Riyadh, Saudi Arabia, 11 August 2024 - Jahez International Company for Information System Technology (“Jahez”, or the “Group”, 9526 on the Saudi Exchange’s Nomu – parallel market), announces its financial results for the second quarter and first half of 2024, with strong 31% growth in Gross Merchandise Value (GMV) and market share gain in both KSA and non-KSA markets while expanding across the Group’s diversified verticals.
H1 2024 Key Highlights
- GOV up 25% year-on-year (YoY) to SAR 4.1 billion (H1 2023: 3.3 billion).
- GMV up 31% YoY to SAR 3.1 billion (H1 2023:2.3 billion), with non-KSA platforms up 6x and KSA platforms growth of 20% YoY.
- Record H1 total orders of 50.1 million, up 30% YoY (H1 2023: 38.6 million).
- Number of total active users up 34% YoY to 3.9 million (H1 2023: 2.9 million), with KSA regional expansion and non-KSA platforms users up 7x since inception.
- Market share gain in KSA and non-KSA markets.
- Double digit YoY Gross Revenue growth of 24% to SAR 1.1 billion (H1 2023: 887 million).
- Adj. EBITDA up 5% YoY to SAR 70.4 million representing 6.9% of Net Revenue (H1 2023: 67.2 million).
- Strong cash position of SAR 819 million in H1 2024 to drive regional expansion and investments.
Ghassab Bin Salman Bin Mandeel, CEO of Jahez Group, said:
“We delivered a strong performance in the first half of the year, building on the momentum created in 2023. The positive operational metrics included increases in both the value and volume of orders as we benefited from our expanding KSA footprint and exponential growth in our international markets despite the seasonal impacts typically seen during this period. We are on track to meet our FY 2024 guidance and deliver continued profitable growth.
From a strategic perspective, we are investing across our business to differentiate Jahez as the region’s leading brand rooted in Saudi Arabia delivering an ecosystem of on demand services that enhances customers’ lifestyle and empowers our business partners. We are also looking forward to transferring our listing from Nomu to the Main Market, marking yet another key milestone on the Company’s growth trajectory.”
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