PC: wam.ae
Interim Cash Dividend Set for October Distribution
The leading public parking service provider of Dubai is Parkin. The company had announced that it will disburse its first dividend since going public. The firm listed in the DFM in March 2024, and this time the cash dividend being returned to the shareholders will be the return for the first half of the year. This amount of the cash dividend would stand at AED198.8 million, which amounts to $54 million. On a per-share basis, this will mean the payment of 6.63 fils per every share held by investors. The company has indicated that shareholders can expect this interim dividend by the end of October 2024. This marks a significant milestone for Parkin as it is rewarding its investors for the very first time after listing on the stock exchange.
Eligibility Deadline for Shareholders
Parkin has set 10 October 2024 as the last date for shareholders to buy shares so that they can get the interim cash dividend. This is the day after which no investor can buy the shares and get the declared interim cash dividend. This means that shareholders will have their entitlement to a dividend protected if they meet this date, which is payable on 28 October 2024. This in return means that only those buying shares before the cut-off date shall be eligible to receive the dividend. However, the books will now account for the full value of the dividend distribution.
First Half Good H1 2024
The better half of 2024 for Parkin has seen the company score a free cash flow of AED 135.6 million on solid operational performance. As has been indicated, Parkin also recorded a net profit of AED 95 million for the second quarter of the year that was backed by total revenues of AED 205.5 million. These revenues have been derived from various income sources, such as public and developer parking services, seasonal permits, and fines.
Parkin’s strong earnings have allowed the company to clearly showcase its financial strength and capacity to deliver value to its shareholders by issuing its inaugural dividend payout. This move highlights Parkin’s impressive growth trajectory, reinforcing its position as a prominent player in Dubai’s paid public parking industry. The company’s consistent upward trend is a testament to its stability and potential for continued influence within the sector, underscoring its commitment to generating shareholder returns and further establishing itself as a leader in the market.
