Swvl, the Cairo-founded mass transit solutions provider, has reappointed Ahmed Misbah as its chief financial officer, effective immediately. Mr. Misbah, who previously held various finance roles at Swvl, including group finance manager and head of finance, returns to the company after a brief stint at Hotdesk, a startup founded by former Swvl director Mohamed Khaled.

Mr. Misbah’s return comes at a critical juncture for Swvl, which is grappling with financial headwinds. The company’s recent earnings report for the first half of 2024 revealed a comprehensive loss of $10.4 million, primarily attributed to exchange rate fluctuations impacting its foreign operations, particularly in Egypt, where the currency has faced significant devaluation and high inflation.

Swvl reported revenues of $8.07 million for the six months ending June 30, 2024, a substantial drop from $11.12 million during the same period in 2023. The company also reported a net loss from continuing operations of $5.69 million, compared to a net income of $2.08 million a year earlier. Basic and diluted loss per share from continuing operations stood at $0.67, a sharp reversal from earnings per share of $0.32 and $0.25, respectively, in the previous year.

Despite these challenges, Swvl’s cash and cash equivalents saw a slight increase to $1.18 million from $918,524 a year ago. The company has also streamlined its global operations, focusing on the UAE, Egypt, and Saudi Arabia after divesting subsidiaries in other regions.

Mr. Misbah’s previous tenure at Swvl saw him play a role in the company’s Nasdaq listing via a Special Purpose Acquisition Company (SPAC) transaction, a $4.7 million private placement, and securing sustainable finance with HSBC. He also led the company’s portfolio optimization plan, which Swvl claims resulted in profitability ahead of schedule. The company also stated that during the second half of 2024, Mr. Misbah was instrumental in growing its top line by more than 50% while reducing corporate overheads by over 25%.

Mostafa Kandil, Swvl’s CEO, expressed confidence in Mr. Misbah’s ability to lead the company’s next phase of growth. “His deep understanding of our business and his proven track record in accounting and finance makes him ideal for driving our next phase of growth while maintaining financial discipline and supporting our ambitious expansion plans,” Mr. Kandil said.

Mr. Misbah takes over Swvl ‘s chief financial officer (CFO) role from Youssef Salem, who is now the CFO of ADNOC Drilling. His appointment signals the company’s efforts to strengthen its financial capabilities, improve reporting timelines, enhance investor communications, and ensure financial resilience across its core markets. The company’s recent financial performance, however, underscores the challenges Mr. Misbah faces in his new role.