{"id":90285,"date":"2024-03-21T00:00:00","date_gmt":"2024-03-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/parkin-posts-24-9-rise-in-2023-net-income\/"},"modified":"2024-03-21T00:00:00","modified_gmt":"2024-03-21T00:00:00","slug":"parkin-posts-24-9-rise-in-2023-net-income","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/21\/parkin-posts-24-9-rise-in-2023-net-income\/","title":{"rendered":"Parkin posts 24.9% rise in 2023 net income"},"content":{"rendered":"

Car parking space manager Parkin posted a bottom line of AED 394.1 mn in <\/strong>2023<\/strong>, <\/strong>up 24.9% y-o-y, according to the company\u2019s first ever financial statements (pdf)<\/a>. The company\u2019s revenues increased 13.6% y-o-y during the period to AED 779.4 mn.<\/p>\n

ICYMI: <\/strong>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\u2019s IPO was 165x oversubscribed<\/a> during its book building process, raising some AED 1.57 bn. <\/p>\n

Background: <\/font><\/strong>Dubai\u2019s Road and Transport Authority<\/a>'s parking business recently spun off as Parkin in January<\/a>, just a few months after saying it would go public with its taxi and parking assets in 2023. Parkin\u2019s IPO is the sixth company to list on the Dubai bourse as part of the government\u2019s privatization plan to list 10 state-owned companies back in 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company\u2019s revenues are up 13.6% y-o-y<\/p>\n","protected":false},"author":1,"featured_media":90286,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1596],"tags":[1392,183,5],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-ipo","tag-parkin","tag-roads-and-transport-authority","wpautop","entry"],"acf":{"mongo_id":"242e3008-096d-4740-88fd-d50cf00cd86e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1299.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Parkin posts 24.9% rise in 2023 net income ahead of first day of trading on the DFM","related_issue":[90266],"teaser":"The company\u2019s revenues are up 13.6% y-o-y","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.0e429a40-5530-4db4-a3a7-3895fef7494d.mp3"},"yoast_head":"\nParkin posts 24.9% rise in 2023 net income - 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