Jahez posts 18% profit jump to SAR 62.7 mln in H1 2023

Jahez International Company for Information System Technology reported a net profit rise of 18% to SAR 62.7 million in the first half of 2023 from SAR 53.2 million in the prior-year period.

The profit growth was spurred by delivery platforms in Saudi Arabia. The segment reported a net profit rise of 45% year-on-year (YoY) to SAR 115.5 million. Orders grew by 17% YoY in the Kingdom, due to the group’s focus on expansion in 100 cities and maintaining a solid position in the markets where it currently operates.

On the other hand, delivery platforms outside the Kingdom incurred a net loss of SAR 41.1 million, primarily on the company’s expansion strategies and customer acquisition costs in order to gain a market share in the new markets.

The logistics segment, two years after establishment, recorded positive earnings before interest, taxes, depreciation, and amortization (EBITDA) of over SAR 7.1 million leveraging cost efficiencies initiatives and economies of scale.

The logistics business net losses decreased by 54% YoY to SAR 10.6 million in H1 2023.

Shareholders’ equity, after minority interest, rose to SAR 1.07 billion as of June 30, 2023, from SAR 990.96 million a year earlier.

Attached Documents

View More Financial Results