Swvl’s revenue rose 59% year-on-year to $16.22M in the first half of 2026, driven by expansion in Saudi Arabia, the UAE and Kuwait. The mobility company also reported lower gross margins and $2.02M in operating cash outflows during the period.
GCC revenue more than doubled to $7.12M, contributing $3.68M of the $6.03M increase in total revenue. Egypt remained Swvl’s largest market, generating $9.10M, up 35%.
Gross profit increased 35% to $2.95M, but gross margin fell to 18.2% from 21.5%. Gross profit rose 42% in the GCC to $1.29M and 29% in Egypt to $1.65M.
Contract-based revenue accounted for 88% of total revenue, up from 85% a year earlier. Net dollar retention also improved to 123% from 118%, according to the company.
Swvl recorded an operating loss of approximately $570,000, compared with $416,000 a year earlier. Its operating loss margin improved to 3.5% from 4.1%, while operating expenses declined to 25% of revenue.
The company said higher trade receivables, particularly in the UAE, drove much of the operating cash outflow. Swvl ended June with approximately $2.09M in cash before completing a $14.5M private placement in August 2026.
Source: WAYA
