Cabify, the platform for chauffeured transportation vehicles (VTC), recorded losses of 4.9 million euros in 2022 in Spain, compared to 346 thousand euros in the previous year, as shown in the accounts filed with the commercial registry of the three companies operating in the country. Cabify Spain, which operates the company’s business in La Coruña, Santander, Madrid, Seville, Malaga, Marbella and Murcia, posted red figures of 5.85 million, while Miurchi (business in Valencia, Alicante and Zaragoza) took in €571,000 and Prestige & Limousine (services in Barcelona as well as its own fleet in Madrid Barcelona) recorded a positive result of 315,000.
The platform obtained revenues of 199.5 million euros in its fiscal year 2022 in Spain, increasing its sales volume by 27.5% compared to the previous year. The total operating result in those twelve months was 11.5 million, 9.4% lower than recorded in 2021. The net operating result was negative with red numbers of 2.48 million.
The growth of Cabify’s income as well as the company’s main losses correspond to a higher level of investment in the national market in this period. With the recovery in sales, the company is overcoming the impact of the pandemic on the numbers of 2020 and 2021, when the health emergency worsened the mobility business, according to a company statement.
FY2022 results also indicate an increase of up to 50% in the mobility company’s tax contribution. After this increase, the volume of taxes paid by Cabify reached 21.6 million, which is the highest number achieved by the company since its establishment in 2011. The company also indicates that in the past four years it has paid 96 million taxes worldwide. 57 of them in Spain.
In 2022, there will be a moratorium on what is known as Decree of Apollos, It was approved in 2018, which gave city councils and autonomous communities four years to develop their regulations for vocational training centres, during which time they could continue to work to recover their investments. Unauto sector employers VTC and Fenival requested a two-year extension but the government did not agree. Cabify, through its subsidiary Vector Ronda, requested compensation for losses caused by the Ábalos decree as the state’s financial responsibility, but the Supreme Court rejected the appeal in August 2023.
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