Swvl Holdings Corp. (Nasdaq: SWVL), a prominent technology provider for enterprise and government mobility solutions, reported a dramatic surge in its profits in Saudi Arabia during the third quarter of 2024. The company’s gross profit in the region increased sixfold compared to the same period in 2023, underscoring the success of its strategic push into one of its fastest-growing markets. This growth comes on the back of several new contract wins, securing $2.6 million in additional annual contract value — a sum that represents nearly ten percent of Swvl’s total revenue for 2023.
The rapid rise in profits reflects Swvl’s deepening foothold in Saudi Arabia, a market the company has identified as pivotal to its future expansion. The deals, signed during Q3 2024, bring Swvl’s total business in the country to new heights as the company strengthens its presence across major cities including Riyadh, Dammam, Madina, and Jubail. The contracts span multiple sectors, with education at the forefront, alongside key industries such as food and beverage, healthcare, construction, and facility management.
Through these new partnerships, Swvl will deliver both fully managed services and SaaS-based mobility solutions, allowing companies and institutions to streamline their transportation operations. The company’s technology platform leverages process automation, artificial intelligence-driven routing, and virtual stops to optimize transit routes. For partners in the education sector, Swvl’s technology enhances safety by providing real-time monitoring of student commutes, offering peace of mind to both parents and school administrators.
Commenting on the milestone, Mostafa Kandil, Swvl’s Chief Executive Officer, highlighted the significance of these partnerships: “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.” Kandil emphasized the company’s commitment to addressing safety concerns, particularly in the education sector. “By leveraging our advanced solutions, school administrators can monitor students’ commutes more effectively, ensuring safety and providing reassurance.”
Swvl’s cutting-edge solutions have proven particularly attractive to enterprises and government bodies seeking to improve operational efficiency and safety, while reducing transportation costs. The company’s technology not only automates routing but also offers real-time visibility and data analytics, helping organizations make more informed decisions.
Saudi Arabia has emerged as a key market for Swvl, driven by the country’s growing demand for reliable, efficient transportation solutions across various sectors. The Kingdom’s ambitious Vision 2030 initiative, which seeks to diversify the economy and improve public services, has fueled the need for smarter mobility infrastructure, aligning well with Swvl’s product offering. The company’s ability to secure high-profile contracts in such a competitive market signals its potential for further growth in the region.
Swvl’s latest success in Saudi Arabia is part of a broader global expansion strategy, aimed at capturing market share in regions with high demand for modernized transit systems. The company’s services are designed to meet the needs of businesses, governments, and public sector entities, offering tailored solutions that are both sustainable and scalable.
Swvl’s growth in Saudi Arabia aligns with its long-term vision of providing advanced mobility solutions to enterprises and governments worldwide. The company has already established a presence in several countries across the Middle East, Africa, and Europe, where its platform has been implemented to address a variety of transportation challenges.
As Swvl continues to expand, it aims to not only grow its revenue but also play a crucial role in reshaping urban mobility and making transportation systems more efficient, safe, and environmentally sustainable. Its comprehensive platform offers a scalable solution that addresses the logistical complexities faced by large institutions, from educational facilities to healthcare providers and beyond.
Swvl Holdings Corp. is an Egypt-born mobility solutions provider, offering technology-driven transportation services for enterprises and governments. The company’s platform is designed to enhance operational efficiency, reduce transportation costs, and provide safe, reliable transit solutions tailored to the needs of various sectors. Swvl is committed to addressing mobility challenges with innovative, sustainable solutions that meet the evolving demands of modern urban transportation systems.