Cabify is having a tough time in Barcelona, with taxi drivers – once again – on the warpath against the VTC (Vehicles with Drivers) business. It’s a battle that the mobility company’s CEO Juan de Antonio expressed on Wednesday. “Barcelona is a city that has a lot of weight for our business in Spain, but it falls far short of its potential and the current regulations do not live up to what the city demands.” The director stressed that, despite the number of visitors to Barcelona having multiplied by six in recent years, the number of vehicles that can provide discretionary transport has not increased. “It’s a very important city and we will continue to work alongside the authorities to put it where it deserves,” assured de Antonio.
In a meeting with the media at the company’s headquarters in Madrid, the Cabify founder also ruled out an IPO in the short term. “An IPO is an option, it’s not a requirement for us,” said De Antonio, who stressed that if the company’s securities were to be listed on the market, it would be done in Spain.
Cabify has not yet reached its profit target, but the EBITDA result for 2023 is slightly positive, according to the company’s CFO, Joan Parbola, who did not want to disclose the figures on Wednesday due to the accounts not being filed in the commercial register. However, he did reveal that the gross profit amounted to 103 million euros, 40.9% more than in 2022.
Juan de Antonio confirmed that this is the best year in history in terms of business for the mobility company. Billings grew by 30.7% to reach around €830 million ($888.1 million) worldwide, following the trajectory achieved in the last two years when they rose by 32% in 2022 and 44% in 2021. Spain saw an increase of 32% and Latin America 29%.
Increase staff
Thanks to these efforts, Cabify increased its workforce by 22% to exceed 1,200 employees at the end of 2023. About half of them (about 46%) work at its headquarters in Madrid, while the other 54% work locally from different markets who are present or remote.
In terms of growth in terms of co-drivers and taxi drivers, the progress was 20% globally and there were more than 310,000 drivers worldwide who took at least one trip connected to the Cabify app in the past year.
Regarding tax contribution, Cabify, based in Delaware (USA), confirms that it works with “local companies in all countries where it is present” and therefore pays “locally” the taxes corresponding to its activity.
The company continues its projections of achieving a completely carbon-neutral fleet by 2025 in Spain and 2030 in Latin America. At the end of 2023, it announced the purchase of 200 100% electric vehicles in our country, which have received financial support from the European Investment Bank (EIB). In Latin America, the company continues its progress through the strategic alliances it has concluded in recent years that will allow it to continue integrating hybrid and electric vehicles into the fleet.
(Translation marks) Juan (r) Antonio (r) Cabivay
