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‘Swvl Sees Massive Increase in Gross Profit in 2023’

by Dubaiforum

Swvl, a transportation company previously based in Cairo and now headquartered in Dubai, has reported a significant financial turnaround in fiscal year 2023. The company’s gross profit increased over eightfold to .1 million, up from [or_text model=”openai/gpt-3.5-turbo” prompt=”You are a news editor expand and Rewrite the following article, remove references to the source, make sure the generated article is well written, makes sense and is SEO enabled:

swvl achieves eightfold growth in gross profit in 2023

Swvl Achieves Eightfold Growth in Gross Profit in 2023

Swvl Holdings Corp, previously based in Cairo and now based in Dubai, has achieved a significant financial turnaround for fiscal year 2023.[1]

Net Profit soared to $3.1 million, versus $123.6 million net loss in 2022. Gross Profit surged over eightfold to $4.1 million, compared to $0.5 million in 2022.

Operating Profit reached $12.1 million, an improvement from the $80.2 million operating loss in 2022.

Earnings Per Share from continuing operations rose to $0.61, reflecting profitable growth. The equity value doubled to $5.9 million. Equity Book Value stood at $5.9 million by December 31, 2023, up from $2.6 million a year earlier.

Swvl, which was founded in Cairo in 2017 by Mostafa Kandil, Mahmoud Nouh, and Ahmed Sabbah, allows commuters to reserve seats on private buses running on fixed routes and pay fees via its smartphone app. The company, which has operations in 16 countries, entered Europe and Brazil in August 2021 with the acquisition of Shotl, a Spanish Uber-like service for bus and van owners.

This article was posted on Inc. Arabia EN

“].5 million in 2022. Net profit also saw a remarkable improvement, reaching .1 million compared to a net loss of 3.6 million the previous year.

Operating profit for Swvl reached .1 million in 2023, a stark contrast to the .2 million operating loss in 2022. Earnings per share from continuing operations grew to [or_text model=”openai/gpt-3.5-turbo” prompt=”You are a news editor expand and Rewrite the following article, remove references to the source, make sure the generated article is well written, makes sense and is SEO enabled:

swvl achieves eightfold growth in gross profit in 2023

Swvl Achieves Eightfold Growth in Gross Profit in 2023

Swvl Holdings Corp, previously based in Cairo and now based in Dubai, has achieved a significant financial turnaround for fiscal year 2023.[1]

Net Profit soared to $3.1 million, versus $123.6 million net loss in 2022. Gross Profit surged over eightfold to $4.1 million, compared to $0.5 million in 2022.

Operating Profit reached $12.1 million, an improvement from the $80.2 million operating loss in 2022.

Earnings Per Share from continuing operations rose to $0.61, reflecting profitable growth. The equity value doubled to $5.9 million. Equity Book Value stood at $5.9 million by December 31, 2023, up from $2.6 million a year earlier.

Swvl, which was founded in Cairo in 2017 by Mostafa Kandil, Mahmoud Nouh, and Ahmed Sabbah, allows commuters to reserve seats on private buses running on fixed routes and pay fees via its smartphone app. The company, which has operations in 16 countries, entered Europe and Brazil in August 2021 with the acquisition of Shotl, a Spanish Uber-like service for bus and van owners.

This article was posted on Inc. Arabia EN

“].61, showcasing the company’s profitable growth trajectory. The equity value doubled to .9 million, with the equity book value standing at the same amount by the end of December 2023, up from .6 million in the previous year.

Founded in 2017 by Mostafa Kandil, Mahmoud Nouh, and Ahmed Sabbah, Swvl revolutionized the commuting experience by allowing users to book seats on private buses through their smartphone app. Operating in 16 countries, the company expanded its reach to Europe and Brazil in August 2021 through the acquisition of Shotl, a Spanish service similar to Uber for bus and van owners.

Swvl’s success in achieving substantial financial growth in 2023 underscores its position as a leader in the transportation industry.

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