Parkin Recruits New Employees For 2024
Parkin, a company listed on the Dubai Financial Market, has been making significant strides.
It continues to increase its staff number for the remainder of the year.
We will be glad to provide you with the key points from Parkin’s recent financial performance:
Profit Growth:
In the first half of 2024, the company achieved a 6% increase in net profit, reaching AED 198.8 million.
The company’s profits before accounting for financing costs, taxes, depreciation, and amortization rose by 37%, totaling AED 272.3 million.
This impressive margin reached 65%, representing a 13 percentage point increase.
Revenue Expansion:
The company total revenues for the first half of 2024 increased by 10%, reaching AED 421.0 million.
Dividend Plans:
The company plans to distribute semi-annual dividends in April and October.
The first dividend distribution is expected in October 2024, related to profits from the first half of the year.
For the full fiscal year 2024 and beyond, the company anticipates distributing dividends at the higher of two options:
Either 100% of net profit for the year or free cash flow for equity rights, while considering distributable reserves.
Employee Expenses:
Employee benefits expenses decreased by 29%, recording AED 25.5 million in the second quarter of 2024.
Notably, the company employed approximately 311 employees by the end of the second quarter of 2024.
However, the company expects employee expenses to increase in subsequent quarters.
Due to ongoing hiring and the transition of salary management from the Roads and Transport Authority (RTA) to Parkin contracts starting from Q2 2024.
Despite this, employee benefits expenses decreased by 39% to AED 43.9 million in the first half of 2024.
What are Parkin’s core business activities ?
The company is primarily involved in parking management and related services.
Here are some of their core business activities:
- Parking Facilities Management
- Technology Integration
- Consultancy Services
- Smart Solutions and Innovations
- Collaboration with Municipalities and Developers
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Parkin remains committed to increasing its workforce throughout the remaining months of this year, aiming to enhance its internal capabilities.
As Dubai continues to grow economically and in population, the company aligns its plans with the city’s ambitious growth vision.
