Swvl Achieves Eightfold Growth in Gross Profit in 2023

Swvl Holdings Corp, previously based in Cairo and now based in Dubai, has achieved a significant financial turnaround for fiscal year 2023.^[1]  

Net Profit soared to $3.1 million, versus $123.6 million net loss in 2022. Gross Profit surged over eightfold to $4.1 million, compared to $0.5 million in 2022.

Operating Profit reached $12.1 million, an improvement from the $80.2 million operating loss in 2022.

 Earnings Per Share from continuing operations rose to $0.61, reflecting profitable growth. The equity value doubled to $5.9 million. Equity Book Value stood at $5.9 million by December 31, 2023, up from $2.6 million a year earlier.

Swvl, which was founded in Cairo in 2017 by Mostafa Kandil, Mahmoud Nouh, and Ahmed Sabbah, allows commuters to reserve seats on private buses running on fixed routes and pay fees via its smartphone app. The company, which has operations in 16 countries, entered Europe and Brazil in August 2021 with the acquisition of Shotl, a Spanish Uber-like service for bus and van owners.