– Swvl Holdings Corp achieves a remarkable turnaround with a net profit of USD 3.1 million for the fiscal year 2023, marking a significant shift from a net loss of USD 123.6 million in 2022.

– The company’s gross profit experiences an exponential increase, surging more than eightfold to USD 4.1 million from USD 0.5 million in the previous year.

– Swvl’s focus on financial stability and operational efficiency leads to a strong balance sheet, boasting no debt and an equity value exceeding double that of the prior year, standing at USD 5.9 million as of December 31, 2023.

Swvl Holdings Corp , a technology provider for enterprise and government mobility solutions globally, announced a significant milestone in its financial performance for the fiscal year 2023. The Company has achieved a noteworthy net profit and cash flow for the entire year.

Continuing the positive trajectory set in the first half of the fiscal year, Swvl  concluded the path to profitability program initiated in 2022. The Company remains steadfast in its commitment to bolster profitability while concurrently embarking on strategic expansions into lucrative markets.

The fiscal year’ results  ended December 31, 2023 showed that the net profit hii USD 3.1 million, marking a substantial turnaround from a net loss of USD 123.6 million in 2022, while the Gross Profit has surged more than eightfold to USD 4.1 million from USD 0.5 million in 2022

Mostafa Kandil, CEO of Swvl, remarked, “In 2023, our team showcased exceptional skill and dedication, culminating in profitability. As we progress, our commitment to innovation will be evident through the introduction of a diverse array of products slated for the upcoming year and our potential new markets. Concurrently, we are extending our strategic partnerships into additional Gulf Cooperation Council (GCC) countries. Our primary focus remains on enhancing profitability while resuming our rapid growth.”

Post December 31, 2023, Swvl continued its forward momentum, focusing on bolstering its financial position by increasing margins and ensuring efficient operations. 

The Company remains dedicated to sustaining this positive momentum, fortifying its financial standing, and consistently delivering enhanced value to its shareholders and stakeholders in the ever-evolving landscape of mobility.