Back to the complete issue
Thursday, 14 October 2021

Swvl reports record topline growth in 3Q2021 as it braces for Nasdaq debut

Swvl reported revenues of USD 16 mn in the third quarter of 2021, up nearly 263% y-o-y from USD 4.4 mn in 3Q2020 and almost 14x from the same quarter three years ago, the mass transport app said in an earnings release (pdf). The company’s net margin also improved noticeably from to -12.5% in 3Q2021 from -53.8% in 3Q2018. The release came as Swvl is expected to be the first Egyptian company to IPO on the Nasdaq later this year via a merger with US special purpose acquisition company (SPAC) Queen’s Gambit Growth Capital.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.