Jahez International Company for Information System Technology (Jahez) announces its Estimated Financial Results for the Period Ending on 30-06-2022 (Six Months)

04 September 2022 12:42 PM

JAHEZ 6017 -0.48% 20.77 -0.10

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	777.61	486.46	59.85
Gross Profit (Loss)	179.08	94.26	89.98
Operational Profit (Loss)	60.14	31.45	91.22
Net Profit (Loss) after Zakat and Tax	53.22	28.72	85.31
Total Comprehensive Income	53.22	28.72	85.31
Total Share Holders Equity (after Deducting Minority Equity)	990.96	187.27	429.16
Profit (Loss) per Share	5.17	4
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
Increase (Decrease) in Net Profit for Current Period Compared to Previous Period is Attributed to	Jahez Group achieved a net income after zakat of SAR 53.2m in the first half 2022, a 85.3% increase compared to SAR 28.7m in the corresponding period of last year, this was mainly driven by the following: - The increase in revenues by 59.9% during the first half 2022 due to the increase in delivery fee revenue and commission revenue by SAR 159.5m and SAR 81.8m, respectively mainly due to the following: - The increase in Gross Merchandize Value (GMV) in the first half 2022 by 36.5% reaching SAR 2.0b due to the increase in orders number in the first half 2022 by 45.5% to reach 31.5m orders, compared to 21.6m orders in the corresponding period of last year due to the increase by 48.1% in average users number in the first half 2022, compared to the corresponding period of last year, despite the slight decrease in monthly average orders per user to reach 4.5 orders in the first half 2022, compared to 4.6 orders in the corresponding period of last year, while the Gross Merchandize Value (GMV) per order decreased in the first half 2022 reaching SAR 63.2 compared to SAR 67.4 in the corresponding period of last year. - The average take rate increased in the first half 2022 to reach 12.3%, compared to 11.2% in the corresponding period of last year, in addition to increase in average merchant number to reach 7,879 restaurants in the first half 2022 compared to 4,742 restaurants in the corresponding period of last year. - Gross profit increased by 90% despite the increase in cost of revenue by 52.6% which is mainly due to the increase in total delivery costs and operations which is in line with the number of orders during the first half 2022. - Operating profit increased by 91.2% despite, the increase in Research & Development expenses by 226.4% in line with the Company strategy to invest in the platforms development and the user experience improvement, and the increase by 243.7% in General & administrative expenses reflecting the increase in head count in line with the growth and geographical expansion as well as the expansion of the subsidiaries activities and especially Supportive Solutions Company for Logistic Services “Logi”. - Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first half 2022 reached to SAR 66.1m compared to SAR 34.1m for the corresponding period of last year, with an increase of 93.9%.
Statement of the type of external auditor's report	Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	These estimated financial results for the period ended June 30, 2022 are prepared by the management of the Company and have not yet been reviewed by the external auditor.
Reclassification of Comparison Items	None
Additional Information	Basic and diluted earnings per share for the period ending on June 30, 2022 have been calculated by dividing the Net profit attributable to Equity holders of the Parent Company by the weighted average number of shares of 10,288,140 shares and for the period ending June 30, 2022 by dividing the Net profit attributable to Equity holders of the Parent Company by the weighted average number of 7,099,448 shares.
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