Swvl's 2022 Financial Report: Revenue Surges, But Challenges Persist

Swvl's 2022 Financial Report: Revenue Surges, But Challenges Persist

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

๐Ÿ“ˆ Swvl's 2022 Financial Report Revealed ๐ŸšŒ

๐Ÿ” Swvl, the mobility company, posted a revenue of $51.5 million in 2022, marking a 100% increase from the previous year. This significant growth was driven by its bus-hailing services, which earned $37.9 million from business customers. ๐Ÿ“Š

๐Ÿ’ฐ Swvl's first group gross profit, $2.75 million, reflects its focus on profitability. However, it still posted operating losses of $82.4 million in 2022. These losses were attributed to various one-time expenses, including acquisition reversals and fees from its SPAC listing. ๐Ÿ“‰

๐Ÿ”„ The company underwent a series of major changes in 2022, reversing acquisitions and shutting down operations in several countries. These changes led to a reformulation of its financial statements and a reduction in liability exposure related to these acquisitions. ๐ŸŒ

๐Ÿ“š Overall, Swvl reported positive financial progress, with its financial health significantly improved by converting debt into equity and raising $20 million in equity financing. It's still on the journey to becoming a profitable enterprise. ๐Ÿ“ˆ๐Ÿ’ผ

๐Ÿ‘€ Keep an eye on Swvl as it continues to stabilize its operations and work toward profitability in the future. ๐Ÿš€๐Ÿ“ˆ 

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