Jahez profit soars 50% to SAR 188M in 2024; Q4 at SAR 65.1M

Jahez International Company for Information System Technology reported a 50% profit surge to SAR 188 million in 2024, compared to SAR 125.3 million in 2023.

The profit growth was primarily driven by better take rate along with optimized customer promotions focused on targeted delivery offers, controlled marketing spending, and reduced delivery costs, enhancing overall profitability.

The group reported full year net revenue of SAR 2.21 billion, a 24.3% increase from SAR 1.78 billion last year.

Q4 2024 net profit jumped 96% year-on-year to SAR 65.1 million. On a sequential basis, the three-month earnings fell 18.7% from SAR 80.15 million in Q3.

In detail, the group saw a 25% year-on-year (YoY) rise in total orders, accompanied by a 20.7% increase in the active users while maintaining monthly frequency at 4.4 orders.

Take rate improved from 13.5% in 2023 to 14.6% in 2024, reflecting successful negotiations with key partners and enhancing value per transaction.

Average order value increased to SAR 61.7 compared to SAR 60.1 in 2023, supported by bundle offerings that enhanced customer value.

Jahez delivered substantial growth of 20% in advertising revenues and 39.6% online payments revenues in KSA and non-KSA platforms, respectively.

Additionally, other revenues generated by the group’s new verticals (Sol, Co, and Marn) along with Blu Store, experienced significant YoY expansion by 227.7%. This reflects Jahez’s ability to diversify and scale its revenue streams beyond core delivery services.

Total shareholders’ equity, after minority interest, rose to SAR 1.24 billion as of Dec. 31, 2024, from SAR 1.15 billion in the prior-year period.

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