Parkin Co. Pjsc · DFM:PARKIN
Parkin Co. Pjsc — Parkin Company PJSC — Q1 2024 Earnings Presentation
16 slides from Parkin Co. Pjsc's earnings presentation, May 9, 2024
Slide 1: Q1 2024 Operational and Financial Results
Q1 2024 Operational and Financial Results 9 May 2024
Slide 2: Disclaimer
Disclaimer • This document has been prepared by Parkin Company PJSC (“Parkin” or the “Company”) solely for presentation purposes and the information included herein shall not be construed as legal, tax, investment, financial or other advice. It has not been independently verified and no representati
Slide 3: Who we are: Parkin at a glance
Who we are The largest provider of paid public parking facilities and services across Dubai • Operational since 1995, carved out from RTA in Jan 2024 • Exclusive right to operate RTA’s parking 1995 197k 91% facilities via a 49-year exclusive Dominant Start of operations Total paid parking Share of o
Slide 4: What we do
What we do Our business is a unique blend of operational excellence, technological know-how and enforcement capability Public Parking 1 On-street and off-street paid public parking spaces Multistory Car Parks (MSCPs) 2 Parking located near high-traffic areas Parkin at a glance Permits, Seasonal Card
Slide 5: Key Q1 Highlights
Q1 2024 vs. Q1 2023 Performance Strong maiden results following successful recent IPO, with Revenue +8%, EBITDA +33% and Net Income +5% Operational Achievements Financial Achievements Key Q1 Highlights 197k 32m AED 215m AED 138m Paid parking spaces Parking transactions Revenue EBITDA 1% 8% 8% 33% (6
Slide 6: Operational Performance
Operational Performance Public parking is our core vertical, segmented into 4 tariff zones based on street location Number of paid public parking spaces Paid public parking utilization(1) In ‘000 176 26% 174 24% 107 108 Operational Performance 55% 50% 38% 33% 38 38 23% 23% 23% 21% 26 27 3 3 Q1 2023
Slide 7: Operational Performance: parking transactions and fines
Operational Performance Continued increase in parking transaction volumes aligns with Dubai’s economic growth Total number of parking transactions Total fines issued / Fine collection rate % In ‘000 In ‘000 32,458 87% 29,887 78% Operational Performance 26,679 28,990 370 378 3,260 2,937 271 208 Q1 20
Slide 8: Financial Performance: Segmental Breakdown
Segmental Breakdown Top line revenue growth driven by higher Public Parking, Seasonal Card / Permit and Developer Parking revenues Revenue % of Total Q1 ‘24 vs. Q1 (AEDm) Revenue ‘23 Growth • 77% on-street + 23% off-street paid parking spaces Public Parking • 4 zones with different pricing 1 99.3 46
Slide 9: OpEx: ongoing focus on efficiencies
OpEx: ongoing focus on efficiencies OpEx(1) decreased 10% in Q1 2024 Q1 2023 Q1 2024 Corporate Salaries + Concession Salaries + Allocations Benefits Fee Expense Benefits 18.4 26.7 (2) 28.7 35.7 Financial Performance Maintenance Q1 2023 OpEx Q1 2024 OpEx D&A AED 99.8m AED 89.9m 12.7 6.2 -10% 3.4 3.5
Slide 10: Improving Profitability
Improving Profitability Superior operating margins: Q1 2024 EBITDA margin of 64%, Net Profit margin of 48% EBITDA and EBITDA Margin Net Income and Net Interest Margin In AED EBITDA EBITDA Margin In AED Net Income Net Income Margin 52% 64% 50% 48% Financial Performance +33% +5% 138 99 104 104 Q1 2023
Slide 11: Q1 2024 EBITDA Build-up
Q1 2024 EBITDA Build-up Revenue performance along with operating leverage resulted in a 33% increase in Q1 2024 EBITDA to AED 138.3m Revenue Costs EBITDA In AEDm 99 16 3 37 53 7 (29) (18) (30) 138 3 Performance Financial Developer Permits, Seasonal Other Services & Concession Employees Public Parkin
Slide 12: EBITDA Variance Analysis
EBITDA Variance Analysis EBITDA Q1 2023 Revenue Costs Q1 2024 In AEDm (2) (29) Financial Performance +33% Permits and Seasonal Cards Developer Other Concession Employees Public Parking MSCPs Fines Other and Parking Parking Services Fee Expense and TSA Reservations • EBITDA +33% vs. Q1 2023, driven b
Slide 13: Cash Flows
Cash Flows Strong cash profile, with committed inflows scheduled for Q2 2024 AED'000 Comment Operating cash flows before changes in 146,784 PBT +15% Q1 2024 to AED 114.0m w/c Funds sitting with RTA and Dubai Smart Govt. Parkin has invoiced c.AED 124.5m and envisages Changes in dues from related part
Slide 14: Net Debt Position
Net Debt Position Strong balance sheet with moderate leverage AEDm Q1 2023 Q4 2023 Q1 2024 • AED 1.1 bn Murabaha term facility raised in Q1 2024 to fund concession fee • Net leverage at 1.8x pro-forma 2024 EBITDA Debt 0.0 0.0 1,097.4 • At end of Q1 2024, Parkin has total available liquidity of AED 2
Slide 15: Parkin Investment Case
Parkin Investment Case A technologically advanced, capex-light, cash generative business supported by strong economic fundamentals 1 Dubai Strong macro tailwinds and favorable mobility trends 2 Critical Parking market leader and exclusive public parking operator in Dubai Closing Remarks Favourable r
Slide 16: For more information, please visit www.parkin.ae
For more information, please visit www.parkin.ae or contact [email protected] © Parkin 2024