The improvement in the business has occurred equally in Spain and Latin America, above all, addressing the metrics of the ride-hailing vertical.
Cabify increased its gross profit by 40.9% in 2023 to US$ 111.1 million and placed its turnover at just over US$ 899 million, this is 30.7% more than a year ago, according to to know this Wednesday the company itself in its '2023 impact report'.
The company maintains the break-even point in terms of gross operating profit (Ebitda) globally, improving the results of 2022
Specifically, regarding Ebitda, the executive president and founder of Cabify, Juan de Antonio, has pointed out that a "slightly positive" metric has been achieved -increasing collection last year- and warns that "there will already be opportunities in the future for register greater ones".
The mobility company thus recorded the third consecutive year with a growth in the company's business volume above 30%, after registering an increase of 32% in 2022 and 44% in 2021, a year that was marked by the consequences of the Covid-19 pandemic.
The improvement in the business has occurred in equal parts in Spain and Latin America, above all, taking into account the metrics of the ride-hailing vertical - Cabify's main business - where it has maintained billing levels that have not been made known.
However, profitability has not yet been achieved at Cafiby Logistics despite having doubled revenues due to the expansion of new business lines such as 24-hour deliveries. Where this business has improved results the most was in Argentina, Chile and Colombia.
"We have doubled logistics and parcel services and, in this case, we continue to grow," said Juan de Antonio.
POSTPONE THE IPO
At the same time, the company's directors have assured that the firm's IPO "is within the business plans", although at the moment they rule out that it will be in the near future.
"Exit is one of the options before us, not a requirement," De Antonio pointed out while focusing on the "generation of growth and profitability."
Likewise, the company is considering a possible debut in the capital market and, specifically, in the Spanish market. "It would be our preference," the president of Cabify responded, later clarifying that to carry out the operation they need to see that "it is a way to make income profitable."
"Going public may be an opportune option given the level of maturity of the company, but if we do it it will be when we see interest in the market. There is a long way to go to get there," clarified the company's financial director, Juan Barbolla.
FINANCING AND INVESTMENT
In 2023, Cabify raised US$108.6 million in a private financing round with the participation of Orilla Asset Management, an investment company owned by Francisco Riberas' family.
This new financing was added to the investment made by Mutua Madrileña in July 2022 and the loan granted by the European Investment Bank (EIB).
At the same time, the company raised US$ 16 million in debt through BBVA's startup investment arm, Spark, after the departure of the Japanese giant Rakuten, which was the main shareholder of the Spanish mobility technology company.
Over the last five years, Cabify has managed to increase its investments in innovation and development to exceed US$75 million. In 2023, investment in R&D amounted to almost US$24 million.
