‘Swimming Holdings’, the Egyptian enterprise specializing in participatory mass transport services, plans to return to the size of his business (unicorn businesses) that was in 2022 in the next two years, according to the employee and CEO, Mustafa Kandil, in an interview with ‘Al -Sharq’, by focus and expansion in advanced Along with Egypt. And ‘unkind’ businesses are startups worth more than one billion dollars. The term was first formulated by adventure investor Eileen Lee in 2013. Qandil added in the dialogue that took place in his office south of Cairo on the eastern bank of the Nile River, that the company was listed on the US “Nasdac” exchange, and currently working in the markets of Egypt, Saudi Arabia, and the Emirates completely changed, its strategy to focus the advanced country. indicated that the company will soon expand into all wavelads, at the end of this year or the beginning of 2025, “to 3 and 5 markets in Europe and North America. Funds. The profitability, not to grow, is expected to grow between two to 3 times during the current year. -Vision 2030 “, and how it can help achieve this vision in which the transport sector is essential, and how to activate the second generation of existing transport network by operating it effectively through artificial intelligence. switching over and coming out of several markets. And with the tendency towards profitability, “we had to stop this kind of business.” The company has also emerged from other countries in which there was no positive impact, such as Turkey, Argentina, Kenya and Pakistan, which pointed out that ‘offices are closing there, focusing on advanced markets with stable currencies.’ The Suefel Play application uses the passenger and the proposed party to determine the lowest time for the trip, based on the nearest small bus station that moves according to specific roads. Dozens of years after years of losses, reducing expenses and employment, and the exit of many markets, swollen in 2023, managed to switch for the first time in its history by achieving a net profit of $ 4.3 million, compared to a net loss of 123.6 million in 2022. for less than $ 15 million. The company is focusing this year on the increase in size and number of workers and products, to expand again in the European and US markets in 2025, and to reach the profits “to the category of dozens”, according to Qandil, which emphasized that it will pay out the profit in the expansion, and we do not intend to promote the capital, the capital must be to the shareholders of the future. “The Qandil’s share, the founder of the company, is 25%of the shares, while executive management has about 7%, and” Pico Capital “is less than 10%, while the remaining shares are distributed to many investment funds. Period, of about 500 employees currently.” “Great was, and 40% of the total number of employees exceeded about two years ago.” In May, Swimel said it would reduce its workforce by 32% to help the cash flow to become more than positive. The workforce, sell, stop or reduce some operations in the ‘smaller countries’, to focus mainly on Egypt. Qandil told Al -Sharq that the number of buses driving his company’s trips in its main markets is currently about 3000 buses, and expects to ‘reach the weakness of this number’ within two years, with an increase in the amount of operations and markets. The Egyptian market is like Egypt, Qandil has indicated that the size of the company’s operations is currently slightly less than one billion pound. Qandil expected the company to overcome this number during the current year, as “we focus all our expenses in Egypt to take advantage of the currency raft”, at the same time “to obtain greater income from the Gulf, Europe and America during the upcoming period.” The Egyptian pound fell by about 50% against the dollar, as the Central Bank of Egypt passed at the beginning of last March to drive the exchange rate for the first time in more than 14 months, according to the data of the Central Bank of Egypt, to score 47.9 pounds for the dollar.
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