Cabify recorded a turnover of $899.1 million (about €831.2 million) during 2023, up 30.7% from the previous year. “It is the third year in a row that we have seen an increase in income of more than 30%,” its CEO and founder, Juan de Antonio, said in an interview with the media, stressing that the results are a reflection of user confidence. In addition, he confirmed that offering the company’s shares to the public is one of the financial options on the table.
In terms of profitability, gross profit amounted to $111 million (€103 million), i.e. 40.9% more, while the overall operating result (EBITDA) was slightly positive, “2022 results improved”. Di Antonio pointed out that one of the challenges that Cabify faces is maintaining economic profitability, and stressed that it was the first company in this sector to achieve profitability, in 2019.
Last year, the company chose as its strategy to strengthen its presence in various countries, thanks to the resources raised in a financing round of more than 100 million euros, which was implemented in March 2023, led by Francisco Riberas, and with the participation of Orilla. Asset Management, the public fund of ICO Next Tech, which has joined Mutua Madrileña; As well as with financial support from BBVA, which closed the financing at the beginning of 2023 Project debts 15 million with the company through BBVA Spark, and the European Investment Bank (EIB) which provided a loan of 40 million euros. Companies such as Seaya Ventures, The Venture City, Endeavor, Rakuten, and Delivery Hero, among others, are present or have participated in the company’s capital. Venture capital y Business Angels. In any case, the company highlights the strategic and financial support it provides to Spanish partners.
Investment in research and development rose by 33.6% to $23.9 million (€22 million). In the past five years, the company has invested a total of 75 million (69 million euros) in this area.
Additionally, Cabify expanded its workforce by 22%, to 1,232 employees (47% of whom are women), with a total of 310,000 connected drivers. program. The company highlights that about half of the employees work on technological development of the group’s applications and services. Cabify vehicles make an average of 315,000 trips per day.
The manager defended Cabify’s image in Latin America, which has a presence in seven countries: Spain, Argentina, Mexico, Colombia, Peru, Chile and Uruguay. And 50 cities. Currently, Spain is the country with the largest weight in the group, although it is lower than Latin America as a whole. In the vertical Ride sharingits main activity, its sales volume in Spain increased by 32% in 2023 and 29% in Latin America.
Appearance to the community
Regarding a potential IPO, the director stated that it is one of the future options that the company is considering, but there is no commitment. “That’s not the requirement,” said Di Antonio, who insisted the company was working to improve its profitability. “There is no decision to go public nor the country in which it can be done. Being a Spanish company, we would like to be here.”
CFO Juan Barbola has identified that going public could be a timely financial option given the company’s vesting process, which, if implemented, would be upon seeing market interest. “There is still a long way to go to get to this point,” he added.
The company confirmed that it works with local companies in all countries in which it carries out its activities, and therefore pays locally the taxes corresponding to its activity in these markets. “We pay taxes for all activities in all countries where we have operations,” Di Antonio explained. Overall, Cabify paid €28 million in taxes in Spain and $18 million (about €16.6 million) in all Latin American countries.
The director stated that Catalonia, a region affected by various restrictions, has great potential for the company, but warned that discretionary mobility services in Barcelona are much lower than in other cities. He also warned that Madrid could be better placed to catch up with cities like London or Lisbon.
Carbon removal
In his presentation, Di Antonio highlighted Cabify’s progress on its decarbonisation targets, which include reducing the average CO2 emission rate per kilometer traveled, by 6% in Spain and 2% in Latin America.
In Spain, the number of kilometers traveled by vehicles marked “zero” has tripled in the past year, and now one in four vehicles in the fleet of Vector, a subsidiary of Cabify, bears this mark. Likewise, more than 90% of Cabify’s total kilometers traveled were in ECO or Zero labeled vehicles. In Latin American countries, the volume of electric cars has increased by 1.5 in the past year, while in Spain, the company purchased 200 fully electric cars at the end of last year.
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