Newly listed Saudi beauty ecommerce platform Nice One reported a 10.2% year-on-year increase in net profit for the first quarter of 2025, reaching $6.4 million (SAR 24.1 million), the company announced today.
The Riyadh-headquartered company saw its revenue jump 30% to $86.7 million (SAR 324.97 million) compared to the same period last year, driven by a surge in customer orders and the seasonal boost from Ramadan, which fell during the quarter.
Nice One’s gross income climbed 14.3% to $21.7 million (SAR 81.27 million), while operating income rose 12.7% to $7.2 million (SAR 26.91 million).
The profit growth, however, was partially offset by a shift in product mix, higher operating expenses due to business expansion, and increased Zakat charges, stated the company in its results.
On a sequential basis, the company made a significant recovery, with net profit surging from $1.56 million (SAR 5.87 million) in Q4 2024.
Despite the positive financial results, Nice One’s share price declined by 2.82% to SAR 37.9 on the Tadawul stock exchange following the earnings announcement.
The stock has experienced a 30.36% decrease over the past three months but remains up by just over 8% from its IPO price of SAR 35. The company currently has a market cap of $1.17 billion, having briefly surpassed $2 billion after the stock more than doubled during the initial weeks following its IPO.
Nice One went public in January this year, after a listing that was heavily oversubscribed.
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