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DUBAI - Swvl Holdings Corp (NASDAQ:SWVL), a global provider of tech-enabled transport solutions with a current market capitalization of $44.54 million, has announced a three-year contract renewal worth around $4 million, expected to surpass $5.2 million by its conclusion. According to InvestingPro data, while the company holds more cash than debt on its balance sheet, it faces profitability challenges with negative EBITDA of $8.62 million in the last twelve months. This deal, confirmed in January 2025, extends Swvl’s six-year partnership, enhancing its role in Saudi Arabia’s transportation sector, particularly with the NEOM smart city project. The contract represents approximately 30% of the company’s trailing twelve-month revenue of $17.21 million.
The agreement underscores Swvl’s commitment to expanding its services in Saudi Arabia, providing crucial transport links to remote areas, including NEOM, a city under construction envisioned to span 26,500 square kilometers. Swvl’s technology aims to manage dynamic transport needs and optimize fleet operations, ensuring reliable service delivery for essential operations.
Mostafa Kandil, CEO of Swvl, stated, "We are honored to continue our relationship with a leader enterprise in Saudi Arabia’s essential services sector." He added that the renewed contract strengthens their footprint and aligns with their mission to expand transportation networks across the region, including NEOM.
Swvl’s platform offers innovative transportation options, aiming to enable safer, more efficient, and accessible mobility. Operating in various cities globally, the company seeks to empower individuals and organizations to navigate effectively.
This press release contains forward-looking statements regarding Swvl’s potential growth and the expected value of the contract. These statements are based on current management expectations and are subject to risks and uncertainties that could cause actual results to differ materially.
Investors should note that the information is based on a press release statement and should not be considered as guarantees or predictions of future performance. Swvl has stated that it does not undertake any obligation to update forward-looking statements in the future. InvestingPro analysis suggests the stock is currently fairly valued, with 8 additional exclusive tips available to subscribers, including detailed insights on price momentum and financial health metrics.
In other recent news, Swvl Holdings Corp has launched its luxury travel vertical, Swvl Luxury Travel, in the United Arab Emirates. This new service aims to cater to the high-end transportation needs of frequent travelers and corporate clients, offering premium airport transfers, on-demand rides, and personalized meet-and-greet services. The expansion into the luxury travel market aligns with Swvl’s strategy to diversify into high-margin business segments and enhance its path towards sustainable profitability. The company has secured partnerships with three top chauffeur providers and two leading travel agencies to ensure quick market traction. Additionally, Swvl has begun operations with a luxury fashion house to become their preferred transportation partner across the Gulf Cooperation Council (GCC). Swvl’s CEO, Mostafa Kandil, expressed confidence in delivering premium and reliable transportation services through strategic partnerships and advanced technology. The luxury travel vertical is already gaining interest from government entities, hospitality groups, and event organizers in the GCC. Swvl’s move into the premium mobility sector is part of its broader strategy to scale across high-revenue markets before taking the model global.
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