Swvl Holdings Corp (SWVL) shares skyrocketed by 45% during Wednesday’s trading session, reaching $4.42. The surge was fueled by the company’s announcement of securing $2.6 million in new annual contracts in Saudi Arabia. These contracts, representing approximately 10% of Swvl’s 2023 revenue, highlight the company’s aggressive expansion strategy in its fastest-growing market.
The contracts, secured during the third quarter of 2024, resulted in a remarkable sixfold increase in gross profit in Saudi Arabia compared to the first quarter of 2023. Swvl’s strategy in Saudi Arabia revolves around offering comprehensive transportation solutions to businesses and government entities. The company plans to provide both managed services and SaaS-based solutions in major cities like Riyadh, Dammam, Madina, and Jubail. Swvl’s focus will be on sectors like education, food and beverage, healthcare, and construction.
Swvl’s CEO, Mostafa Kandil, emphasized the company’s commitment to addressing mobility challenges and prioritizing safety, particularly in schools. This expansion in Saudi Arabia forms a key part of Swvl’s broader global growth strategy. The company aims to expand its reach by offering technology-driven transit solutions across various markets.
How to Invest in SWVL Stock
For investors interested in acquiring SWVL stock, several options are available. The traditional approach involves purchasing shares or fractional shares through a brokerage platform. Alternatively, investors can gain exposure to SWVL by investing in exchange-traded funds (ETFs) that hold the stock. ETFs often track specific sectors, like the Industrials sector, which includes SWVL. Investing in a 401(k) strategy that includes mutual funds or other instruments can also provide exposure to SWVL.
According to data from Benzinga Pro, SWVL has a 52-week high of $21.94 and a 52-week low of $0.71.
