Jahez International Company for Information System Technology announces its Annual Consolidated financial results for the period ending on 31-12-2023
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,784.76 | 1,602.48 | 11.37 | ||
| Gross Profit (Loss) | 405.88 | 359.18 | 13 | ||
| Operational Profit (Loss) | 101.9 | 64.02 | 59.17 | ||
| Net profit (Loss) | 125.34 | 58.98 | 112.51 | ||
| Total Comprehensive Income | 126.91 | 58.79 | 115.87 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,151.52 | 1,005.13 | 14.56 | ||
| Profit (Loss) per Share | 0.61 | 0.29 | |||
| 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 year compared to the last year | The net revenue of the Group increased by 11.4% reaching SAR 1,784.8m in the year 2023 compared to SAR 1,602.5m in 2022, the reasons for the change in net revenue as follows:
• SAR 689.4m Commission Revenue exceeded 29% growth compared to the previous year mainly due to increasing the average commission from 12.5% to 13.6% as well as GMV growth of 18%.
• SAR 1,044.m Delivery Revenue growth by 5.5% compared to the previous year was mainly driven by orders growth in KSA and a discounted revenue per order in line with the market trends and expansion strategy in GCC.
• SAR 186.4m Other Revenues exceeded 26% growth compared to last year driven by the increase of Advertising Revenue and Revenues related to the new verticals. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The Net Profit attributable to shareholders of the Group increased by 112.5% reaching SAR 125.3m for the year 2023 compared to SAR 58.9m in 2022, the reasons for the change in Net Profit according to the operating segments are as follows:
Delivery Platforms – KSA Segment:
• KSA Platforms net profit reached SAR 258.5m compared to last year SAR 194.1m, a 33.2% growth compared to the previous year linked to the improvement of the margin contribution per order due to efficiency and economy of scale.
Delivery Platforms – Non KSA Segment:
• The segment recorded SAR -97.2m net losses mainly driven by the expansion strategy and the costs market share gain in the newly penetrated markets (Bahrain in mid 2022 and Kuwait in 2023). Where the segment has reached SAR 242m GMV with a total number of orders amounting to 5.4m orders during 2023.
Logistic Segment:
• Overall net losses were reduced to SAR -5.9m which is a 95.2% decrease compared to SAR -123.9m last year, benefiting from cost efficiencies initiatives & economies of scale after the ramp up and the idle capacity cost in 2022. The Segment successfully recorded a positive Adj.EBITDA exceeding SAR 23.8m compared to SAR -29.2m in 2022.
Others:
• The Group investment in other vertical businesses has resulted in net losses of SAR -36.7m mainly due to the additional costs associated with growing the Cloud Kitchens footprint within KSA and expanding into the Cloud Shelfing business as well as expanding market share in the point of sales business. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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 | - |
| Attached Documents |
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