Swvl Revenue Rises 59% as GCC Business More Than Doubles

Dubai-based mobility company Swvl reported revenue of $16.22 million for the first half of 2026, up 59% from $10.19 million a year earlier, as growth across Saudi Arabia, the UAE and Kuwait reshaped the company’s revenue mix.

Egypt remained Swvl’s largest market, generating $9.10 million in revenue, up 35% year-on-year. GCC revenue, however, rose 107% to $7.12 million and accounted for $3.68 million of the company’s $6.03 million overall revenue increase. Revenue generated outside Egypt represented 44% of the total, compared with 34% in the same period of 2025.

Gross profit increased 35% to $2.95 million, although gross margin declined to 18.2% from 21.5%. Contract-based revenue accounted for 88% of total revenue, up from 85%, while net dollar retention rose to 123% from 118%. Swvl recorded an operating loss of around $570,000, compared with $416,000 a year earlier, though its operating loss margin improved to 3.5% from 4.1%.

Operating cash outflow stood at approximately $2.02 million, largely due to higher trade receivables as the UAE business expanded. Swvl ended June with around $2.09 million in cash and later completed a $14.5 million private placement in August 2026.