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Jahez profit soars 50% to SAR 188M in 2024; Q4 at SAR 65.1M
Jahez International Company for Information System Technology reported a 50% profit surge to SAR 188 million in 2024, compared to SAR 125.3 million in 2023.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 1,784.76 | 2,218.66 | 24.3 % |
| Gross Income | 405.88 | 541.16 | 33.3 % |
| Operating Income | 102.82 | 169.17 | 64.5 % |
| Net Income | 125.34 | 187.98 | 50.0 % |
| Average Shares | 209.84 | 209.84 | - |
| Earnings Per Share before unusual items | 0.60 | 0.90 | 50.0 % |
| EPS (Halala) | 59.73 | 89.58 | 50.0 % |
The profit growth was primarily driven by better take rate along with optimized customer promotions focused on targeted delivery offers, controlled marketing spending, and reduced delivery costs, enhancing overall profitability.
The group reported full year net revenue of SAR 2.21 billion, a 24.3% increase from SAR 1.78 billion last year.
Q4 2024 net profit jumped 96% year-on-year to SAR 65.1 million. On a sequential basis, the three-month earnings fell 18.7% from SAR 80.15 million in Q3.
In detail, the group saw a 25% year-on-year (YoY) rise in total orders, accompanied by a 20.7% increase in the active users while maintaining monthly frequency at 4.4 orders.
Take rate improved from 13.5% in 2023 to 14.6% in 2024, reflecting successful negotiations with key partners and enhancing value per transaction.
Average order value increased to SAR 61.7 compared to SAR 60.1 in 2023, supported by bundle offerings that enhanced customer value.
Jahez delivered substantial growth of 20% in advertising revenues and 39.6% online payments revenues in KSA and non-KSA platforms, respectively.
Additionally, other revenues generated by the group’s new verticals (Sol, Co, and Marn) along with Blu Store, experienced significant YoY expansion by 227.7%. This reflects Jahez’s ability to diversify and scale its revenue streams beyond core delivery services.
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 497.49 | 595.50 | 19.7 % |
| Gross Income | 119.89 | 166.65 | 39.0 % |
| Operating Income | 35.15 | 62.49 | 77.8 % |
| Net Income | 33.27 | 65.14 | 95.8 % |
| Average Shares | 209.84 | 209.84 | - |
| Earnings Per Share before unusual items | 0.16 | 0.31 | 95.8 % |
| EPS (Halala) | 15.86 | 31.04 | 95.8 % |
Total shareholders’ equity, after minority interest, rose to SAR 1.24 billion as of Dec. 31, 2024, from SAR 1.15 billion in the prior-year period.
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Share Price
Jahez International Company for Information System Technology (JAHEZ)
| Current | |
| Market Cap (M Riyal) | 5,781.09 |
| Enterprise Value (EV) (M) | 4,736.02 |
| Shares Outstanding ((M)) | 209.84 |
| EPS (Halala) (TTM) | 89.58 |
| Book Value (BV) ( Riyal) | 5.91 |
| Par Value ( Halala) | 50.00 |
| Adjusted P/E (Last12) | 30.75 |
| P/E (TTM) | 30.75 |
| Price/book | 4.66 |
| Return on Average Assets (%) (TTM) | 11.0 |
| Return on Average Equity (%) (TTM) | 15.7 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 480.93 | 16.0 % | 95.64 | 17.1 % | 5.17 | 76.3 % |
| Q2 2024 | 540.96 | 28.5 % | 121.28 | 17.7 % | 27.12 | (31.0 %) |
| Q3 2024 | 601.27 | 33.1 % | 157.59 | 55.6 % | 74.38 | 192.7 % |
| Q4 2024 | 595.50 | 19.7 % | 166.65 | 39.0 % | 62.49 | 77.8 % |
| 2024 | 2,218.66 | 24.3 % | 541.16 | 33.3 % | 169.17 | 64.5 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Halala) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2024 | 12.45 | 0.9 % | 5.93 | - | 12.45 | 0.06 |
| Q2 2024 | 30.24 | (39.9 %) | 14.41 | - | 30.24 | 0.14 |
| Q3 2024 | 80.15 | 172.9 % | 38.20 | - | 80.15 | 0.38 |
| Q4 2024 | 65.14 | 95.8 % | 31.04 | - | 65.14 | 0.31 |
| 2024 | 187.98 | 50.0 % | 89.58 | - | 187.98 | 0.90 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 22.68 % | - | 6.78 % |
| Q2 2024 | 22.23 % | - | 5.34 % |
| Q3 2024 | 23.31 % | - | 7.36 % |
| Q4 2024 | 24.39 % | - | 8.47 % |
| 2024 | 24.39 % | 10.02 % | 8.47 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Halala) | Earnings Per Share before unusual items (Halala) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 209.84 | 59.78 | 59.78 | - |
| Q2 2024 | 209.84 | 50.20 | 50.20 | 5.41 |
| Q3 2024 | 209.84 | 74.40 | 74.40 | 5.58 |
| Q4 2024 | 209.84 | 89.58 | 89.58 | 5.91 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 56.87 | 56.87 | - |
| Q2 2024 | 55.48 | 55.48 | 5.14 |
| Q3 2024 | 32.74 | 32.74 | 4.37 |
| Q4 2024 | 33.82 | 33.82 | 5.13 |
Business Segments (Million)
Q4 2024
| Period | Delivery Platforms Segment | Logistics Activity | Other Activities | Exclusions |
|---|---|---|---|---|
| Q3 2024 | 580.45 | 116.06 | 18.50 | (113.74) |
| Q4 2024 | 568.79 | 117.16 | 27.30 | (117.76) |
Analysts Estimates (Million)
| Item | Q4 2024 (e) | Q4 2024 (net income) | Change |
|---|---|---|---|
| Average | 61.00 | 65.14 | 6.78 % |
Estimates vs Actual (Million)
| Item | Q4 2024 (e) | Q4 2024 (net income) | Change |
|---|---|---|---|
| United Securities Company | 64.00 | 65.14 | 1.8 % |
| Al Rajhi Capital | 58.00 | 65.14 | 12.3 % |
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