Swvl (SWVL) H1 2025 earnings summary

Executive summary

• Achieved 26% year-over-year revenue growth (49% in constant currency) to $10.19M in H1 2025, with gross margin up 26% to $2.19M and net income of $0.43M, reversing a $5.7M loss in H1 2024.

• Recurring revenue reached 85% of total, up from 74% in H1 2024.

• Dollar-pegged revenue rose to 90% of total revenue, reducing currency risk.

• Net dollar retention was 118%, indicating strong client expansion.

Financial highlights

• H1 2025 revenue: $10.19M, up from $8.07M in H1 2024; gross margin: $2.19M (22%); net income: $0.43M (vs. $5.7M loss prior year).

• General & administrative expenses reduced by 47% year-over-year to $2.9M.

• Net cash outflow from operations reduced to $0.25M in H1 2025.

• Cash and equivalents at $4.88M as of June 2025.

Outlook and guidance

• Targeting steady-state net profit margin of 20–25%.

• Focus on expanding high-margin, dollar-pegged, and recurring revenue streams, with continued geographic expansion in the GCC, US, and UK.

• Management expects continued improvement in working capital and aims for sustainable profitability and long-term growth.