Cabify Spain lost 49 million in 2022 due to the

Cabify Spain lost 4.9 million in 2022 due to the largest investment

Cabify, the chauffeur transport vehicle (VTC) service platform, recorded losses of 4.9 million euros in Spain in 2022, compared to 346,000 euros the previous year, according to accounts filed in the register. Commercially the three companies operating in the country. Cabify Spain, which operates the company's stores in A Coruña, Santander, Madrid, Seville, Malaga, Marbella and Murcia, recorded 5.85 million in the red, while Miurchi (stores in Valencia, Alicante and Zaragoza) earned 571,000 euros and Prestige & Limousine (services in Barcelona as well as its own fleet in Madrid and Barcelona) recorded a positive result of 315,000.

The platform achieved sales of 199.5 million euros in Spain in the 2022 financial year, increasing its sales by 27.5% compared to the previous year. Gross operating profit in these twelve months was 11.5 million, 9.4% less than in 2021. Net operating profit was negative, in the red at 2.48 million

The growth of Cabify's revenues, as well as the losses of the main company, correspond to a higher level of investment in the national market during this period. With the recovery in sales, the company is leaving behind the impact of the pandemic in the figures for 2020 and 2021, when the health emergency led to a deterioration in the mobility business, according to a company statement.

The results for the 2022 financial year also indicate an increase in the mobility company's tax contribution by up to 50%. After this increase, the amount of taxes paid by Cabify reached 21.6 million, the highest the company has achieved since its founding in 2011. The company also highlights that in the last four years it has paid 96 million in taxes worldwide, 57 of them in Spain.

In 2022, the moratorium of the Ábalos Decree passed in 2018 expired, which gave municipalities and autonomous communities four years to develop their own regulations on VTCs, and during this time they could continue their operations to recover their investments. Unauto sector employers VTC and Feneval requested a two-year extension, but the government did not agree. Cabify, through its subsidiary Vector Ronda, requested compensation for the losses caused by the Ábalos Decree as the state's pecuniary responsibility, but the Supreme Court dismissed the appeal in August 2023.

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