Image used for illustrative purposes. Photo: File
Dubai-based Parkin Company reported a 48 percent surge in the total number of fines issued during the third quarter of 2024, reaching 418,100, up from 282,800 in the same period last year. This increase was attributed to a rise in customer numbers, robust parking transaction volumes, and technological enhancements, according to a statement released on Tuesday.
The company also noted that the total value of fines in Q3 2024 climbed 56 percent to AED 64.9 million, compared to AED 41.6 million in Q3 2023. For the first nine months of 2024, the total value of fines rose 26 percent to AED 172.1 million, up from AED 136.5 million in the corresponding period of 2023.
Parkin, the leading provider of paid public parking facilities and services in Dubai, upgraded the software on its handheld inspection devices in July 2024. This upgrade significantly boosted the number of vehicle plates scanned and fines issued compared to previous periods. The new software streamlined the inspection process, reducing manual intervention and speeding up enforcement times while enhancing accuracy by minimizing errors in fines issued.
The number of vehicle license plates scanned by inspectors during the quarter jumped 57 percent to 4.7 million, up from 3.0 million in Q3 2023. Parkin also announced an expansion of its smart inspection car fleet to 24 active units by the end of the year. As of Q3 2024, the company’s existing fleet had scanned a total of 5.7 million vehicle registration plates, a 47 percent increase over the same period last year.
The total number of parking spaces at the end of Q3 2024 stood at approximately 207,300, marking a 6 percent increase from the previous year. Adjusting for the announced reduction in some private developer spaces at Al Sufouh, the net increase was around 4,300 spaces.
Parkin’s net profit for the quarter rose 5 percent to AED 104.7 million, compared to AED 99.8 million in Q3 2023. Ahmed Bahrozyan, Chairman of Parkin, emphasized the company’s strategic positioning to capitalize on future market opportunities, supported by Dubai’s growing population, rising car ownership, and continued investment in transport infrastructure.
Mohamed Al Ali, CEO of Parkin, highlighted the company’s continued profitable growth, driven by additions to its parking space portfolio, record transaction volumes, higher public parking utilization rates, and improved efficiency and accuracy of its technologically advanced enforcement framework.
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