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Swvl Announces First Half 2022 Results
August 16, 2022
Swvl Announces First Half 2022 Results
Second Quarter 2022 represents another record-breaking quarter based on revenue, growing total bookings 3.7x YoY and crossing the 100 mn total bookings milestone.
Total ticket fares of $56.0 mn in six months ended June 30, 2022, up 3.2x from six months ended June 30, 2021. Well capitalized with $19 mn cash on balance sheet as of June 30, 2022; $29 mn subsequently raised in early Q3 from a private placement and equity facility; access to > $460 mn remaining equity facility.
Swvl’s Q2 performance is in line with its expectation to turn cash flow positive in 2023.
NEW YORK, August 17, 2022 /PRNewswire/ — Swvl Holdings Corp (“Swvl” or the “Company”) (NASDAQ: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced results for the First Half of 2022 and select results for the Second Quarter of 2022. Swvl’s condensed unaudited interim financial statements for the six-month periods ended June 30, 2022 and 2021, and supplementary information are available on Swvl’s website here.
Financial Highlights for Half Year 2022 (H1’22)
Revenues of $40.7 mn for H1’22, growth of 2x over H1’21
Key Business Measures for Half Year 2022 (H1’22)
Total Ticket Fares of $56.0 mn for H1’22, growth of 2x over H1’21
Total Bookings of 1 mn for H1’22, growth of 3.7x over H1’21
Financial Highlights for Second Quarter 2022 (Q2’22)
Revenues of $23.3 mn for Q2’22, growth of 4x over Q2’21 and 1.3x over Q1’22
Key Business Measures for Second Quarter 2022 (Q2’22)
Total Ticket Fares of $29.0 mn for Q2’22, growth of 0x over Q2’21 and 1.1x over Q1’22
Total Bookings of 6 mn for Q2’22, growth of 3.5x over Q2’21 and 1.3x over Q1’22
Cumulative total bookings to date exceed 5 mn
Mostafa Kandil, Swvl Founder and CEO, said:
“As we cross the key mark of 100 million total bookings, we will continue to use the power of our cloud platform to become more cost-efficient while servicing an array of user personas, providing the cities of the future with an integrated mobility operating system that helps solve for safety, reliability, efficiency, and accessibility. The commercial goals of the company are centered around maintaining a sustainable revenue growth powered by technology-backed innovation feeding into profitability.”
Youssef Salem, Swvl CFO, said:
“The first half of 2022 marked several important milestones for us including growing 3.7x and 3.2x on total bookings and revenue, respectively, as compared to the first half of 2021. We also completed multiple strategic steps including organic SaaS launches in Kuwait and Brazil and acquisitions of Urbvan, Volt Lines and door2door as we continue to expand our highest profitability segments in alignment with Swvl’s portfolio optimization program which we believe will lead to us turning cash flow positive in 2023.”
Supplemental Information
In addition to the information included in this release and Swvl’s condensed unaudited interim financial statements for the six months ended June 30, 2022 and 2021, presentation slides have been made available on Swvl’s website.
Key Business Measures
“Total Ticket Fares” is an operating measure representing the total dollars processed on Swvl’s platform for seats booked.
“Total Bookings” is an operating measure representing the total number of seats booked by riders and corporate customers (completed or cancelled) on our platform, over the period of measurement.
About Swvl
Swvl is a global provider of transformative tech-enabled mass transit solutions, offering intercity, intracity, B2B and B2G transportation across > 20 countries. The Company’s platform provides complimentary semi-private alternatives to public transportation for individuals who cannot access or afford private options. Every day, Swvl’s parallel mass transit systems are empowering individuals to go where they want, when they want – making mobility safer, more efficient, accessible, and environmentally friendly. Customers can book their rides on an easy-to-use proprietary app with varied payment options and 24 / 7 access to high-quality private buses and vans.
Swvl was co-founded by Mostafa Kandil, who began his career at Rocket Internet, where he launched the car sales platform Carmudi in the Philippines, which became the largest car classifieds company in the country in just six months. He then served as Rocket Internet’s Head of Operations. In 2016, Kandil joined Careem, a ride-sharing company and the first unicorn in the Middle East. He supported the platform’s expansion into multiple new markets.
For additional information about Swvl, please visit www.swvl.com.
Forward-Looking Statements
Certain statements made herein are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding future events and other statements that are not historical facts.
Investor Contact: Youssef Salem, Swvl CFO – Investor.relations@swvl.com
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