Swvl Holdings Swings To Profit In H1; Stock Up
Swvl Holdings Corp. reported a return to profitability in H1, with a profit of $0.43 million compared to a loss of $5.7 million last year. Revenue rose 26% to $10.19 million, driven by an 80% increase in the Saudi Arabia region. SWVL shares were up 5.19% at $3.65 in premarket trading. Recurring revenue constituted 85% of total revenue, up from 74% a year ago.
Swvl Holdings Corp. (SWVL), a Dubai-based tech-enabled mass transit solution provider, on Monday reported swinging back to profit in the first half, backed by stronger revenue.
In the premarket activity, SWVL shares were trading 5.19% higher at $3.65 on the Nasdaq.
In the first half, the firm reported a profit of $0.43 million, compared to a loss of $5.7 million a year ago.
The revenue improved by 26% to $10.19 million from $8.07 million in the prior year, backed by an 80% increase in revenue in the Saudi Arabia region. In constant currency, revenue climbed 49%.
The share of dollar-pegged revenue increased to 34% from 18% in the last year.
Recurring revenue reached 85% of total revenue from 74% a year ago.
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