Parkin Company (PARKIN) Q4 2024 earnings summary

Executive summary

• Q4 2024 and FY 2024 delivered record revenues, EBITDA, and net profit, all ahead of IPO guidance.

• Revenue rose 30% YoY in Q4 to AED 265.0m, EBITDA up 42%, and net profit up 13%.

• Operational momentum driven by increased parking spaces, higher transaction volumes, and improved utilisation rates.

• Completed transition to standalone entity under a 49-year RTA concession after March 2024 IPO.

• Announced new variable parking tariff policy effective April 2025, expected to drive further revenue growth.

Financial highlights

• Q4 2024 revenue: AED 265.0m (+30% YoY); FY 2024 revenue: AED 915.8m (+17.5% YoY).

• Q4 2024 EBITDA: AED 158.2m (+42% YoY), margin 60%; FY 2024 EBITDA: AED 577.3m (+39% YoY), margin 62%.

• Q4 2024 net profit: AED 120.0m (+13% YoY); FY 2024 net profit: AED 423.5m (+7% YoY).

• Free cash flow to equity: AED 132.4m in Q4; AED 479.6m for FY 2024; cash conversion rate: 98%.

• Net debt at YE 2024: AED 1,085.5m; available liquidity AED 502.3m, including AED 100m undrawn RCF.

Outlook and guidance

• FY 2025 public parking revenue guidance: AED 520–550m; enforcement (fines) revenue: AED 275–305m.

• Variable parking tariff policy from April 2025 to introduce peak/off-peak pricing.

• Public parking spaces to grow by 3% in 2025; at least 1,500 new developer spaces planned.

• 100% of public parking portfolio to be subject to variable pricing in 2025.

• Premium parking to comprise ~35% and standard parking ~65% of the public portfolio.