Swvl Secures $2.6 Million in New Annual Contracts in Saudi Arabia during the Third Quarter of 2024
DUBAI, United Arab Emirates, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Swvl Holdings Corp ("Swvl" or the "Company") (NASDAQ:SWVL), a leading technology provider for enterprise and government mobility solutions, signed multiple new contracts in Saudi Arabia during the third quarter, contributing $2.6 million in incremental annual contract value, equal to approximately ten percent of Swvl's 2023 full year revenues. With these latest wins, Swvl's gross profit in Saudi Arabia grew by six times the amount compared to the first quarter of 2023. This growth aligns with Swvl's strategic focus on expanding its footprint in Saudi Arabia, its fastest growing market, offering a cutting-edge solution that addresses the transportation needs for both businesses and government entities.
Through these partnerships, Swvl will deliver both fully managed services and SaaS-based mobility solutions to partners in Riyadh, Dammam, Madina, and Jubail, covering various industries with the education sector at the forefront, alongside sectors such as food and beverage, healthcare, construction, and facility management.
Swvl technology will enable enterprises to achieve greater operational efficiency through process automation and AI-driven routing and virtual stops. Additionally, it will provide comprehensive real-time visibility, enhancing safety for partners that primarily seek safe transportation services, such as schools. This will improve the end-user experience by ensuring smoother, safer, and more reliable transportation services.
Mostafa Kandil, Chief Executive Officer of Swvl, commented on the announcement: "Our growth in Saudi Arabia reflects the trust our clients place in Swvl to address critical mobility challenges. We are dedicated to delivering innovative, technology-driven solutions that enhance operational efficiency for our partners. We are happy to see how our technology effectively tackles significant challenges, such as safety in schools. By leveraging our advanced solutions, school administrators and partners can monitor students' commutes, addressing crucial safety concerns and providing reassurance to both parents and school administrators."
This new wave of business growth is part of Swvl's ongoing strategy to expand its services globally. The Company's comprehensive mobility solutions are designed to address the transportation challenges faced by businesses, governments, and public sector entities, providing tech-driven solutions for reliable, safe, and cost-efficient transit services.
About Swvl
Swvl is a leading mobility solutions provider for enterprises and governments, offering technology-driven mobility solutions that transform transit systems. The Swvl Mobility Platform enhances efficiency, lowers transportation costs, and reduces operational burdens, delivering more reliable, safer, and sustainable transportation solutions.
For additional information about Swvl, please visit www.swvl.com.
Forward-Looking Statements
This press release contains "forward-looking statements'' relating to future events. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding future events and other statements that are not historical facts. For example, Swvl is using forward looking statements when it discusses the types of services it will provide, and industries it will support, in the Saudi Arabian market, its belief that its growth in Saudi Arabia reflects the trust its clients place in Swvl to address critical mobility challenges and that the new wave of business growth is part of its ongoing strategy to expand its services globally. These statements are based on the current expectations of Swvl's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Swvl. These statements are subject to a number of risks and uncertainties regarding Swvl's business, and actual results may differ materially. In addition, forward-looking statements provide Swvl's expectations, plans or forecasts of future events and views as of the date of this communication. Swvl anticipates that subsequent events and developments could cause Swvl's assessments and projections to change. However, while Swvl may elect to update these forward-looking statements in the future, Swvl specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Swvl's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon any forward-looking statements. Except as otherwise required by law, Swvl undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's annual report on Form 20-F for the fiscal year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the "SEC"), which is available on the SEC's website, www.sec.gov, and in subsequent SEC filings.
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