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Al Etihad
07-05-2025
- Business
- Al Etihad
Bank of Sharjah reports strong Q1 2025 results with 45% surge in net profit to Dh116 million
7 May 2025 19:37 SHARJAH (WAM)Bank of Sharjah has announced a strong start to 2025, posting a net profit of Dh116 million for the first quarter ended March 31, 2025, marking a 45% increase compared to Dh80 million in Q1 solid performance follows the Bank's remarkable turnaround in 2024 and reflects continued momentum driven by sound strategy, disciplined risk management, and improved operational Bank's first-quarter results were underpinned by a resilient balance sheet, prudent asset allocation, and a sustained focus on business growth. Operating income rose to Dh201 million, up 40.6% year-on-year, while the Bank continued to demonstrate its commitment to maintaining cost discipline, building on the positive trajectory established in on the results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, said, 'I am pleased to announce an exceptional start to 2025, as we achieved record profitability in the first quarter. This performance reinforces our trajectory of sustainable growth, the strength of our strategic initiatives and the resilience of our business model.''The UAE's dynamic economic environment continues to offer compelling opportunities, and we remain well-positioned to leverage them,' added Sheikh Mohammed bin Saud Al Bank's Q1 2025 disclosure, released through the Abu Dhabi Securities Exchange (ADX), revealed a nearly 55% increase in profit before tax to Dh130 million. As of March 31, 2025, total assets reached Dh44.8 billion, with customer deposits rising to Dh30.5 billion, reflecting strong market confidence and customer and capital adequacy ratios remained comfortably above regulatory thresholds, reinforcing the Bank's robust financial Q1 2025 performance builds on the Bank's spectacular turnaround in 2024, where it reported a profit before tax of Dh416 million (Dh385 million after tax), reversing a loss of Dh275 million in 2023. The strong results confirm the success of management's transformation efforts and signals continued growth in the months ahead.
The National
28-02-2025
- Automotive
- The National
Dubai's parking operator's revenue jumps as fines surge
Dubai's parking operator has announced that its revenue has jumped by nearly a third due to a major increase in the number of fines issued in the last three months of 2024. Parkin, set up in January last year to manage parking in the emirate, revealed that it levied around 509,000 fines in the final quarter of 2024, 60 per cent up on the 317,400 fines handed out in the last three months of 2023. The amount levied in fines rose to Dh77 million in the final quarter of 2024, up from the same three months in 2023, when the figure was Dh44.8 million. The increase was partly the result, the company said, of 'technology-based improvements to our enforcement framework'. Vital to this is the fleet of smart inspection scan cars run by Parkin, which operates more than 90 per cent of Dubai's on and off-street paid parking, both in public areas and in car parks owned by developers. By the end of last year the fleet had grown to 25 vehicles. 'These vehicles have expanded the company's ability to undertake enforcement across new areas and with higher accuracy, reducing reliance on physical inspections,' Parkin said in a statement. During the last quarter of 2024 the fleet scanned 6.9 million registration plates, which is up 53 per cent on the last three months of 2023, when 4.5 million were scanned. In the whole of 2024 Parkin issued about 1.67 million individual fines, 33 per cent up on 2023's total of around 1.26 million. Last year fines totalled Dh249.1 million, a 37 per cent rise on 2023's total of Dh181.3 million. While more fines were levied, the number of unpaid fines went up faster, with the collection rate falling from 97 per cent from October to December 2023 to 85 per cent during the same months in 2024. 'The collection rate was lower during the period because of an increase in the volume and quantum of fines,' the company stated. Parkin revealed that its total revenue in the last three months of 2024 reached a record Dh265 million, up 30 per cent on the same period in 2023. Net profits rose 13 per cent to Dh120 million and the number of parking transactions went up 16 per cent to 36.9 million. The company added about 10,400 spaces in total, taking the total number in public and developer-owned locations to 206,400, a four per cent increase on a year earlier. Utilisation of spaces went up 2.4 percentage points to 28.3 per cent. As previously announced, variable parking tariffs will be introduced from April for peak and off-peak tariffs in all public parking zones. A Dh6 hourly fee will be levied from 8am to 10am and from 4pm to 8pm in premium spaces, while for standard spaces the charge will be Dh4 per hour. An exception will be made for public holidays. Parking charges in Dubai apply from 8am to 10pm. Earlier this month, Parkin introduced a dynamic pricing policy with motorists charged Dh25 per hour in areas with heavy traffic during major events. The company recommends public transport when attending events such as concerts, festivals, exhibitions and conferences. Ahmed Bahrozyan, Parkin's chairman, said that in the firm's first year as a publicly listed company it had 'made remarkable progress to meet its financial, strategic and social ambitions'. 'With our city's accelerating economic growth, population expansion and record tourism in 2024, I am confident in Parkin's future outlook and our ability to deliver another strong performance in 2025,' he said. Although set up to oversee Dubai's parking operations, Parkin signed an initial agreement in December to expand operations into Saudi Arabia. Marcus Enoch, professor of transport strategy at Loughborough University in the UK, said variable charges could manage congestion, ideally alongside road pricing strategies of the kind Dubai also has. 'If you charge more in the peak and less in the off-peak, some people might shift their time of travel,' he said. 'That should help manage congestion. Or some people might change their destination: instead of going to one shopping centre with a high charge, they might go to a different shopping centre that's further out because the parking is cheaper.' He also said that in societies where people on very modest incomes travel by public transport rather than by car, parking charges could be seen as being progressive, because they potentially discourage some car use. In many countries, he said, motorists do not pay the full cost that driving imposes on society, such as expenditure on building and maintaining roads, or taking into account the pollution that car travel generates. Car parking charges may, he indicated, mean that drivers pay more of the real-world costs of owning and using a car, and could reduce the number of trips made. He also said that car parking charges were often an important source of revenue and sometimes funded the costs of enforcing parking regulations. 'There's quite a body of work that talks about the fact that car transport is underpriced,' he added.
Gulf News
28-02-2025
- Business
- Gulf News
Dubai's Parkin nets Dh925m profit - with sharp rise in fines helping too
Dubai: Did you forget to pay for the parking? Or do the top up for an extra hour of parking? A lot of vehicle users in Dubai seemed to have done so, with Parkin recording a 37% increase in revenues from fine during 2024, generating Dh249.1 million. It was Dh181.3 million in 2023. Not just that, during October to end December 2024, there was a staggering 72% spike in fines issued, totaling Dh77 million from Dh44.8 million in Q4-2023. A majority of these fines were issued in the public parking category, with total public parking fines up 51% in Q4 to 424,000 (Q4 2023: 281,000). All of which have boosted Parkin's overall 2024 numbers with revenues of Dh925.2 million from Dh780 million. The net profit pulled its weight with a 7% growth to Dh423.5 million from Dh394.1 million. 'Parkin operates at the centre of Dubai's transport ecosystem with a systemic role as a mobility enabler,' said Ahmed Bahrozyan, Chairman of Parkin. 'Throughout 2024, our quarterly results have demonstrated consistent profitable growth. With our city's accelerating economic growth, population expansion and record tourism in 2024, I am confident in Parkin's future outlook and our ability to deliver another strong performance in 2025.' When it comes to number possibilities, Parkin is all set for a blockbuster year. Later in March, the company will introduce variable rates in line with peak and off-peak hour usage. And recently, it rolled out higher charges at locations where high-profile events or conferences are being held. The tariff for a one-hour parking would then Dh25. Its sister company Salik too rolled out variable rates depending on peak/off-peak usage of its toll-gates. The new tariff cards have created a new growth dimension for these RTA entities, according to market analysts. (Parkin and Salik share prices continue to outperform its DFM peers.) According to Mohamed Al Ali, CEO of Parkin, "(The 2024) EBITDA increased by 42% during the (fourth) quarter, compared to the prior year, with a margin of 60%, reflecting Parkin's operational leverage, robust top-line growth and the ongoing benefits of efficiency initiatives. "Providing essential infrastructure that supports Dubai's ambitious growth plans, the company is well-positioned to capture new opportunities in 2025 as we continue to shape the future of our industry and focus on delivering attractive, sustainable value to shareholders.' Sign up for the Daily Briefing Get the latest news and updates straight to your inbox
