- Swvl Holdings ( NASDAQ: SWVL ) announced operations in 5 of its 10 top countries by revenue in August 2022.
- The countries that turned Adjusted EBITDA positive or breakeven were Egypt, Turkey, Germany, Kenya, and Jordan.
- These countries generated 58% of the company's 1H22. revenue and represent the entirety of the company’s African operations and a majority of its European and Middle Eastern operations.
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"We continue to focus on maintaining rapid growth while improving profitability. Over the past few months, we managed to grow revenues 3.4x year-on-year and 1.3x quarter-over-quarter in Q2 2022 while now achieving Adjusted EBITDA breakeven across all of Africa and most of Europe and the Middle East. With 58% of our portfolio turning Adjusted EBITDA neutral or positive, we believe that we are on track to turn cashflow positive in 2023. The countries achieving Adjusted EBITDA profitability include 3 of our organic markets and 2 markets we entered as a result of our recent acquisitions. We believe that the profitability of both the direct to consumer and enterprise segments in these countries demonstrates our ability to continue to grow, enhance margins and realize synergies across Swvl’s full organic and inorganic portfolio.” said Youssef Salem, Swvl CFO
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Shares are trading up 7.14% premarket.
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Swvl Holdings gains of announcing 58% of its portfolio turns adjusted EBITDA breakeven