- The Ibero-American mobility company closes fiscal year 2023 with total revenues of $899.1 million, representing a growth of 30.7%, compared to $688 million in 2022.
- Cabify’s total revenue rose to 111.1 million, 40.9% more than last year, and maintains its EBITDA break-even point globally, improving 2022 results.
- In 2023, Cabify’s investment in ID reaches $23.9 million, which represents a 33.6% increase compared to 2022.
- In line with its commitments to decarbonise the fleet connected to the platform, Cabify was able to reduce its average CO2 emission rate per kilometer by 6% in Spain and 2% in Latin America.
Buenos Aires, May 29, 2024. Cabify, the Ibero-American mobility company, continues to move forward to achieve the goals proposed in its Sustainable Business Strategy, reflected in last year’s Annual Sustainability Report.
2023 was the best year in the company’s history in terms of business Trading volume grew by 30.7% to reach $899.1 million. On a global level, it is For the third year in a row, with a growth in the company’s business volume exceeding 30%This is after recording an increase of 32% in 2022 and 44% in 2021, a year marked by the consequences of the pandemic. It is worth highlighting the good performance of The company’s total profit increased to 111.1 million in 2023An increase of 40.9% compared to 2022.
Among the challenges the company faces is maintaining economic profitability, which it was the first company in the sector to achieve in the last quarter of 2019, and which it achieved again in 2022, that is, actually within a full year. At this point, Cabify maintains break-even EBITDA in 2023improving this operating metric in the past year.
In passenger transportation, Cabify’s main business, the variation by region, which the company divides into Spain and Latin America, was very similar in terms of billings, with growth of 32% and 29% respectively.
Regarding Cabify Logistics, the company’s newest segment, Cabify continues to make investments to bet on its profitable growth. Although it still represents a small percentage of the company’s total business, Cabify Logistics doubled its revenue in 2023 thanks to expanded growth in new business lines such as 24-hour deliveries. This business line, present in Argentina, Chile, Colombia and Peru, is showing growth that reflects the significant opportunities available to the company in these markets.
Juan De Antonio, CEO and Founder of CabifyExplain what “The results obtained in 2023 are a reflection of the trust that users and businesses place in Cabify. Day after day we help millions of people move around cities in a sustainable way, reducing dependence on the private car, generating income for hundreds of thousands of drivers who connect to the app and improving the quality of Living in these cities, from a financial point of view, profitability leads us to have the necessary resources to increase this impact that we generate in the places where we work, improving our collaborators’ income, expanding the available resources, with new areas, services or categories, and we will continue to invest to promote technological change. , commercial and social towards future mobility.
Over 75 million investments in ID i in the last 5 years
One of Cabify’s commitments is the company’s investment in research and development projects, with the aim of providing safe, sustainable and accessible mobility solutions in the cities in which it operates. This commitment reflects, The investment in Cabify ID in 2023 was $23.9 millionUp 34% from 2022. In total, the company has invested more than $75 million in the past five years.
Regarding the tax contribution, Cabify works with local companies in all the countries where they are located Therefore, it pays locally the taxes corresponding to its activity in these countries.
More than 300,000 drivers and 1,200 employees worldwide
2023 has also been a good year for Cabify in terms of job creation since then It increased its staff size by 22% to over 1,200 people. At the end of the year. Nearly 46% of these professionals are based in their headquarters in Spain, in Madrid, while the other 54% work locally from the different markets in which they are located or remotely.
Growth in terms of helpful drivers and taxi drivers was similar globally, with a 20% of new professionals connect to the app To develop their activity. In total, more than 310,000 drivers around the world took at least one Cabify-connected trip in 2023.
Cabify continues to advance its decarbonization goals
The company continues to advance towards the anticipated electrification challenges set out in its sustainable business strategy, such as achieving a fully carbon-neutral fleet by 2025 in Spain and 2030 in Latin America. In this area, thanks to the efforts of cooperating fleets, freelancers and Cabify’s own engine, this has been achieved Reduced average CO2 emission per kilometer by 6% in Spain and 2% in Latin America.
In the case of Spain, the size… Kilometers traveled in vehicles marked zero It has tripled in the past year, and now one in four vehicles in the fleet of Vector, a subsidiary of Cabify, carries the tag. More than 90% of Cabify’s total kilometers traveled were in ECO or Zero labeled vehicles. In Latin America, the volume of electric vehicles has increased by 1.5 in the past year.
Among the highlights, at the end of 2023 Cabify announced the purchase of 200 100% electric vehicles in Spain. This process is part of the project Decarbonizing the fleet running on the Cabify platformThis is supported by the European Commission, which through the European Investment Bank (EIB) is participating in financing this transition, both for the purchase of vehicles and its charging infrastructure. In Latin America, the company continues to advance through the strategic alliances it has concluded in recent years that will allow it to continue integrating hybrid and electric vehicles into the fleet.
Cabify Foundation, a new city improvement project
One of the most important launches of 2023 was the Cabify Foundation, through which the company seeks to strengthen its environmental, social and technological commitment and have an impact beyond mobility. In this sense, Fundación Cabify will implement its own projects and support various initiatives in Spain and Latin America to bring about a change that affects the way people inhabit cities and their relationship with the environment. Among the projects being implemented, in the case of Spain, stands out the cooperation with Tierra Pura and CO2 Revolution to reforest more than 230 thousand tree specimens with native species in the regions of Pontevedra and Ourense.
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