hour for other public paid parking spaces.
- Off-peak hours (10 AM to 4 PM & 8 PM to 10 PM)
- Rates remain unchanged.
The company confirmed that overnight parking, Sundays, and public holidays will continue to be free, maintaining its commitment to customer convenience.
