Riyadh, Saudi Arabia, 03 November 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 third quarter (Q3) and nine month period (9M) ending 30 September 2024, with record Q3 and 9M total orders and profitability, strong 30% 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.
Ghassab Bin Salman Bin Mandeel, CEO of Jahez Group, said:
“In the third quarter of 2024, Jahez Group reached new milestones, delivering our highest-ever total orders and profitability, and building on the strong momentum from the previous years. This marks a significant milestone in our journey to become the leading brand rooted in the Kingdom of Saudi Arabia providing an integrated ecosystem of on-demand services that contributes to improving our customers’ lifestyles and empowers our merchants and partners.
By focusing on consistent, profitable growth and leveraging cutting-edge technology, Jahez continues to expand market share and deliver exceptional value across our diversified verticals. User experience goes beyond commitment at Jahez – it is our obsession. Looking forward, our strategic investments and customer-centric approach will be key to advancing our ecosystem and strengthening our leadership in the region.”
Key Highlights
- GOV up 26.7% year-on-year (YoY) to SAR 2.3 billion in Q3 2024 (Q3 2023: SAR 1.8 billion).
- GMV up 29.5% YoY to SAR 1.7 billion (Q3 2023: SAR 1.3 billion), with non-KSA platforms up 4.1x and KSA platforms growth of 21% YoY.
- Net Revenues up 33.1% YoY to SAR 601.3 million (Q3 2023 SAR 451.6 million).
- Record Q3 total orders of 28 million, up 25.2% YoY (Q3 2023: 22.3 million).
- Adj. EBITDA representing 15% of Net Revenue, reaching an all-time third quarter high of SAR 90 million, (2.4x Q3 2023 at 38 million) and totaling SAR 160.5 million in 9M 2024 (9M 2023: 105.2 million).
Financial Highlights
Jahez Group delivered a record-breaking third quarter and nine-month performance in 2024, with strong revenue growth, increased order volumes, and improved operational efficiencies. The Group reported Q3 2024 Net Revenue of SAR 601.3 million, a 33.1% increase YoY, mainly driven by:
- Order Volume: 25.2% 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 9M 2023.
- 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.
Gross profit margin improved by 3.8 percentage points, reaching 26.2% in Q3 2024 (22.4% in Q3 2023), mainly due to cost efficiencies coupled with revenue growth. This improvement in cost structure has supported Jahez’s growth initiatives across key cities in KSA.
Together, these achievements and disciplined cost management drove the Group’s Net Profit to an all-time high of SAR 79.7 million in Q3 2024, 2.7x of 28.9 million in Q3 2023.
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