Total annualized ticket fares of $93.6 million in December
2021 beating estimates by 18%, closed acquisitions of
controlling interests in Shotl and Viapool provide further
significant upside
Total ticket fares of $21.2 million for the fourth quarter, an increase
of 32% quarter-over-quarter and 183% year-over-year, with
$54.9 million in total ticket fares
for full-year 2021, beating the Company's full-year estimates by
18% and an increase of 110% year-over-year
Beats 2021 bookings estimates by 17% with Q4
bookings growing 40% quarter-over-quarter and 174%
year-over-year
Comes off the back of beating estimates and
raising guidance in the third quarter
Strong momentum in early first quarter of 2022
beating total ticket fares estimates for January and February 2022 by 14%
Delivers 83% utilization in Q4 2021 and grows
average ticket fare by 9% and utilization by 8% for the full-year
2021
DUBAI, UAE, March 21,
2022 /PRNewswire/ -- Swvl Inc. ("Swvl" or the
"Company"), a global provider of transformative tech-enabled mass
transit solutions, today provided a business update for the fourth
quarter and full-year ended December 31,
2021, and for the two months ended February 28, 2022.
Select Fourth Quarter and Full-Year 2021 Business
Highlights
- 12.6 million bookings for the fourth quarter, an increase of
40% quarter-over-quarter and 174% year-over-year, with 32.3 million
bookings for full-year 2021, outperforming the Company's full-year
projections by 17% and an increase of 92% year-over-year.
- Total ticket fares of $21.2
million for the fourth quarter, an increase of 32%
quarter-over-quarter and 183% year-over-year, with $54.9 million in total ticket fares for full-year
2021, outperforming the Company's full-year projections by 18% and
an increase of 110% year-over-year.
- 15.1 million total available seats for the fourth quarter, an
increase of 41% quarter-over-quarter and 160% year-over-year, with
39.2 million total available seats for full-year 2021, an increase
of 73% year-over-year.
- 83% fleet utilization for the fourth quarter, increasing
utilization for the full year to 82%, an increase of 8%
year-over-year.
- Average ticket fare of $1.68 for
the fourth quarter and $1.70 for
full-year 2021, an increase of 9% year-over-year.
- $1.30 cost per available seat for
the fourth quarter, which is equal to 76% of average ticket
fare.
Select Early First Quarter 2022 Business Highlights
Swvl is seeing strong momentum early in the first quarter of
2022 with total ticket fares of $16.2
million in the first two months of the year, outperforming
projections by 14%.
Over the course of the fourth quarter of 2021 and early first
quarter 2022, Swvl closed the acquisitions of controlling interests
in Shotl Transportation, S.L., expanding Swvl's platform into
Europe, LatAm and APAC with the
addition of 22 cities across 10 countries, and Viapool Inc., a mass
transit platform operating in Argentina and Chile with more than 80 corporate clients.
Mostafa Kandil, Swvl Founder
and CEO, said, "2021 was a very strong year for Swvl, and yet
we have only begun to truly capitalize on the global market
opportunities that are uniquely before us. Our strong growth in
bookings, total ticket fares and total available seats demonstrates
strong execution and momentum across our business. We are confident
that our investments and strong business plan execution will
continue to create compelling value for all stakeholders over the
near and long term."
Youssef Salem, Swvl CFO,
said, "We are pleased to have beaten our estimates in the fourth
quarter for a second quarter in a row after beating estimates and
raising guidance in the third quarter. We believe outperforming
projections in the first two months of 2022 positions us to beat
estimates for the third quarter in a row in the first quarter. We
continue to scale our business and expand the Swvl platform to
attractive new geographies around the world and execute on numerous
strategic partnerships, advances in proprietary technology, new
market launches and acquisitions. Our organic growth continues to
significantly outperform expectations, driven by strong demand for
consumer services. Likewise, our recent strategic acquisitions have
already been accretive, and we continue to see a healthy
pipeline."
Queen's Gambit Growth Capital ("Queen's Gambit") (NASDAQ: GMBT )
will hold an extraordinary general meeting of shareholders (the
"Shareholders' Meeting") to approve the proposed business
combination with Swvl and Pivotal Holdings Corp, a wholly owned
subsidiary of Swvl ("Holdings"), and related matters on
March 30, 2022 at 10:00 a.m. ET at the offices of Vinson
& Elkins L.L.P. located at 1114 Avenue of the Americas,
32nd Floor, New York,
NY 10036 and virtually via a live webcast available at
https://www.cstproxy.com/queensgambitspac/2022. Shareholders of
record as of March 9, 2022 are
entitled to vote at the Shareholders' Meeting. Every shareholders'
vote is important, regardless of the number of shares held.
Accordingly, Queen's Gambit requests that each shareholder
complete, sign, date and return a proxy card (online or by mail) as
soon as possible so that their votes arrive no later than
11:59 p.m. ET on March 29, 2022, to ensure that the shareholder's
shares will be represented at the Shareholders' Meeting.
Shareholders that hold shares in "street name" (i.e., those
shareholders whose shares are held of record by a broker, bank or
other nominee) should contact their broker, bank or nominee to
provide instructions on how to vote their shares and ensure that
their shares are voted.
Queen's Gambit has filed with the U.S. Securities and Exchange
Commission (the "SEC") a definitive proxy statement (the "Proxy
Statement") relating to the Shareholders' Meeting and has commenced
mailing of the Proxy Statement and voting instructions to
shareholders of record.
If any individual Queen's Gambit shareholder does not receive
the Proxy Statement, such shareholder should (i) confirm their
Proxy Statement's status with their broker or (ii) contact Morrow
Sodali LLC, Queen's Gambit's proxy solicitor, for assistance via
e-mail at GMBT.info@investor.morrowsodali.com or toll-free call at
(800) 662-5200. Banks and brokers can place a collect call to
Morrow Sodali at (203) 658-9400, or contact Queen's Gambit at 55
Hudson Yards, 44th Floor, New
York, NY 10001.
The Queen's Gambit Board of Directors unanimously recommends
that shareholders vote "FOR" the SPAC merger proposal, the Company
merger proposal and the other proposals set forth in the Proxy
Statement.
About Swvl
Swvl is a global provider of transformative tech-enabled mass
transit solutions, offering intercity, intracity, B2B and B2G
transportation across 115 cities in 18 countries. The Company's
platform provides complimentary semi-private alternatives to public
transportation for individuals who cannot access or afford private
options. Every day, Swvl's parallel mass transit systems are
empowering individuals to go where they want, when they want –
making mobility safer, more efficient, accessible, and
environmentally friendly. Customers can book their rides on an
easy-to-use proprietary app with varied payment options and 24 / 7
access to high-quality private buses and vans.
Swvl was co-founded by Mostafa
Kandil, who began his career at Rocket Internet, where he
launched the car sales platform Carmudi in the Philippines, which became the largest car
classifieds company in the country in just six months. He then
served as Rocket Internet's Head of Operations. In 2016, Kandil
joined Careem, a ride-sharing company and the first unicorn in the
Middle East. He supported the
platform's expansion into multiple new markets.
For additional information about Swvl, please visit
www.swvl.com.
Additional Information and Where to Find It
This news release relates to a proposed transaction among Swvl,
Holdings and Queen's Gambit. This news release does not constitute
an offer to sell or exchange, or the solicitation of an offer to
buy or exchange, any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, sale or
exchange would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. In connection
with the proposed transaction, Holdings filed a registration
statement on Form F-4 (File No. 333-259800) (as amended, the
"Registration Statement") with the SEC, which was declared
effective by the SEC on March 15,
2022, which includes a joint proxy statement/prospectus.
Queen's Gambit and Holdings also will file other documents
regarding the proposed transaction with the SEC. Before making any
voting decision, investors and security holders of Queen's Gambit
are urged to read the Registration Statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC in connection with the proposed
transaction as they become available because they will contain
important information about the proposed transaction.
INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE
REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS, ALL AMENDMENTS
THERETO, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT
INFORMATION ABOUT THE BUSINESS COMBINATION AND THE PARTIES TO THE
BUSINESS COMBINATION. Investors and security holders can obtain
copies of these documents and other documents filed with the SEC
free of charge at www.sec.gov. The definitive proxy statement/final
prospectus has been mailed to shareholders of Queen's Gambit as of
March 9, 2022 for voting on the
business combination. Shareholders of Queen's Gambit can also
obtain copies of the proxy statement/prospectus without charge at
the SEC's website at www.sec.gov, or by directing a request to:
Queen's Gambit Growth Capital, 55 Hudson Yards, 44th Floor,
New York, New York, 10001.
Participants in the Solicitation
Queen's Gambit, Swvl and Holdings and their respective directors
and executive officers may be deemed to be participants in the
solicitation of proxies from Queen's Gambit's shareholders in
connection with the proposed transaction. Investors and security
holders may obtain more detailed information regarding the names
and interests in the business combination of the directors and
officers of Holdings, Swvl and Queen's Gambit in the Registration
Statement. Information about Queen's Gambit's directors and
executive officers is also available in Queen's Gambit's Annual
Form 10-K for the fiscal year ended December
31, 2020 and other relevant materials filed with the SEC.
You may obtain a free copy of these documents as described in the
preceding paragraph.
Forward-Looking Statements
Certain statements made herein are not historical facts but are
forward-looking statements. Forward-looking statements generally
are accompanied by words such as "believe," "may," "will,"
"estimate," "continue," "anticipate," "intend," "expect," "should,"
"would," "plan," "predict," "potential," "seem," "seek," "future,"
"outlook" and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
These forward-looking statements include, but are not limited to,
statements regarding future events, the proposed business
combination among Swvl, Holdings and Queen's Gambit, the estimated
or anticipated future results and benefits of the combined company
following the business combination, including the likelihood and
ability of the parties to successfully consummate the business
combination, future opportunities for the combined company and
other statements that are not historical facts.
These statements are based on the current expectations of Swvl
and/or Queen's Gambit's management and are not predictions of
actual performance. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as,
and must not be relied on, by any investor as a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Swvl and Queen's
Gambit. These statements are subject to a number of risks and
uncertainties regarding Swvl's business and the business
combination, and actual results may differ materially. These risks
and uncertainties include, but are not limited to: general
economic, political and business conditions, including but not
limited to the economic and operational disruptions and other
effects of the COVID-19 pandemic; the inability of the parties to
consummate the business combination or the occurrence of any event,
change or other circumstances that could give rise to the
termination of the business combination agreement; the number of
redemption requests made by Queen's Gambit's shareholders in
connection with the business combination; the outcome of any legal
proceedings that may be instituted against the parties following
the announcement of the business combination; the risk that the
approval of the shareholders of Swvl or Queen's Gambit for the
potential transaction is not obtained; failure to realize the
anticipated benefits of the business combination, including as a
result of a delay in consummating the potential transaction or
additional information that may later arise in connection with
preparation of the Registration Statement and proxy materials, or
after the consummation of the business combination as a result of
the limited time Queen's Gambit had to conduct due diligence; the
risk that the business combination disrupts current plans and
operations as a result of the announcement and consummation of the
business combination; the ability of the combined company to
execute its growth strategy, manage growth profitably and retain
its key employees; competition with other companies in the mobility
industry; Swvl's limited operating history and lack of experience
as a public company; recent implementation of certain policies and
procedures to ensure compliance with applicable laws and
regulations, including with respect to anti-bribery,
anti-corruption, and cyber protection; the risk that Swvl is not
able to execute its growth plan, which depends on rapid,
international expansion; the risk that Swvl is unable to attract
and retain consumers and qualified drivers and other high quality
personnel; the risk that Swvl is unable to protect and enforce its
intellectual property rights; the risk that Swvl is unable to
determine rider demand to develop new offerings on its platform;
the difficulty of obtaining required registrations, licenses,
permits or approvals in jurisdictions in which Swvl currently
operates or may in the future operate; the fact that Swvl currently
operates in and intends to expand into jurisdictions that are, or
have been, characterized by political instability, may have
inadequate or limited regulatory and legal frameworks and may have
limited, if any, treaties or other arrangements in place to protect
foreign investment or involvement; the risk that Swvl's drivers
could be classified as employees, workers or quasi-employees in the
jurisdictions they operate; the fact that Swvl has operations in
countries known to experience high levels of corruption and is
subject to territorial anti-corruption laws in these jurisdictions;
the ability of Holdings to obtain or maintain the listing of its
securities on a U.S. national securities exchange following the
business combination; costs related to the business combination;
Swvl's acquisitions of controlling interests in Shotl and Viapool
may not be beneficial to Swvl as a result of the cost of
integrating geographically disparate operations and the diversion
of management's attention from its existing business, among other
things; and other risks that will be detailed from time to time in
filings with the SEC. The foregoing list of risk factors is not
exhaustive. There may be additional risks that Swvl presently does
not know or that Swvl currently believes are immaterial that could
also cause actual results to differ from those contained in
forward-looking statements. In addition, forward-looking statements
provide Swvl's expectations, plans or forecasts of future events
and views as of the date of this communication. Swvl anticipates
that subsequent events and developments will cause Swvl's
assessments and projections to change. However, while Swvl may
elect to update these forward-looking statements in the future,
Swvl specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Swvl's assessments as of any date subsequent to the
date of this communication. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
No Offer or Solicitation
This news release is for informational purposes only and is not
a "solicitation" as defined in Section 14 of the Securities
Exchange Act of 1934, as amended. This news release is neither an
offer to purchase, nor a solicitation of an offer to sell,
subscribe for or buy any securities or the solicitation of any vote
in any jurisdiction pursuant to the business combination or
otherwise, nor shall there be any sale, issuance or transfer of
securities in any jurisdiction in contravention of applicable law.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
Media Contact
Daniel Yunger
Kekst CNC
kekst-swvl@kekstcnc.com
917-574-8582
Investor Contact
Youssef Salem
Swvl CFO
Investor.relations@swvl.com
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SOURCE Swvl Inc.