Swvl Records $2.1 Million Net Profit in 2023

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.