8x Gross Profit growth year on year to
Achieved cash flow positivity, with self-funded growth
Profitable growth drove earnings per share from continuing operations to
Strong balance sheet with no debt and more than doubled the positive equity value compared to 2022
Continuing the positive momentum established in the initial half of the fiscal year,
Financial Highlights for Fiscal Year Ended
- Net Profit:
$3.1 million , a turnaround from a net loss of$123.6 million in 2022 - Gross Profit: Increased more than eightfold to
$4.1 million from$0.5 million in 2022 - Operating Profit:
$12.1 million , compared to an operating loss of$80.2 million in 2022 - Earnings Per Share: Profitable growth boosted basic earnings per share from continuing operations to
$0.61 - Balance Sheet Strength: Ended the year with a strong balance sheet, no debt, and an equity value more than double that of the prior year, at
$5.9 million - Equity Book Value: Total equity book value of
$5.9 million as ofDecember 31, 2023 , compared to$2.6 million as ofDecember 31, 2022
This result marks Swvl’s swift transition to profitability, highlighting a focus on financial stability and operational efficiency, and the effective implementation of profitability strategies during the fiscal year. The Company’s continuous efforts to maintain positive cash flow and profitability support its upcoming planned expansion into high-revenue markets.
Post
For detailed financial information, please see Appendix A for the consolidated financial statements. This press release, along with complete financial statements and the investor presentation, can be found in the Investor Relations section of Swvl’s website at https://www.swvl.com
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Consolidated statement of financial position – As of (All amounts are shown in USD unless otherwise stated) | |||||
2023 | 2022 | ||||
ASSETS | |||||
Non-current assets | |||||
Property and equipment | 751,693 | 1,270,838 | |||
Intangible assets | 225,776 | 10,534,278 | |||
Right-of-use assets | 484,362 | 815,646 | |||
Sublease receivables | - | 553,029 | |||
Deferred tax assets | 9,468,808 | 18,708,988 | |||
10,930,639 | 31,882,779 | ||||
Current assets | |||||
Trade and other receivables | 5,327,877 | 14,815,432 | |||
Prepaid expenses and other current assets | 2,142,194 | 3,298,377 | |||
Sublease receivables | 571,022 | 648,523 | |||
Cash and cash equivalents | 2,922,755 | 1,538,347 | |||
10,963,848 | 20,300,679 | ||||
Assets classified as held for sale | 1,261 | 5,279,098 | |||
Total assets | 21,895,748 | 57,462,556 | |||
EQUITY AND LIABILITIES | |||||
EQUITY | |||||
Share capital | 16,979 | 13,903 | |||
Share premium | 347,295,152 | 343,435,529 | |||
Employee share scheme reserve | 507,677 | 773,666 | |||
Foreign currency translation reserve | (11,466,066 | ) | (4,347,257 | ) | |
Reserve of disposal groups classified as held for sale | 2,106,737 | (492,474 | ) | ||
Accumulated losses | (329,506,304 | ) | (332,562,780 | ) | |
Equity attributable to equity holders of the Parent Company | 8,954,175 | 6,820,587 | |||
Non-controlling interests | (3,039,317 | ) | (4,191,394 | ) | |
Total equity | 5,914,858 | 2,629,193 | |||
LIABILITIES | |||||
Non-current liabilities | |||||
Provision for employees’ end of service benefits | - | 267,751 | |||
Derivative warrant liabilities | 106,420 | 1,317,091 | |||
Deferred purchase price | - | 194,093 | |||
Accounts payable, accruals and other payables | 83,961 | - | |||
Lease liabilities | 1,021,716 | 1,592,111 | |||
1,212,097 | 3,371,046 | ||||
Current liabilities | |||||
Deferred purchase price | 1,207,682 | 7,425,488 | |||
Accounts payable, accruals and other payables | 7,829,837 | 33,418,502 | |||
Current tax liabilities | 627,068 | 1,027,404 | |||
Due to related party | 131,523 | - | |||
Lease liabilities | 640,695 | 751,015 | |||
10,436,805 | 42,622,409 | ||||
Liabilities directly associated with assets classified as held for sale | 4,331,988 | 8,839,908 | |||
Total liabilities | 15,980,890 | 54,833,363 | |||
Total equity and liabilities | 21,895,748 | 57,462,556 |
Consolidated statement of comprehensive loss - For the year ended (All amounts are shown in USD unless otherwise stated) | |||||||
2023 | 2022 | 2021 | |||||
Continuing operations | |||||||
Revenue | 22,852,263 | 44,099,610 | 25,563,945 | ||||
Cost of sales | (18,741,277 | ) | (43,581,963 | ) | (31,349,979 | ) | |
Gross income/(loss) | 4,110,986 | 517,647 | (5,786,034 | ) | |||
General and administrative expenses | (10,226,561 | ) | (62,918,437 | ) | (69,029,507 | ) | |
Selling and marketing expenses | (93,431 | ) | (17,520,448 | ) | (12,190,989 | ) | |
Provision for expected credit losses | (535,340 | ) | (873,442 | ) | (1,101,614 | ) | |
Other income/(expenses), net | 18,834,177 | 548,823 | (807 | ) | |||
Operating profit / (loss) | 12,089,831 | (80,245,857 | ) | (88,108,951 | ) | ||
Finance income | 97,553 | 209,434 | 126,449 | ||||
Loss on disposal of subsidiaries | (8,285,250 | ) | - | - | |||
Change in fair value of financial liabilities | 1,210,671 | 109,720,648 | (44,330,400 | ) | |||
Change in fair value of deferred purchase price | 727,134 | 31,844,346 | - | ||||
Change in fair value of employee share compensation schemes | (1,636,738 | ) | 36,155,857 | - | |||
Recapitalization cost | - | (139,609,424 | ) | - | |||
Impairment of financial assets | - | (10,000,880 | ) | - | |||
Impairment of assets | - | (46,381,441 | ) | - | |||
Finance cost | (129,355 | ) | (3,666,643 | ) | (1,494,693 | ) | |
Profit / (loss) before tax from continuing operations | 4,073,846 | (101,973,960 | ) | (133,807,595 | ) | ||
Income tax benefit | 41,305 | 3,225,251 | 4,718,036 | ||||
Profit / (loss) for the year from continuing operations | 4,115,151 | (98,748,709 | ) | (129,089,559 | ) | ||
Discontinued operations | |||||||
Loss for the year from discontinued operations | (1,058,675 | ) | (24,830,739 | ) | (12,399,838 | ) | |
Profit / (loss) for the year | 3,056,476 | (123,579,448 | ) | (141,489,397 | ) | ||
Attributable to: | |||||||
Equity holders of the Parent Company | 3,056,476 | (116,496,525 | ) | (141,416,132 | ) | ||
Non-controlling interests | - | (7,082,923 | ) | (73,265 | ) | ||
3,056,476 | (123,579,448 | ) | (141,489,397 | ) | |||
Profit / (loss) per share attributable to equity holders of the Parent Company | |||||||
Basic | 0.45 | (18.28 | ) | (20.92 | ) | ||
Diluted | 0.28 | (18.28 | ) | (20.92 | ) | ||
Profit / (loss) per share attributable to equity holders of the Parent Company for continuing operations | |||||||
Basic | 0.61 | (14.61 | ) | (19.10 | ) | ||
Diluted | 0.37 | (14.61 | ) | (19.10 | ) | ||
Other comprehensive income | |||||||
Items that may be reclassified subsequently to profit or loss: | |||||||
Exchange differences on translation of foreign operations, net of tax | (5,299,295 | ) | (5,290,594 | ) | (409,511 | ) | |
Total comprehensive loss for the year | (2,242,819 | ) | (128,870,042 | ) | (141,898,908 | ) | |
Attributable to: | |||||||
Equity holders of the Parent Company | (2,242,819 | ) | (121,787,119 | ) | (141,825,643 | ) | |
Non-controlling interests | - | (7,082,923 | ) | (73,265 | ) | ||
(2,242,819 | ) | (128,870,042 | ) | (141,898,908 | ) |
Consolidated statement of cash flows - For the year ended (All amounts are shown in USD unless otherwise stated) | ||||||
2023 | 2022 | 2021 | ||||
Profit / (loss) before tax from continued operations | 4,073,846 | (101,973,960 | ) | (133,807,595 | ) | |
Loss before tax from discontinued operations | (1,058,675 | ) | (24,830,739 | ) | (12,399,838 | ) |
Profit / (loss) for the year before tax | 3,015,171 | (126,804,699 | ) | (146,207,433 | ) | |
Adjustments to reconcile profit before tax to net cash flows: | ||||||
Depreciation of property and equipment | 356,288 | 604,304 | 182,402 | |||
Depreciation of right-of-use assets | 364,116 | 1,216,495 | 541,218 | |||
Amortization of intangible assets | 32,375 | 2,455,243 | 15,963 | |||
Provision for expected credit losses | 535,340 | 873,442 | 1,327,104 | |||
Loss from sale of subsidiaries | 8,285,250 | - | - | |||
Other income | (18,834,177 | ) | - | - | ||
Gain on recognition of sublease receivable | - | (87,026 | ) | - | ||
Sublease income | (37,706 | ) | (8,340 | ) | - | |
Provision for employees’ end of service benefits, net of reversals | - | (171,447 | ) | 704,614 | ||
Finance cost | 12,192 | 3,466,593 | 1,400,067 | |||
Listing costs | - | 139,609,424 | - | |||
Change in fair value of deferred purchase price | (727,134 | ) | (31,844,346 | ) | - | |
Change in fair value of financial liabilities | (1,210,671 | ) | (109,720,648 | ) | 44,330,400 | |
Impairment of assets | - | 46,381,441 | - | |||
Impairment of financial assets | - | 10,000,880 | - | |||
Employee share-based payments charges / (reversals) | 285,651 | (36,155,857 | ) | 33,611,231 | ||
(7,923,305 | ) | (100,184,541 | ) | (64,094,434 | ) | |
Changes in working capital: | ||||||
Trade and other receivables | 3,917,812 | (11,489,377 | ) | (4,825,451 | ) | |
Prepaid expenses and other current assets | 995,660 | (2,584,987 | ) | (868,620 | ) | |
Accounts payable, accruals and other payables | (6,471,125 | ) | (3,571,712 | ) | 8,259,002 | |
Current tax liabilities | 244,206 | 793,105 | (635,821 | ) | ||
Due to related parties | 131,523 | - | 36,091 | |||
(9,105,229 | ) | (117,037,512 | ) | (62,129,233 | ) | |
Payment of employees’ end of service benefits | - | (635,314 | ) | (5,507 | ) | |
Net cash flows used in operating activities | (9,105,229 | ) | (117,672,826 | ) | (62,134,740 | ) |
Cash flows from an investing activity | ||||||
Purchase of property and equipment | (17,237 | ) | (817,586 | ) | (319,471 | ) |
Proceeds from disposal of subsidiaries | 8,400,000 | - | - | |||
Purchase of financial assets | - | - | (10,000,880 | ) | ||
Payment for acquisition of subsidiary, net of cash acquired | - | (743,292 | ) | (823,446 | ) | |
Sublease rentals received | 668,236 | 138,410 | - | |||
Purchase of financial assets | - | (5,000,010 | ) | - | ||
Purchase of intangible assets | (258,151 | ) | (1,666,934 | ) | (2,222 | ) |
Net cash flows generated from / (used in) investing activities | 8,792,848 | (8,089,412 | ) | (11,146,019 | ) | |
Cash flows from financing activities | ||||||
Proceeds from issuance of share capital | 789,462 | 60,787,038 | - | |||
Proceeds from issuance of convertible notes | - | 26,336,000 | 73,206,415 | |||
Proceed from PIPE subscription | - | 39,664,000 | - | |||
Payments of external loan | - | (134,830 | ) | - | ||
Repayment of loan from related party | - | (195,270 | ) | - | ||
Finance cost paid | - | (543,432 | ) | (2,653 | ) | |
Finance lease liabilities paid, net of accretion | (445,571 | ) | (850,773 | ) | (482,389 | ) |
Net cash flows generated from financing activities | 343,891 | 125,062,733 | 72,721,373 | |||
Net increase / (decrease) in cash and cash equivalents | 31,510 | (699,505 | ) | (559,386 | ) | |
Cash and cash equivalents at the beginning of the year | 2,696,276 | 9,529,723 | 10,348,732 | |||
Effects of exchange rate changes on cash and cash equivalents | 196,230 | (6,133,942 | ) | (259,623 | ) | |
Cash and cash equivalents at the end of the year | 2,924,016 | 2,696,276 | 9,529,723 | |||
Non-cash financing and investing activities: | ||||||
Settlement of deferred purchase price | 5,377,829 | - | - | |||
Issuance of shares during the year | 3,073,237 | 3,432,493 | - | |||
Fair value of shares earnouts | - | (75,550,455 | ) | - | ||
Acquisitions of non-controlling interests | - | (3,036,641 | ) | - | ||
Costs attributable to the issuance of shares | - | 8,467,766 | - | |||
Conversion of convertible notes | - | 145,952,505 | - | |||
Property and equipment additions through acquisition of business | - | (586,452 | ) | - | ||
Intangible assets additions through acquisition of business | - | (20,580,000 | ) | - |
Source: SWVL Global FZE
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