SWVL · Swvl Holdings Corp.

Swvl’s FY 2025 results represent a decisive financial inflection point, transitioning from sustained losses to profitability on both net income and operating metrics. The $11.6 million swing in net income — from a $10.3 million loss to $1.3 million profit — was underpinned by disciplined cost management and strategic revenue quality improvements. Operating expenses declined 36% to $7.2 million, with general and administrative costs falling 39.5% due to a 43% reduction in staff costs and steep cuts in professional fees, insurance, and technology spend. Simultaneously, revenue grew 41% to $24.2 million, driven by a 56% increase in B2B revenue ($20.3 million), which now constitutes 84% of total revenue — up from 75% in FY 2024. This shift reflects Swvl’s enterprise-first model delivering longer-duration contracts, higher average revenue per account, and reduced seasonality impact. Geographically, GCC revenue more than doubled (+122%) to $8.0 million, now accounting for 33% of total revenue, while Egypt grew 20% to $16.2 million. The 128% Net Dollar Retention underscores strong expansion within existing accounts, particularly in Egypt (126% NDR) and across the GCC. Management attributes the turnaround to three pillars: accelerating demand in core markets, rigorous cost discipline, and a deliberate pivot toward recurring, dollar-pegged revenue (33% of total, up from 23%). With a $38.2 million sales backlog — split between $18.4 million in contracted revenue and $19.8 million in expected renewals — and positive working capital and equity, Swvl enters FY 2026 with improved balance sheet resilience and clear line-of-sight into near-term revenue. CEO Mostafa Kandil emphasized durability, citing long-duration enterprise contracts as compounding over time, while CFO Ahmed Misbah highlighted the reinforcing relationship between growth and profitability through operating leverage.