Jahez, the leading Saudi food delivery company announced strong H1 2024 results last week, showcasing robust growth despite different challenges faced by the sector in the Kingdom, the most recent one being a food poisoning incident that took place in the second quarter in Riyadh.
The Saudi company reported a 31% year-on-year increase in Gross Merchandise Value (GMV) to $837 million for the second half of 2024, with total orders reaching a record 50.1 million, up 30% from the same period last year. Jahez’s net revenue grew by 22.3% to $270 million, while net profit declined by 25.9% to $11.6 million, reflecting investments in expansion and new verticals.
Ghassab Bin Salman Bin Mandeel, the CEO of Jahez Group, stated, “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.”
Jahez’s expansion beyond Saudi Arabia is gaining significant momentum. Non-KSA platforms now contribute 11% to total GMV, up from 2.5% in H1 2023, with non-Saudi GMV growing sixfold year-on-year to $91.5 million.
The company is actively diversifying its operations, investing in logistics, fintech, and merchant ecosystem services. It’s also adapting to new Saudi regulations aimed at phasing out non-Saudi delivery freelancers, which could impact costs but ensure long-term compliance.
Despite its regional expansion, Jahez faces intensifying competition in its home market. Global players like Meituan’s Keeta and Careem Technologies’ Careem Food are entering the Saudi market, with both expected to make substantial investments in the sector.
As Jahez prepares to transfer its listing from Nomu to the Main Market, marking a key milestone in its growth trajectory, the company maintains a strong cash position of $221.1 million to drive regional expansion and investments.
Jahez’s stock performance showed minimal reaction to the H1 2024 results. While the share price dipped 2% on the day of the announcement, it recovered these losses in the subsequent trading session. Year-to-date, however, Jahez has seen a 14% decline in its stock value. As of the latest trading day, the company’s shares were priced at SAR 22.20, with a market cap of SAR 4.66 billion ($1.24 billion).
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