Swvl Holdings Corp

Operating Activities

During H1 2025, net cash used in operating activities was approximately $0.25 million, primarily consisting of profit before tax of approximately $0.43 million, adjusted for non-cash items of approximately $1.26 million. These adjustments mainly reflected depreciation of right-of-use assets and intangible assets, provision for employees’ end of service benefits, and a change in fair value of financial liabilities, partially offset by other non-cash income. Net impact from changes in working capital decreased operating cash flows by approximately $1.94 million, primarily driven by an increase in trade and other receivables of approximately $1.86 million and an increase in prepaid expenses and other current assets of approximately $0.01 million, partially offset by an increase in accounts payable, accruals and other payables of approximately $0.13 million and an increase in current tax liabilities of approximately $0.23 million.

During H1 2024, net cash used in operating activities was approximately $0.52 million, primarily consisting of approximately $5.69 million net loss, offset by adjustments of non-cash expenses, such as depreciation, amortization, and other non-cash loss for a total of $4.37 million. Net impact from changes in working capital also offset our net loss by approximately $0.81 million, which mainly consisted of an approximately $1.18 increase in trade and other receivables, an approximately $0.63 million increase in prepaid expenses and other current assets, and a reduction of accounts payable, accruals and other payables of approximately $0.7 million