Technology and mobility company Cabify ended its fiscal year 2023 with record income levels, supported by the rise of tourism and its growth in the various sectors in which it operates. Specifically, its gross profit rose 40.9% year-on-year, to €102 million ($111.1 million), supported by the highest revenue levels ever recorded. However, it will continue without recording net profits due to financial expenses.
rise of New users: 23% It contributed to an increase in total revenues by 31%, from 635 to 830 million euros ($688 to 899.1 million dollars between 2022 and 2023). This is the company’s third year in a row Recorded improvements in their invoices of more than 30%This is due to new mobility and tourism trends that have stimulated the spread of the pandemic.
An IPO is unlikely
As for the permanent option to make a debut on the trading floor, the company’s top executives have done so It is unlikely that this will happen in the short term“It is an option available to us, but it is not a requirement,” Di Antonio said.
“We have achieved results where growth and profitability are achieved, so we have the resources to continue to do so. Going public is an option for the future in an interesting context, but There is no obligation to go down this path.“It is to explain.
Specifically, the CEO confirmed this This IPO “has not been decided” But he is confident that it will be implemented in Spain “if this path is chosen.” For that to happen, “the company has to take into account that this is the way to have maximum impact in the future, but now we have positive EBITDA, We do not need funding sources“.
Profitability without net profit
“2023 has been a year of significant growth for Cabify,” stressed its CFO, Juan Barbola. In terms of profitability, The company once again achieved positive EBITDAafter they were able to overcome the financial balance barrier in 2022.
“In the first half of the year, we focused on growing our business and strengthening our position using the funds we raised in the financing round. We deliberately incurred negative EBITDA to return to profitability, which we achieved in the second phase of the year. We have successfully grown the business“The crystallization of levels is higher than those we had in 2022,” the CFO explained.
Over the past year, the company completed a $110 million financing round backed by Orilla AM, Mutua Madrileña, Fond-IC-Nex and the European Investment Bank. Additionally, in December it raised another $15 million through BBVA in venture debt. “Beyond capital, this means having strategic partners in the mobility sector who support Cabify,” emphasized the company’s CEO, Juan de Antonio Rubio.
It will not be opened in more countries
With this money, you can trust Cabify Continued growth in Spain and Latin America, consolidating their leadership where they were present, but with no intention of growing into new countries. “We have no intention of changing our markets, and we believe there are enough opportunities to continue growing at the current pace,” the CEO stated. Over the past year, growth on both sides of the Atlantic was similar, reaching +32% in Spain and +29% in its US markets.
As announced, Cabify has increased its workforce by 20%, hosting more than 1,200 employees in its offices. Likewise, the number of associated drivers has increased, exceeding 311,000. The company highlights this from year to year The number of women assigned to leadership has doubledIn her attempt to break with the traditional male presence in the profession.
Bet on logistics
During the last financial year, it invested €23.9 million in R&D (+34%). Its main bet is on portrait mode Capify Logistics, which still represents a small percentage of the business. This branch focuses on the US market (it is present in Argentina, Chile, Colombia and Peru), His income doubled from year to year The fruit is offered for delivery within 24 hours.
In line with its sustainability policies, its commitment to electric vehicles has reached 78% of its fleet and reduced its average CO2 emission per kilometer by 6% in Spain. At the end of 2023, they announced the purchase of 200 electric cars for Spain.
