* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, June 6, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Traveling Tacos and Tequila Festival to stop at Florence Yall’s stadium this October – Cincinnati Enquirer

    Get Ready for a Flavor Fiesta: Traveling Tacos and Tequila Festival Hits Florence Y’all’s Stadium This October!

    9 things to do this weekend in Lake County plus a look ahead – Leesburg Daily Commercial

    Discover 9 Exciting Weekend Adventures in Lake County and What’s Coming Up!

    Shows to Watch – The Advocate

    Must-See Shows You Can’t Miss!

    Fox News Entertainment Newsletter: Celebrities mentioned during Diddy’s high-profile sex trafficking trial – Fox News

    Fox News Entertainment Newsletter: Celebrities mentioned during Diddy’s high-profile sex trafficking trial – Fox News

    ‘Sinners,’ starring Michael B. Jordan, is now streaming on Prime Video – About Amazon

    Experience the Thrills of ‘Sinners’ Starring Michael B. Jordan – Now Streaming on Prime Video!

    California Mid-State Fair announces entertainment lineups for Frontier and Mission stages – KSBY News

    Exciting Entertainment Lineup Unveiled for California Mid-State Fair’s Frontier and Mission Stages!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology

    Waunakee Fifth-Graders Dive into the Future at Exciting Tech Day!

    Property Technology Magazine Unveils “PropTech Top 50 Index” and the “2025 PropTech Trends Report – The Great Rebuild.” – Business Wire

    Property Technology Magazine Unveils “PropTech Top 50 Index” and the “2025 PropTech Trends Report – The Great Rebuild.” – Business Wire

    Micron Technology (NASDAQ:MU) Stock Price Expected to Rise, UBS Group Analyst Says – MarketBeat

    UBS Analyst Predicts Surge in Micron Technology Stock Price!

    Domo to Participate in the D.A. Davidson Technology Summit – Business Wire

    Domo Set to Shine at the D.A. Davidson Technology Summit!

    When fiction becomes fact: 3 pieces of modern technology inspired by Star Trek – Redshirts Always Die

    From Screen to Reality: 3 Modern Technologies Inspired by Star Trek

    The Isfahan Center for Nuclear Technology – UCF, ZPP, and IRR10 – Alma Research and Education Center

    Exploring the Isfahan Center for Nuclear Technology: Innovations and Insights from UCF, ZPP, and IRR10

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Traveling Tacos and Tequila Festival to stop at Florence Yall’s stadium this October – Cincinnati Enquirer

    Get Ready for a Flavor Fiesta: Traveling Tacos and Tequila Festival Hits Florence Y’all’s Stadium This October!

    9 things to do this weekend in Lake County plus a look ahead – Leesburg Daily Commercial

    Discover 9 Exciting Weekend Adventures in Lake County and What’s Coming Up!

    Shows to Watch – The Advocate

    Must-See Shows You Can’t Miss!

    Fox News Entertainment Newsletter: Celebrities mentioned during Diddy’s high-profile sex trafficking trial – Fox News

    Fox News Entertainment Newsletter: Celebrities mentioned during Diddy’s high-profile sex trafficking trial – Fox News

    ‘Sinners,’ starring Michael B. Jordan, is now streaming on Prime Video – About Amazon

    Experience the Thrills of ‘Sinners’ Starring Michael B. Jordan – Now Streaming on Prime Video!

    California Mid-State Fair announces entertainment lineups for Frontier and Mission stages – KSBY News

    Exciting Entertainment Lineup Unveiled for California Mid-State Fair’s Frontier and Mission Stages!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology

    Waunakee Fifth-Graders Dive into the Future at Exciting Tech Day!

    Property Technology Magazine Unveils “PropTech Top 50 Index” and the “2025 PropTech Trends Report – The Great Rebuild.” – Business Wire

    Property Technology Magazine Unveils “PropTech Top 50 Index” and the “2025 PropTech Trends Report – The Great Rebuild.” – Business Wire

    Micron Technology (NASDAQ:MU) Stock Price Expected to Rise, UBS Group Analyst Says – MarketBeat

    UBS Analyst Predicts Surge in Micron Technology Stock Price!

    Domo to Participate in the D.A. Davidson Technology Summit – Business Wire

    Domo Set to Shine at the D.A. Davidson Technology Summit!

    When fiction becomes fact: 3 pieces of modern technology inspired by Star Trek – Redshirts Always Die

    From Screen to Reality: 3 Modern Technologies Inspired by Star Trek

    The Isfahan Center for Nuclear Technology – UCF, ZPP, and IRR10 – Alma Research and Education Center

    Exploring the Isfahan Center for Nuclear Technology: Innovations and Insights from UCF, ZPP, and IRR10

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

NASDAQ-listed Swvl continues profitability streak with $3.1m net profit in 2023

May 2, 2024
in Technology
NASDAQ-listed Swvl continues profitability streak with $3.1m net profit in 2023
Share on FacebookShare on Twitter

Swvl, the NASDAQ-listed mobility startup that transitioned into a B2B company last year, posted its first full-year net profit in 2023, continuing its reversal of fortune from struggling to a profitable business.

The Dubai-born company posted a net profit of $3.1 million last year, a turnaround from a net loss of $123.6 million in 2022, according to its latest financial report. Swvl increased its gross profit more than eightfold to $4.1 million from $0.5 million in 2022. It also posted an operating profit of $12.1 million, compared to an operating loss of $80.2 million in 2022.

“Our focus today remains towards improving profitability while resuming our high-paced growth,” said Mostafa Kandil, the company’s CEO. 

For Swvl, which has endured a turbulent life as a publicly traded company, profitability is critical to  support its planned expansion into “high-revenue markets.” The company will expand its strategic partnerships into more Gulf Cooperation Council (GCC) countries, Kandil said. It currently operates in three countries: Egypt (its biggest market), Saudi Arabia, and the UAE.

Since 2022, Swvl has made financial changes by reversing its previous acquisitions to reverse its fortunes after its share price of $10 dropped 90%, earning multiple threats of delisting from the NASDAQ. A reverse stock split in January 2022 saw the company’s share price jump to $4 per share, but it quickly fell again. Its share price has gained over 90%  in the past year up from $1.21 as of May 1, 2023. It stands at $13.70 at the time of this report.

While Swvl achieved profitability off the back of the sale of its subsidiaries and focus on three markets, the mobility company’s revenue took a hit in 2023. Its revenue dropped 48% to $22.8 million, compared to $44.1 million in the previous year. The company’s cost of sales also dropped 57% to $18.7 million compared to the previous year.

Swvl generates most of its revenue from selling technology clients use to plan their routes, operate fleet services, or even manage riders. The rest of its revenue is from operating buses. One big positive in Swvl’s report was that it reduced its losses for the first time in recent years. This is significant if the company wants to remain profitable. Its negative cash flow dropped 83.3% to $9.1 million in 2023, compared to the previous year.

The company has laid off staff and dissolved subsidiaries in many countries including Argentina, Chile, Mexico, Germany, and Pakistan, by either shutting down or selling its stake in those subsidiaries. These decisions have helped the company alleviate its business pressures. The company’s total assets stand at $21.9 million, a 61.8% reduction year-on-year, while its total liabilities dropped 71% to $15.9 million. 

Get the best African tech newsletters in your inbox

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechCabal – https://techcabal.com/2024/05/01/swvl-2023-financial-report/

Tags: ContinuesNASDAQ-listedtechnology
Previous Post

TechCabal’s best-read stories of Q1 2024

Next Post

VALR pursuing crypto licenses in Dubai & Mauritius

Using species ranges and macroeconomic data to fill the gap in costs of biological invasions – Nature

Using species ranges and macroeconomic data to fill the gap in costs of biological invasions – Nature

June 6, 2025
Scientists in Japan develop plastic that dissolves in seawater within hours – Reuters

Revolutionary New Plastic Dissolves in Seawater Within Hours!

June 6, 2025
When your science is attacked, how do you cope? – American Chemical Society

Facing Criticism in Science: Strategies for Resilience and Growth

June 6, 2025
Jane Birkin’s original Hermès bag goes on sale – news8000.com

Iconic Jane Birkin Hermès Bag Hits the Market!

June 6, 2025
‘Elon is going to get decimated:’ How Trump’s feud with the world’s richest man might end – USA Today

Elon vs. Trump: The Epic Showdown That Could Change Everything!

June 6, 2025
Trump’s Tariffs Expected to Drag Down the Global Economy – The New York Times

Trump’s Tariffs: A Looming Threat to the Global Economy

June 6, 2025
Traveling Tacos and Tequila Festival to stop at Florence Yall’s stadium this October – Cincinnati Enquirer

Get Ready for a Flavor Fiesta: Traveling Tacos and Tequila Festival Hits Florence Y’all’s Stadium This October!

June 6, 2025
Champaign-based Health Alliance plans to end all coverage, eliminating more than 600 jobs – WGLT

Health Alliance in Champaign to Cut All Coverage, Impacting Over 600 Jobs

June 6, 2025
Book Review: ‘Buckley,’ by Sam Tanenhaus – The New York Times

Book Review: ‘Buckley,’ by Sam Tanenhaus – The New York Times

June 6, 2025

Waunakee Fifth-Graders Dive into the Future at Exciting Tech Day!

June 6, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (671)
  • Economy (685)
  • Entertainment (21,591)
  • General (15,267)
  • Health (9,726)
  • Lifestyle (688)
  • News (22,149)
  • People (686)
  • Politics (692)
  • Science (15,903)
  • Sports (21,188)
  • Technology (15,670)
  • World (670)

Recent News

Using species ranges and macroeconomic data to fill the gap in costs of biological invasions – Nature

Using species ranges and macroeconomic data to fill the gap in costs of biological invasions – Nature

June 6, 2025
Scientists in Japan develop plastic that dissolves in seawater within hours – Reuters

Revolutionary New Plastic Dissolves in Seawater Within Hours!

June 6, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version