* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Thursday, October 2, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Major airline to offer new in-flight entertainment options for passengers – PennLive.com

    Major airline to offer new in-flight entertainment options for passengers – PennLive.com

    Penn State-Themed Restaurant and Entertainment Spot Happy Valley Live Set to Open in State College – StateCollege.com

    Penn State-Themed Restaurant and Entertainment Spot Happy Valley Live Set to Open in State College – StateCollege.com

    The Police Made Chart History With This 1979 Hit Nearly 50 Years Ago – Yahoo

    How The Police Changed Music Forever with Their Iconic 1979 Hit Nearly 50 Years Ago

    Good Deed Entertainment Acquires Worldwide Rights To Liza Mandelup’s Documentary ‘Caterpillar’ – Deadline

    Good Deed Entertainment Lands Global Rights to Liza Mandelup’s Captivating Documentary ‘Caterpillar

    Danielle Fishel Explains Why Being on “DWTS” Makes Her Feel ‘Like It’s 1994 Again’ Filming “Boy Meets World” (Exclusive) – Yahoo

    Danielle Fishel Explains Why Being on “DWTS” Makes Her Feel ‘Like It’s 1994 Again’ Filming “Boy Meets World” (Exclusive) – Yahoo

    Jussie Smollett Claims He Was ‘Disrespected’ on the ‘Special Forces’ Season Premiere – Yahoo

    Jussie Smollett Opens Up About Feeling ‘Disrespected’ During the ‘Special Forces’ Season Premiere

  • 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
    A Tech Expo Shows What China Can Make, but Not Who’ll Buy It All – The New York Times

    Inside China’s Tech Expo: Cutting-Edge Innovations Face Uncertain Demand

    Steampunk Metal Oval Technology Sense Sunglasses Personality Handmade Chain Multicolor Sunglasses UV400 – The San Joaquin Valley Sun

    Steampunk Metal Oval Sunglasses with Handmade Multicolor Chain – Bold UV400 Protection and Unique Style

    STELLA Automotive AI Appoints Fred Seidelman as Chief Technology Officer – Yahoo Finance

    STELLA Automotive AI Appoints Fred Seidelman as New Chief Technology Officer

    Saving Energy and Money with Smart Technology – Terms of Service with Clare Duffy – Podcast on CNN Podcasts – CNN

    Saving Energy and Money with Smart Technology – Terms of Service with Clare Duffy – Podcast on CNN Podcasts – CNN

    Four Strategic Signals Technology Leaders Are Tuning In To – SPONSOR CONTENT FROM ARM – Harvard Business Review

    Four Essential Strategic Signals Every Technology Leader Should Watch

    Virginia Tech hosts annual New Music + Technology Festival this week – Cardinal News

    Virginia Tech Kicks Off Exciting Annual New Music and Technology Festival This Week

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Major airline to offer new in-flight entertainment options for passengers – PennLive.com

    Major airline to offer new in-flight entertainment options for passengers – PennLive.com

    Penn State-Themed Restaurant and Entertainment Spot Happy Valley Live Set to Open in State College – StateCollege.com

    Penn State-Themed Restaurant and Entertainment Spot Happy Valley Live Set to Open in State College – StateCollege.com

    The Police Made Chart History With This 1979 Hit Nearly 50 Years Ago – Yahoo

    How The Police Changed Music Forever with Their Iconic 1979 Hit Nearly 50 Years Ago

    Good Deed Entertainment Acquires Worldwide Rights To Liza Mandelup’s Documentary ‘Caterpillar’ – Deadline

    Good Deed Entertainment Lands Global Rights to Liza Mandelup’s Captivating Documentary ‘Caterpillar

    Danielle Fishel Explains Why Being on “DWTS” Makes Her Feel ‘Like It’s 1994 Again’ Filming “Boy Meets World” (Exclusive) – Yahoo

    Danielle Fishel Explains Why Being on “DWTS” Makes Her Feel ‘Like It’s 1994 Again’ Filming “Boy Meets World” (Exclusive) – Yahoo

    Jussie Smollett Claims He Was ‘Disrespected’ on the ‘Special Forces’ Season Premiere – Yahoo

    Jussie Smollett Opens Up About Feeling ‘Disrespected’ During the ‘Special Forces’ Season Premiere

  • 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
    A Tech Expo Shows What China Can Make, but Not Who’ll Buy It All – The New York Times

    Inside China’s Tech Expo: Cutting-Edge Innovations Face Uncertain Demand

    Steampunk Metal Oval Technology Sense Sunglasses Personality Handmade Chain Multicolor Sunglasses UV400 – The San Joaquin Valley Sun

    Steampunk Metal Oval Sunglasses with Handmade Multicolor Chain – Bold UV400 Protection and Unique Style

    STELLA Automotive AI Appoints Fred Seidelman as Chief Technology Officer – Yahoo Finance

    STELLA Automotive AI Appoints Fred Seidelman as New Chief Technology Officer

    Saving Energy and Money with Smart Technology – Terms of Service with Clare Duffy – Podcast on CNN Podcasts – CNN

    Saving Energy and Money with Smart Technology – Terms of Service with Clare Duffy – Podcast on CNN Podcasts – CNN

    Four Strategic Signals Technology Leaders Are Tuning In To – SPONSOR CONTENT FROM ARM – Harvard Business Review

    Four Essential Strategic Signals Every Technology Leader Should Watch

    Virginia Tech hosts annual New Music + Technology Festival this week – Cardinal News

    Virginia Tech Kicks Off Exciting Annual New Music and Technology Festival This Week

    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

US-listed Swvl quietly releases long-delayed 2022 financial statement as it engineers its way to financial safety

November 2, 2023
in Technology
US-listed Swvl quietly releases long-delayed 2022 financial statement as it engineers its way to financial safety
Share on FacebookShare on Twitter

Swvl, the Dubai-based mobility company, quietly filed its annual report for 2022 on Oct. 31 after previously missing a NASDAQ deadline for submissions for publicly listed companies on the stock exchange. The long-anticipated report provides extensive details on the health of the Cairo-born company and its financial performance as it chases profitability and sustainability with its novel bus-hailing model in Africa and the Middle East.

In 2022, the mobility company doubled its revenue to $51.5 million, up from $25.6 million in the previous year. Swvl posted its first group gross profit, $2.75 million, largely because its revenue grew faster than its basic cost of operating its fleet of buses. The company’s cost of sales rose 55% to $48.7 million compared to the previous year.

The report represents a major turnaround for Swvl, which has endured a turbulent life as a publicly traded company. The company made its stock market debut in March 2022 when it merged with Queen’s Gambit Growth Capital, a special purpose acquisition company (SPAC), trading at $10 per share at a $1.5 billion valuation. But its stock collapsed afterwards, trading below $1 for an extended period as NASDAQ threatened to delist the company if its share price didn’t exit penny stock levels. Swvl completed a reverse stock split, which effectively consolidated its shares, converting 25 units into 1. That action offered some relief, but its share price has never returned to its SPAC listing amount.

By late 2022, Swvl began making major changes to its business, including layoffs of 450 employees and shutting down operations in several countries, which radically impacted its financial information compared to details it reported by June 2022. Between mid-2021 and April 2022, the company announced at least four acquisitions as it expanded to new markets in Europe and Latin America. It acquired Shotl, a mass transit platform that operates on three continents; it also bought a controlling stake in Viapool which served Argentina and Chile; in June 2022, Swvl took over German-based Blitz B22-203 GmbH; and in April 2022, it took a controlling stake in Volt Lines, a Turkish company. And in August 2022, it acquired Latin American company Urbvan in an all-share deal. Following, these acquisitions, by mid-2022, Swvl posted half-year revenue of $40.7 million across 20 countries, nearly three times its income for the same period in 2021.

But by the end of 2022, Swvl had successfully reversed most of its acquisitions and shut down Blitz B22-203 GmbH. And in September, it sold Urbvan for $12 million. Unwinding these deals significantly changed the company’s situation, causing it to reformulate its financial statements and change previous business projections. The reversals also helped it reduce liability exposure related to some of these acquisitions, including payments to their suppliers.

As a company, Swvl reported strong growth thanks to its fast-growing bus-hailing services to business customers. In 2022, it raked in $37.9 million from business customers, a 132% jump from the previous year, compared to its mass transit services which reported $13.6 million. Overall, Swvl booked 45.7 million rides across both businesses last year, up from 25.9 million in 2021.

The company claimed it processed $56.5 million worth of ride tickets in 2022, compared to $38.4 million the year before. Swvl said its buses were full 96% of the time last year, with an average ticket per seat of $1.23.

Despite its rising revenue and financial changes from reversing previous acquisitions, Swvl, whose CEO, Mostafa Kandil, earns a basic salary of $650,000 a year, remains a loss-making enterprise. Swvl is yet to turn a profit and in 2022 it posted operating losses of $82.4 million, a 6.5% decline compared to the previous year. The company attributed much of its operating expenses to salaries and fees related to one-time activities, namely its acquisition reversals and fees from its SPAC listing in March last year.

The biggest takeaway from Swvl’s 2022 annual report is the company’s financial health. Before making drastic changes to its business last year, Swvl reported total liabilities of $149 million in 2021, including $118 million in short-term convertible debt. By the end of 2022, it had successfully converted much of its debt obligations into equity, shaving liabilities worth more than $124 million. Swvl also raked in $20 million in equity financing after it successfully sold 12.1 million shares at $1.65 per share in August 2022.

These changes have significantly improved Swvl’s financial situation and it alleviates much of its business pressures until it becomes a stable and profitable enterprise. However, high-profile exits including the replacement of its chief financial officer and resignations of two board members over the last few months might raise some eyebrows as Swvl’s CEO stabilizes the company’s operations.

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/2023/11/01/swvl-financial-report-2022/

Tags: FinancialtechnologyUS-listed
Previous Post

Yes 5G unveils the nation’s most affordable iPhone 15 plans

Next Post

WeWork South Africa distances itself from WeWork Global’s bankruptcy

Oak Ridge Reservation Set for $42M Ecological Restoration, Balancing – Hoodline

Oak Ridge Reservation to Undergo $42M Ecological Restoration and Balancing Effort

October 2, 2025
Mayor green lights Science Center development; residents call it ‘giant win’ for St. Pete – WFLA

Mayor green lights Science Center development; residents call it ‘giant win’ for St. Pete – WFLA

October 2, 2025
A ‘Great Wave’ is rippling through our galaxy, pushing thousands of stars out of place – Live Science

A ‘Great Wave’ is rippling through our galaxy, pushing thousands of stars out of place – Live Science

October 2, 2025
These are the best breweries in New Jersey, according to recent online ranking – Yahoo

These are the best breweries in New Jersey, according to recent online ranking – Yahoo

October 2, 2025
A Tech Expo Shows What China Can Make, but Not Who’ll Buy It All – The New York Times

Inside China’s Tech Expo: Cutting-Edge Innovations Face Uncertain Demand

October 2, 2025
E-Sports Week in Review – gobrits.com

This Week’s Most Exciting Moments in E-Sports

October 2, 2025
FIFA World Cup 2026 tickets go on sale today. Here’s how you can get them – LiveNOW from FOX

Score Your Spot: How to Get FIFA World Cup 2026 Tickets Now!

October 2, 2025
Factories struggle in September as soft demand in China and US take toll – Reuters

Factories struggle in September as soft demand in China and US take toll – Reuters

October 2, 2025
Major airline to offer new in-flight entertainment options for passengers – PennLive.com

Major airline to offer new in-flight entertainment options for passengers – PennLive.com

October 2, 2025
FACT: Democrats Shut Down Government Over Free Healthcare for Illegals – The White House (.gov)

Democrats Push Government Shutdown Over Free Healthcare for Undocumented Immigrants

October 2, 2025

Categories

Archives

October 2025
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Sep    
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 (847)
  • Economy (867)
  • Entertainment (21,741)
  • General (17,364)
  • Health (9,910)
  • Lifestyle (881)
  • News (22,149)
  • People (870)
  • Politics (878)
  • Science (16,078)
  • Sports (21,368)
  • Technology (15,851)
  • World (850)

Recent News

Oak Ridge Reservation Set for $42M Ecological Restoration, Balancing – Hoodline

Oak Ridge Reservation to Undergo $42M Ecological Restoration and Balancing Effort

October 2, 2025
Mayor green lights Science Center development; residents call it ‘giant win’ for St. Pete – WFLA

Mayor green lights Science Center development; residents call it ‘giant win’ for St. Pete – WFLA

October 2, 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