Jahez profit soars to SAR 125.3M in 2023

20/03/2024 Argaam Exclusive

Jahez International Company for Information System Technology reported a profit surge to SAR 125.3 million in 2023, compared to SAR 59 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,602.48 1,784.76 11.4 %
Gross Income 359.18 405.88 13.0 %
Operating Income 140.85 102.82 (27.0 %)
Net Income 58.98 125.34 112.5 %
Average Shares 209.84 209.84 -
EPS (Halala) 28.11 59.73 112.5 %

The strong profit was propelled by an 11.4% year-on-year (YoY) rise in net revenue to SAR 1.78 billion in 2023.



Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Revenues 862.65 949.14 10.0 %
Gross Income 190.37 221.16 16.2 %
Operating Income 80.71 60.57 (25.0 %)
Net Income 5.76 62.64 987.8 %
Average Shares 209.84 209.84 -
EPS (Halala) 2.74 29.85 987.8 %

Total shareholders’ equity, after minority interest, rose to SAR 1.15 billion as of Dec. 31, 2023, from SAR 1 billion in the prior-year period.

 

The topline growth was fueled by a 29% YoY rise in commission revenue to SAR 689.4 million.

 

The delivery revenue also grew by 5.5% compared to 2022, mainly on order growth in Saudi Arabia and a discounted revenue per order in line with the market trends and expansion strategy in GCC.

 

Further, Jahez recorded SAR 186.4 million in other revenues, an increase of 26% YoY.

 

Meanwhile, Jahez’s delivery platform outside Saudi Arabia incurred a net loss of SAR 97.2 million in 2023, hurt by the company’s expansion strategies and the high cost related to gaining a better market share in new markets. Delivery platform in Saudi Arabia logged a net profit of SAR 258.5 million, up 33.2% YoY.

 

The logistics activity narrowed 2023 net losses by 95.2% YoY to SAR 5.9 million.

 

Jahez Group’s investment in other activities led to net losses of SAR 36.7 million, mainly due to the additional costs associated with growing the Cloud Kitchens footprint locally as well as expanding the Cloud Shelfing business and the market share in the point of sales business.

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2020

158.68

21.43

0.15

H2 2020

300.63

20.58

0.15

H1 2021

486.46

28.72

0.15

H2 2021

673.11

88.35

0.46

H1 2022

739.82

53.22

0.26

H2 2022

862.66

5.76

0.03

H1 2023

835.62

62.70

0.31

H2 2023

949.14

62.64

0.30

 

View More Financial Results

 

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Share Price

Jahez International Company for Information Systems Technology
37.60
1.00 2.73 %

Jahez International Company for Information Systems Technology (JAHEZ)

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Financial Ratios
Current
Market Cap (M Riyal) 7,889.98
Enterprise Value (EV) (M) 6,669.24
Shares Outstanding ((M)) 209.84
Book Value (BV) ( Riyal) 5.49
Par Value ( Halala) 50.00
Adjusted P/E (Last12) More than 100
Price/book 6.85
more


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 158.68 - 39.67 - 20.33 -
H2 2020 300.63 - 68.86 - 20.12 -
H1 2021 486.46 206.6 % 94.26 137.6 % 31.45 54.7 %
H2 2021 673.11 123.9 % 151.26 119.7 % 87.84 336.6 %
H1 2022 739.82 52.1 % 168.81 79.1 % 60.14 91.2 %
H2 2022 862.65 28.2 % 190.37 25.9 % 80.71 (8.1 %)
H1 2023 835.62 12.9 % 184.71 9.4 % 42.25 (29.8 %)
H2 2023 949.14 10.0 % 221.16 16.2 % 60.57 (25.0 %)
2023 1,784.76 11.4 % 405.88 13.0 % 102.82 (27.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 20.05 - 14.32 - 20.05 0.14
H2 2020 19.64 - 14.03 - 19.64 0.14
H1 2021 28.72 43.3 % 14.96 - 28.72 0.15
H2 2021 88.35 349.8 % 46.01 - 88.35 0.46
H1 2022 53.22 85.3 % 25.36 - 53.22 0.25
H2 2022 5.76 (93.5 %) 2.74 (79.53) 85.29 0.41
H1 2023 62.70 17.8 % 29.88 - 62.70 0.30
H2 2023 62.64 987.8 % 29.85 - 62.64 0.30
2023 125.34 112.5 % 59.73 - 125.34 0.60

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 23.63 % - 8.64 %
H1 2021 20.72 % 6.89 % 6.14 %
H2 2021 21.17 % 10.81 % 10.10 %
H1 2022 22.65 % 11.13 % 10.02 %
H2 2022 22.41 % 10.26 % 8.64 %
H1 2023 22.09 % 9.90 % 8.71 %
H2 2023 22.74 % 8.67 % 7.02 %
2023 22.74 % 8.67 % 7.02 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Adjusted EPS (Halala) Book Value (BV)
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 140.00 - - -
H2 2020 140.00 28.35 28.35 0.31
H1 2021 192.00 25.19 25.19 0.51
H2 2021 192.00 60.97 60.97 0.98
H1 2022 209.84 67.47 67.47 4.72
H2 2022 209.84 28.11 66.01 4.79
H1 2023 209.84 32.62 70.52 5.13
H2 2023 209.84 59.73 59.73 5.49

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 67.37 67.37 9.62
H2 2022 More than 100 52.95 7.30
H1 2023 96.56 44.67 6.14
H2 2023 44.28 44.28 4.82

Business Segments (Million)

Compared With The
Period Delivery Platforms Segment Logistics Activity Other Activities Exclusions
Q2 2022 738.13 138.59 1.69 (138.59)
Q4 2022 859.18 171.78 3.47 (171.78)
Q2 2023 826.21 188.21 5.15 (183.95)
Q4 2023 939.33 215.92 9.47 (215.57)

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