Jahez 9M 2024 net profit up 33% to SAR 122.9M

Jahez International Company for Information System Technology (Jahez) reported a net profit of SAR 122.9 million for the first nine months of 2024, 33% growth from SAR 92.1 million in the year-earlier period.

The nine-month revenue reached SAR 1.62 billion in 9M 2024, a 26.1% increase YoY, mainly driven by order volumes, an increase in active users to 4.2 million, improved take rate from 13% in 9M 2023 to 14.6% in 9M 2024, and increased average order value (AOV). Further, optimized customer promotions focused on targeted delivery offers, controlled marketing spending, and reduced delivery costs, enhanced overall profitability.

Q3 2024 net profit stood at SAR 80.2 million, an increase of more than two-fold year-on-year (YoY) from SAR 29.4 million.

Q3 2024 revenue reached SAR 601.3 million, a 33.1% increase from SAR 451.6 million in Q3 2023, as total orders rose 25.2% to a record of SAR 28 million.

In addition, the company saw a 26.3% YoY increase in the active users to reach 4.2 million. The take rate improved from 13.4% in Q3 2023 to 14.6% in Q3 2024.

Further, AOV increased to SAR 61.7 compared to SAR 59.7 in Q3 2023, supported by strategic bundle offerings that enhanced customer value. Other revenues also grew significantly to SAR 79 million.

Q3 profit growth was also driven by optimized customer promotions focused on targeted delivery offers, controlled marketing spending, and reduced delivery costs.

On a sequential basis, net earnings rose from SAR 30.2 million in Q2 2024.

Total shareholders’ equity (after minority equity) stood at SAR 1.17 billion by Sept. 30, 2024, compared to SAR 1.15 billion a year earlier.

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