Swvl Holdings, the global mass transit services provider, recorded revenues of $40.7 million in the first half (H1) of 2022, marking a growth of 3.2x as compared to H1 2021, according to a press release published on August 17th.

The company’s total bookings reached 40.1 million in the first six months of 2022, increasing by 3.7x year-on-year (YoY).

Moreover, total ticket fares amounted to $56 million in the January-June period, with a growth rate of 3.2x YoY.

In the second quarter (Q2) of 2022, Swvl achieved revenues of $23.3 million, rising by 3.4x as compared to Q2 2021.

“The first half of 2022 marked several important milestones for us including growing 3.7x and 3.2x on total bookings and revenue, respectively, as compared to the first half of 2021,” Youssef Salem, Swvl CFO, said.

“We also completed multiple strategic steps including organic SaaS launches in Kuwait and Brazil and acquisitions of Urbvan, Volt Lines, and door2door as we continue to expand our highest profitability segments in alignment with Swvl’s portfolio optimization program which we believe will lead to us turning cash flow positive in 2023,” Salem remarked.

Founded in 2017, Swvl is an Egyptian on-demand bus-hailing company based in Dubai that offers intracity and intercity travel options, along with B2B partnerships with public and private institutions aimed to transport students and employees.

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