UAE’s Swvl moves to profitability in H1 2023

Updated 12/28/2023 12:10:00 PM
UAE’s Swvl moves to profitability in H1 2023

Arab Finance: Dubai-based Swvl Holdings Corp has reported net profits after tax and non-controlling interest of $2.077 million in the first half (H1) of 2023, compared to net losses of $159.738 million in H1 of 2022, as per a statement.

The firm registered operating cash inflows from operating activities of $2.243 million in H1 of the current year, versus operating outflows of $76.830 million a year earlier.

“I believe that Swvl is now creating significant value for its shareholders and is positioned for profitable growth and enhanced expansions in high revenue markets," Swvl’s CEO Mostafa Kandil commented.

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