Swvl’s Comeback: From $1.5 Billion Valuation to Its First Annual Profit

Swvl has undergone a notable financial turnaround, after falling from a valuation of $1.5 billion to just $9 million, with only $2.9 million remaining in its account a few months later.

As its financial position deteriorated, the company received a warning from Nasdaq, requiring it to address its situation or face permanent delisting from the market.

The trajectory later changed. Swvl returned to Nasdaq compliance in April and achieved the first annual profit in its history.

As part of its financial support, the Sawiris family injected $13 million into the company, bringing the round to $14.5 million. Meanwhile, HSBC raised its financing limit for Swvl by more than double.

The key shift, however, came through contracts. After previously operating on short-term cash flows to cover its day-to-day needs, the company has now secured multi-year contracts with companies and governments.

These include a transportation contract for the healthcare sector in Saudi Arabia, as well as another five-year contract worth $5.5 million.

Swvl also has $38 million worth of agreed work that has yet to be executed, marking a significant change in the nature of its business commitments compared with its earlier position.