Issue link: https://maltatoday.uberflip.com/i/1464183
maltatoday | SUNDAY • 10 APRIL 2022 "IT'S easy to forget that just last January tens of thousands of people were in quarantine. Tourism and nightlife, our two main segments, were at a standstill compared to fore- casts. To have emerged from such a poor start to year so strongly is a fantastic result and a testament to the quality and efficiency of the service we deliver," says eCabs CEO Dr Andrew Bezzina, reflecting on the impact the COVID-19 pan- demic has had on the business. "Of course, we had already started to see a recovery in our business in the summer of 2021 when restrictions were first eased. But, the omicron variant and, I must say, overly cautious decisions from vari- ous Governments which heav- ily impacted travel, put a stop to that. Thankfully, things are looking a lot better now. In fact, the bounce back from the omicron variant is much swift- er than initially anticipated and ride volumes in the first three months of the year are up more than 50 per cent from those registered in the first quarter of our record year in 2019." When analysing the swift growth in customer journeys registered this year, Dr Bezzina highlights the increase in travel as a key factor. "With the air- port once again becoming a popular pick-up and drop-off point again and an uptick in demand for longer rides, the average price per ride is also increasing steadily. This is pav- ing the way for healthier EBID- TA margins", he says, before adding that, "The return to working from the office and a generally more positive atmos- phere is encouraging people to go out more, especially in the evenings. The further easing of restrictions announced this week is welcome as it will cer- tainly further strengthen con- sumer confidence and further support the recovery in tour- ism." The current positive outlook would not have materialised had it not been for several key decisions taken at the height of the pandemic, many of which are proving their worth up to this day. "eCabs has always been a fi- nancially prudent business but the impact of the pandemic made us even more focused on taking a responsible approach to our business and operation- al decisions in swift fashion, and pushed us to continue fine tuning our operating costs," explains Dr Bezzina. "A leaner and more dynamic operating model is certainly helping us to cope with inflation and the supply chain challenges that are now affecting Malta and the global economy." Aside from improvements in efficiency, a major focus for eCabs in recent months has been its technology compa- ny, Cuorium Technologies. "Becoming an international player in the mobility space means eCabs must continue its transformation from a Mal- tese ride-hailing business, to a technology platform deployed in various territories, serving customers and fleets anywhere in the world. We have invest- ed heavily in this area over the past two years and the results we are seeing in Malta, with its complex infrastructure and demanding customers, prove that both our technology and our business model work," says Dr Bezzina. Cuorium Technologies is, in fact, at the heart of eCabs' plans for growth. "Our expe- rience in Malta confirms that this technology can be tak- en into any market and we're now working hard to raise the funding we need to move into carefully selected internation- al markets. Whilst the interest has been extremely positive from various corners of the world, strategy leads our deci- sions." "2022 has started very well for eCabs and the outlook for our Malta operations is very posi- tive. On this basis we have set ourselves the ambitious target of doubling the number of jour- neys we delivered in 2019. This, inevitably, means that we need to attract as many partner driv- ers as we can. We already have more than 1,400 partner drivers in Malta using our platform and will continue doing all we can to offer the best possible work- ing conditions. Our engage- ment with drivers is also key to reducing the carbon footprint of our business as we work to- wards fulfilling our commit- ment to have a fully electric and hybrid fleet by 2025, something which is a key strategic priority for us. This year, eCabs will al- so be buying 15 electric vehicles for its own fleet," Bezzina said. The eCabs Malta CEO con- cludes, "A stronger than ever post pandemic recovery re- mains our key priority but de- spite the challenges, we didn't lose sight of our long-term strategic goal. eCabs is emerg- ing from this challenging peri- od in the best shape ever and is ready for an exciting and pros- perous future." Maltese ride-hailing company eCabs has seen customer journeys during the first three months of 2022 grow by more than 50 per cent, compared to the same period in 2019, which is its best performing year to date. As the company gears up to expand internationally, Malta Today spoke with Dr Andrew Bezzina, CEO at eCabs' Malta operation about how this success has been achieved and what the future holds eCabs in record start to 2022 "eCabs has always been a financially prudent business but the impact of the pandemic made us even more focused on taking a responsible approach to our business and operational decisions in swift fashion, and pushed us to continue fine tuning our operating costs"