NASDAQ-listed mobility SaaS Swvl posts $3.1m net profit in 2023
TLDR
- Swvl Holdings Corp achieves significant financial milestone with noteworthy net profit and cash flow in 2023.
- Swvl concludes path to profitability program initiated in 2022, showing commitment to bolster profitability and expand into lucrative markets.
- Fiscal year results as of December 31, 2023, demonstrate a remarkable turnaround with net profit reaching $3.1 million, and gross profit increasing over 8 times to $4.1 million compared to 2022.
Swvl Holdings Corp, a technology provider for enterprise and government mobility solutions, hit a significant milestone in its financial performance in 2023, achieving a noteworthy net profit and cash flow.
Continuing the positive trajectory set in the first half of the fiscal year, Swvl concluded the path to profitability program initiated in 2022, including reversing its previous acquisitions.
The fiscal year results ended December 31, 2023, showed that the net profit hit $3.1 million, marking a turnaround from a net loss of $123.6 million in 2022, while gross profit surged more than 8x to $4.1 million from $0.5 million in 2022.
Key Takeaways
Since 2022, Swvl has undergone significant financial restructuring efforts in an attempt to reverse its fortunes after experiencing a steep decline in its share price. The company's share price plummeted by 90% from $10, prompting multiple threats of delisting from the NASDAQ. To address its financial challenges, Swvl executed a reverse stock split in January 2022, resulting in a share price increase to $4 per share. However, the share price quickly declined once again. Over the past year, Swvl's share price has experienced a remarkable recovery, surging by over 90% from $1.21 as of May 1, 2023, to its current level of $13.70. For Swvl, profitability is paramount to support its planned expansion into high-revenue markets. The company aims to expand its strategic partnerships into more Gulf Cooperation Council (GCC) countries, including Saudi Arabia and the UAE, in addition to its largest market, Egypt.
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