Smart transportation company "Swvl" recorded net profits during 2023 amounting to $2.1 million, compared to losses of $161.6 million in the first half of last year.
According to the financial statements announced by the company on the Nasdaq Stock Exchange, Swvl’s operating cash flows during the first 6 months of this year amounted to about $2.2 million.
Mustafa Kandil, CEO of Swvl, expressed his happiness with the ability of its team to transform into profitability within just a few months, despite the overall economic downturn that the world is witnessing, and to achieve all the goals set in the strategy to improve our investment portfolio.
He continued, saying: Swvl is currently working to create significant value for its shareholders and is in a position to grow profitably and promote expansions in high-revenue markets.
It is noteworthy that Swvl completed the sale of all shares of its subsidiary, Urbvan, a Mexican transportation services company, to Kolors Inc., a transportation services company in Latin America, for $12 million.
Over the past months, Swvl has been facing several risks that threaten its continued listing on the Nasdaq Stock Exchange following the significant decline in its share price, after the company’s market value fell below the level of $6 million, less than the minimum applicable in the U.S. market rules, amounting to $50 million.
Swvl had studied several alternatives, including attracting investments through the entry of new investors, whether strategic or financial, in addition to pumping money through the company’s current owners.
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