Swvl Grows 12.4% Quarter on Quarter in IFRS Revenue, 47% Quarter on Quarter Growth in Revenue in Constant Currency, and Achieves $0.8 Million in Net Profit in Q1 2025

(MENAFN- NEWSBEAT WIRE) Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced its financial results for the first quarter of 2025, marking a pivotal combination of growth and profitability. The Company reported a 12.4% QoQ increase in revenue, from $4.37 million to $4.91 million in the first quarter of 2024, compared to the first quarter of 2025. This is driven by strategic market expansions in high-revenue markets and new long-term contract wins. Total gross margin generated rose by 17.7% QoQ, amounting to $0.98 million in Q1 2025, reflecting Swvl’s continued execution on high-margin verticals and operational efficiencies.
Key Highlights:
• Revenue Growth: Achieved a 12.4% increase in International Financial Reporting Standards (“IFRS”) revenues in the first quarter of 2025 over the first quarter of 2024, fueled by targeted expansion in high-revenue markets and the scaling up of Swvl’s commercial organization. Also achieved 47% increase in revenue growth in constant currency.
• Dollar-Pegged Revenue: Delivered a substantial QoQ growth in dollar-pegged revenue, with 34.7% of our total revenue being dollar-pegged in Q1 2025, compared to 15.9% in Q1 2024. We believe this reinforces Swvl’s strategic focus on mitigating currency volatility and scaling in stable and strong economies.
• Recurring Revenue: Recurring revenue rose to 86% in the first quarter of 2025, up from 76% in the first quarter of 2024, as Swvl leverages long-term contracts in enterprise and government mobility sectors.
• Market Performance: The Company recorded record high revenue in Saudi Arabia, representing a 100% revenue increase and 97% gross margin increase QoQ. Despite the currency devaluation in Egypt in the first quarter of 2024, revenues derived from Egypt delivered on a 29% increase in local currency revenue as shown in the supplementary information. Swvl also successfully launched its services in the United Arab Emirates market, including securing 3 corporate customers in the first quarter of 2025.
• High Margin Verticals: The company has launched new verticals which are expected to be of higher gross margin to the business, such as premium travel and financial services for suppliers.
Mostafa Kandil, CEO of Swvl, stated: “Our Q1 2025 results underscore Swvl’s renewed focus on profitable growth and strategic market positioning. By expanding into high-margin verticals and reinforcing our dollar-pegged revenue streams, we are effectively mitigating market volatility while enhancing shareholder value. The ongoing scaling up of our commercial organization is already generating tangible results, positioning Swvl for faster growth in subsequent quarters.”
Ahmed Misbah, CFO of Swvl, added: “We remain committed to operational excellence and disciplined cost management. Our gross margin stability and revenue improvement in Q1 2025 is a direct result of strategic cost optimizations and targeted investments in high-revenue verticals. With a stronger commercial organization and a focus on dollar-pegged and recurring revenue, we believe that we are well-positioned to sustain profitable growth throughout 2025.”
An explanation and reconciliation of non-IFRS to IFRS measures has been provided in this press release below under the heading "Non-IFRS Financial Metrics."

MENAFN15052025008082017190ID1109551988