Swvl Inks $6.3 Million Deal with e& Egypt
This deal will help Swvl enhance its presence in the Egyptian market.
Swvl Holdings Corp, previously based in Cairo and now based in Dubai, has secured a five-year contract with telecom giant e& Egypt, valued at up to $6.3 million. This deal will help Swvl enhance its presence in the Egyptian market.[1]
Swvl offers global technology solutions for enterprise and government mobility, presenting alternatives to public transportation for those unable to access or afford private options. Customers can book rides through Swvl's app, which offers various payment options and access to high-quality private buses and vans.
In May, Swvl announced that it achieved an eightfold growth in its gross profits in 2023.
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.
