Swvl Holdings Corp, a leading provider of enterprise and government mobility solutions, has secured new contracts in Saudi Arabia worth $2.6 million annually. This represents a significant 10% increase in the company’s 2023 revenue. Swvl’s gross profit in the region has grown sixfold since the first quarter, aligning with its strategic focus on expanding in Saudi Arabia, its fastest-growing market.
The new contracts involve delivering fully managed services and SaaS-based mobility solutions across Riyadh, Dammam, Madina, and Jubail. These services will cater to various sectors, including education, food and beverage, healthcare, construction, and facility management.
Swvl’s technology will enhance operational efficiency through process automation, AI-driven routing, and virtual stops, providing real-time visibility and improving safety. This is particularly beneficial for schools seeking secure transportation solutions.
CEO Mostafa Kandil stated, Our growth in Saudi Arabia demonstrates the trust clients place in Swvl to solve critical mobility challenges. We are committed to offering innovative, technology-driven solutions that enhance our partners’ operational efficiency.
This growth is part of Swvl’s broader strategy to expand its global services, providing reliable, safe, and cost-efficient transit solutions for businesses and government entities.
About Swvl
Swvl is a leading mobility solutions provider for enterprises and governments. Its technology-driven platform enhances efficiency, reduces costs, and delivers reliable and sustainable transportation solutions.
Forward-Looking Statements
This announcement includes forward-looking statements about future events. These statements are based on current expectations and are not guarantees of future performance. Actual results may differ due to various risks and uncertainties. For more details, refer to the “Risk Factors” section in Swvl’s annual report and subsequent filings with the SEC.