Jahez net profit slumps 50% to SAR 59 mln in 2022

21/03/2023 Argaam Exclusive

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Jahez International Company for Information System Technology reported a net profit of SAR 59 million for 2022, down 50% from SAR 117.1 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	1,159.57	1,602.48	38.2 %
Gross Income	245.53	359.18	46.3 %
Operating Income	119.29	140.85	18.1 %
Net Income	117.07	58.98	(49.6 %)
Average Shares	192.00	209.84	9.3 %
EPS (Halala)	60.97	28.11	(53.9 %)

The drop was driven by the logistics segment reporting a loss of SAR 123.8 million in 2022 compared to a loss of SAR 6.4 million in the previous year despite revenue rising 180.4%.

On the other hand, the profit of the delivery platforms segment increased by 56% to SAR 180.4 million in 2022 from SAR 115.9 million in 2021 on higher gross revenue and an increase in the average number of users.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	673.11	862.65	28.2 %
Gross Income	151.26	190.37	25.9 %
Operating Income	87.84	80.71	(8.1 %)
Net Income	88.35	5.76	(93.5 %)
Average Shares	192.00	209.84	9.3 %
EPS (Halala)	46.01	2.74	(94.0 %)

Item	H1 2022	H2 2022	Change‬
Revenues	739.82	862.65	16.6 %
Gross Income	168.81	190.37	12.8 %
Operating Income	60.14	80.71	34.2 %
Net Income	53.22	5.76	(89.2 %)
Average Shares	209.84	209.84	-
EPS (Halala)	25.36	2.74	(89.2 %)

Total shareholders’ equity, excluding minority interest, reached SAR 1.00 billion as of Dec. 31, 2022, compared to SAR 187.27 million a year earlier.

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