● The Ibero-American mobility company ended fiscal year 2023 with total revenues of $899.1 million, representing a growth of 30.7%, compared to $688 million in 2022.
● Cabify’s gross revenue rose to 111.1 million, 40.9% more than last year, and maintains its EBITDA break-even point globally, leading to improved results for 2022.
● In 2023, Cabify’s investment in R&D (research and development) will reach $23.9 million, representing 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 emissions per kilometer traveled by 6% in Spain and 2% in Latin America.
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 business history, with revenue growing 30.7% to $899.1 million. At the global level, this is the third year in a row in which business volume has witnessed growth exceeding 30%, 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 profits, which rose to 111.1 million in 2023, an increase of 40.9% from 2022.
It was the first company in its sector to achieve economic profitability in the last quarter of 2019, and regained it after the pandemic period in 2022 for the full year. In this sense, one of the main challenges for 2024 is to maintain this profitability. Notably, Cabify maintained breakeven in terms of EBITDA in 2023, improving this operating metric last year.
In the ride-hailing sector, Cabify’s main business, the variation between 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 still a small percentage of the company’s total business, Cabify Logistics doubled its revenue in 2023 thanks to broad 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 in these markets.
“The results obtained in 2023 are a reflection of the trust that users and businesses place in Cabify,” explains Juan de Antonio, CEO and founder of Cabify.
Day after day, we help millions of people move around cities in a sustainable way, generating income for hundreds of thousands of drivers who connect to the app and improving the quality of life in cities.
He adds that the profitability obtained will provide resources to increase the positive impact of the operation, improve the income of collaborators, expand the areas of operation and expand the offer of services and categories. “We will continue to invest to promote technological, commercial and social change towards the mobility of the future,” he concluded.
More than 75 million investments in R&D and innovation in the past five years
One of Cabify’s commitments is related to investing in research and development (R&D) projects, with the aim of providing safe, sustainable and accessible mobility solutions in the cities in which it operates. As a reflection of this commitment, investment in R&D in 2023 was $23.9 million, 34% more than in 2022. In total, the company has invested more than $75 million in the past five years.
Regarding its tax contribution, Cabify is headquartered in all countries in which it operates and, therefore, is obligated to pay all taxes corresponding to its local activity.
Over 300,000 driver users and 1,200 employees worldwide
2023 was also a good year for Cabify in terms of job creation, as it increased its employee size by 22% to exceed 1,200 people at the end of the year. Approximately 46% of these professionals are based in the headquarters in Madrid – Spain, while the other 54% work from the various markets in which they are located or remotely.
Growth in terms of user engagement was similar globally, with 20% of new users connecting to the app. In total, more than 310,000 drivers around the world took at least one trip with Cabify 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 region, it was possible to reduce the average CO2 emission rate per kilometer traveled by 6% in Spain and 2% in Latin America.
In Latin America, the volume of electric vehicles has increased by 1.5 in the past year. In the case of Spain, the number of kilometers traveled in vehicles marked “zero” has tripled in the past year, and one in four vehicles in the fleet of Vector, a subsidiary of Cabify, already bear this mark. More than 90% of Cabify’s total kilometers traveled were in ECO or Zero labeled cars.
Among the highlights, at the end of 2023 Cabify announced the purchase of 200 100% electric vehicles in Spain. This operation is part of a fleet decarbonisation project running on the Cabify platform, with support from the European Commission, which through the European Investment Bank (EIB) is involved in financing this transition, both for vehicle purchases and private freight. infrastructure. In Latin America, the company continues to advance through the strategic alliances it has made in recent years that will allow it to continue integrating hybrid and electric vehicles into the platform.
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 a positive 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.
