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Friday, February 3, 2023

Cabify almost returns to profitability in 2021 after the impact of the pandemic


Spanish multi-mobility platform Cabify was close to profitability in 2021 after the harsh impact of the coronavirus pandemic. The concerted transport companies (VTC) and other means of mobility recorded losses of 300,000 euros last year, an improvement of 99.2% compared to the negative results of 2020, according to the accounts filed with the Commercial Register.

With that in mind, it is worth noting that an accounting impairment of €39.8 million on Cabify’s investment in Vector Ronda Teleport on the 2020 financial statements had a negative impact on earnings, although it had no impact on liquidity or operations in 2020 and has resulted in a wide variation in the final accounting result for both years.

The company emphasizes that after a period marked by the adverse situations faced by the company, such as B. the mobility restrictions imposed by the pandemic, “Cabify’s efforts have made 2021 a year of recovery of activities and a firm return to the path of sustainable growth”.

Cabify’s net sales in 2021 reached 156.5 million euros in Spain, 30.7% more than in 2020, the year in which Covid-19 had the greatest impact on sales.

The Cabify Group consists of three companies: Cabify Spain, which operates the platform business in A Coruña, Santander, Madrid, Seville, Malaga, Marbella and Murcia; Miurchi, which operates in Valencia, Alicante and Zaragoza; and Prestige & Limousine, which operates the flatbed business in Barcelona as well as its own fleet in Madrid and Barcelona.

In the last year, the company has managed to increase its travel volume in the 10 cities in Spain where it operates: A Coruña, Alicante, Barcelona, ​​​​​​Madrid, Málaga, Murcia, Santander, Seville, and Valencia Zaragoza.

The Group charges for all travel it undertakes in the local markets where it operates. In addition, as a Spanish company, the company’s headquarters are in Madrid and all operating companies in the remaining markets depend on companies based in Spain. Cabify’s tax contribution, which includes income tax and social security, VAT paid and corporate income tax, has totaled €47.8 million over the past five years. At 13.8 million, the past fiscal year 2021 was the year with the highest tax contribution in the history of the company in Spain. Globally, Cabify has reached nearly 23 million, adding to the eight international markets in which it operates.

New sustainable business plan

This year the company presented its Sustainable Business Strategy 2022-2025, the guide that will positively impact Cabify’s projects with specific objectives such as 100% of journeys made with electric or decarbonized vehicles by 2025 in Spain and 2030 in Latin America or 750,000 citizens among other things through social initiatives in local communities.

In support of this new strategic plan, the company plans to further advance its technological development and is considering investing at least €40 million in R&D&I over the next four years.

In this sense, Cabify is strongly committed to technology and the constant improvement of its platform, offering innovative solutions to improve mobility in cities. As a reflection of this commitment, Cabify’s investment in R&D&I in 2021 was 12.2 million, the highest number to date. According to data from the Ministry of Science, Innovation and Universities reports for the period leading up to fiscal year 2019, Cabify’s investments in research, development and innovation activities exceed EUR 38 million between 2017 and 2021.

The Cabify technology center is centralized from the company’s headquarters in Madrid, with profiles working in person and remotely. With more than 200 professionals specialized in different technology areas, it is one of the most important teams on the European market. Additionally, the fact that the company’s headquarters are in Spain means that all intellectual property on Cabify’s technological developments is located in the country.

Among the recent relevant announcements made by the company in Spain, the various milestones related to electrification stand out, starting with the launch of Cabify Eco, a category available to companies that use the Cabify service for the mobility of their employees to use. This category only offers rides in electrified vehicles (hybrid, plug-in hybrid and electric).

In addition, Cabify has announced the installation of its own fast charging infrastructure to operate a hundred electric vehicles in Madrid. Added to this was the agreement with Mobilize to operate in Madrid the world’s first fleet of 40 Mobilize Limo, a 100% electric vehicle specially designed for the taxi and VTC sector. Finally, the Spanish company has also announced an agreement with Toyota and Enagás to run with hydrogen cars in the Vecttor fleet. In this case, it is the first VTC fleet to use hydrogen as an energy source in Spain, making a significant step towards zero-emission mobility.

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Source elpais.com

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