Dubai’s parking operator, Parkin Company, has announced its planned dividend payment for the first half of 2024.
In Q1 2024, Parkin reported a net income of Dh198.773 million and free cash flow to equity of Dh135.643 million. The company will distribute the higher of these two amounts. As a result, Parkin’s shareholders will receive interim cash dividends of DhA198.773 million at the end of October.
The dividend payment amounts to 6.63 fils per share.
Mohamed Al Ali, CEO of Parkin, stressed that the company’s “best-in-class operational, technological and enforcement capabilities continue to drive impressive results”.
“I am proud of the performance that we have delivered, which is testament to the considerable efforts of the senior management team, with oversight from our experienced Board,” he said. “Looking ahead, we are committed to providing attractive, sustainable returns to our shareholders. Parkin’s maiden interim dividend reflects both our strong financial performance and continued confidence in the Company’s future growth and cash generation prospects.”
Parkin listed on Dubai’s DFM in March this year following an initial public offering (IPO). The total gross demand for the IPO reached an impressive Dh259 billion at the final offer price, marking a remarkable oversubscription level of 165 times for all tranches combined, setting a new record on the DFM.
