Transport start-up Swvl, based in Dubai and Cairo, expects to turn its first profit in 2024 as it expands into new countries, its chief financial officer Youssef Salem said on Thursday.
Swvl last month announced a merger with US-based Queen’s Gambit Growth Capital that will allow the company to list on the US Nasdaq stock exchange.
Founded in Egypt in 2017, Swvl operates a digital platform that allows passengers to reserve and pay for rides with participating buses along fixed routes.
It now operates in 10 cities in six countries and makes more than 3 million trips a month, a number it aims to increase to 2 million a day by 2025.
“Swvl will turn profitable in 2024 after investments and operating costs of about $13 million. We then aim to earn more than $170 million in 2025,” Salem told Reuters.
Swvl’s administrative offices are in Dubai and its main operations in Cairo. Its capital of more than $100 million will increase to $550 million after it completes a merger with Queen’s Gambit by the end of the year.—AN