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Jahez International Company for Information System Technology (Jahez) announces its interim consolidated Financial Results for the Period Ending on 30-09-2024 (Nine Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 601.3 | 451.6 | 33.148 | 541 | 11.146 |
| Gross Profit (Loss) | 157.6 | 101.3 | 55.577 | 121.3 | 29.925 |
| Operational Profit (Loss) | 74.4 | 25.8 | 188.372 | 27.3 | 172.527 |
| Net profit (Loss) | 80.2 | 29.4 | 172.789 | 30.2 | 165.562 |
| Total Comprehensive Income | 80.2 | 29.4 | 172.789 | 30.2 | 165.562 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,623.2 | 1,287.3 | 26.093 |
| Gross Profit (Loss) | 374.5 | 286 | 30.944 |
| Operational Profit (Loss) | 106.9 | 68.3 | 56.515 |
| Net profit (Loss) | 122.9 | 92.1 | 33.441 |
| Total Comprehensive Income | 122.9 | 92.1 | 33.441 |
| Total Shareholders Equity (after Deducting Minority Equity) | 1,170.8 | 1,151.5 | 1.676 |
| Profit (Loss) per Share | 0.6 | 0.45 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The Group reported Q3 2024 Net Revenue of SAR 601.3 million, a 33.1% increase from SAR 451.6 million in Q3 2023, mainly driven by: • Order Volume: 25.2% YoY rise in total orders, bringing Q3 2024 total orders to a record 28 million accompanied by a 26.3% increase in the Active Users to reach 4.2 million users compared to 3.3 million active users million users at the end of the same period last year. • Take rate (%): Improved from 13.4% in Q3 2023 to 14.6% in Q3 2024, reflecting successful negotiations with key partners and enhancing value per transaction. • 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, achieving 1.6x YoY growth to SAR 79.0 million, driven mainly by optimized advertising revenue in KSA and the launch of advertising opportunities in Kuwait & Bahrain as well as growth in new verticals revenues. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The Net Profit attributable to shareholders of the Group increased by 172.8% YoY to SAR 80.2 million in Q3 2024, this growth was primarily driven by optimized customer promotions focused on targeted delivery offers, controlled marketing spending, and reduced delivery costs, enhancing overall profitability. Delivery Platforms – KSA Segment: The segment recorded a Net Profit of SAR 98.0 million, a significant increase (+69%) from SAR 58.0 million in Q3 2023. Delivery Platforms – Non KSA Segment: The segment recorded Net losses narrowed to SAR 10.9 million in Q3 2024, mainly due to higher volumes from full-scale Kuwait operations in 2024 compared to partial operations in 2023. This was coupled with a material enhancement in unit economics, including enhanced revenue per order and cost optimization initiatives. Logistic Segment: Net losses increased to SAR 0.9 million, up from SAR 8.5 million profit in Q3 2023, due to an aggressive Expected Credit Losses (ECL) provisions on Freelancers receivables as well as the reduction of the internal pricing in line with the decline of the cost per order from the external logistics providers. Others: The Group’s Others Segment reported net losses of SAR 6.5 million in Q3 2024 mainly due to changes in the fair value of the Red Color minority investment portfolio and ramp-up costs in new verticals, including Marn, Sol and Co, as these investments progress in development. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The Group reported Net Revenue of SAR 601.3 million, an 11.1% increase compared to the previous quarter is due to seasonal consumption patterns. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The Net Profit attributable to shareholders of the Group decreased by 165.6% reaching SAR 80.2 million in the current quarter compared to SAR 30.2 million in the previous quarter. is due to seasonal consumption pattern optimized customer promotions focused on targeted delivery offers, controlled marketing spending, and reduced delivery costs |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The Group reported Net Revenue of SAR 1,623.2 billion in 9M 2024, a 26.1% increase YoY, mainly driven by:
•Order Volume: 28% YoY rise in total orders, bringing 9M 2024 total orders to a record 78 million accompanied by a 26.3% increase in the Active Users to reach 4.2 million users compared to 3.3 million users in the end of the same period last year. • Take rate (%): Improved from 13.0% in 9M 2023 to 14.6% in 9M 2024, reflecting successful negotiations with key partners and enhancing value per transaction. • AOV: Increased to SAR 61.6 compared to SAR 60.3 in 9M 2023, supported by strategic bundle offerings that enhanced customer value. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The Net Profit attributable to shareholders of the Group increased by 33.4%YoY to SAR 122.9 million at the end of 9M 2024, this growth was primarily driven by optimized customer promotions focused on targeted delivery offers, controlled marketing spending, and reduced delivery costs, enhancing overall profitability. Delivery Platforms – KSA Segment: The segment recorded a Net Profit of SAR 222.3 million, a significant increase (+28%) from SAR 173.4 million in 9M 2023. Delivery Platforms – Non KSA Segment: The segment recorded Net losses narrowed to SAR 58.6 million in the 9M 2024, mainly due to higher volumes from full-scale Kuwait operations in 2024 compared to partial operations in 2023. This was coupled with a material enhancement in unit economics, including enhanced revenue per order and cost optimization initiatives. Logistic Segment: Net losses increased to SAR 15.4 million, up from SAR 2.1 million in 9M 2023, due to an aggressive Expected Credit Losses (ECL) provisions on Freelancers receivables. Others: The Group’s Others Segment reported net losses of SAR 25.6 million in 9M 2024 mainly due to changes in the fair value of the Red Color minority investment portfolio and ramp-up costs in new verticals, including Marn, Sol and Co, as these investments progress in development. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | None |
| Additional Information | • Jahez Group will be hosting an Earnings Call on Monday the 4th of November 2024 at 3:00p.m. KSA Time to present its Q3 and 9M 2024 financial results. For Earnings Call details, please email IR@jahez.net • The condensed Consolidated Interim Financial Statements for the Nine Month period ended 30th September 2024 will be available through the Jahez Group IR App, in addition to Jahez Group’s IR website through the following link: Jahez Group Financial Information |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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