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Car parking space manager Parkin posted a bottom line of AED 394.1 mn in 2023, up 24.9% y-o-y, according to the company’s first ever financial statements (pdf). The company’s revenues increased 13.6% y-o-y during the period to AED 779.4 mn.
ICYMI: The Dubai Investment Fund-owned company went live on the Dubai bourse today as the first offering of the year in the country, offering a 25% stake in the company. Parkin’s IPO was 165x oversubscribed during its book building process, raising some AED 1.57 bn.
Background: Dubai’s Road and Transport Authority‘s parking business recently spun off as Parkin in January, just a few months after saying it would go public with its taxi and parking assets in 2023. Parkin’s IPO is the sixth company to list on the Dubai bourse as part of the government’s privatization plan to list 10 state-owned companies back in 2021.
