Jahez net profit falls 32% to SAR 42.7M in H1 2024

11/08/2024 Argaam Exclusive

Jahez International Company for Information System Technology reported a net profit of SAR 42.7 million for the first half of 2024, down 32% from SAR 62.7 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 835.62 1,021.89 22.3 %
Gross Income 184.71 216.92 17.4 %
Operating Income 42.25 32.30 (23.6 %)
Net Income 62.70 42.69 (31.9 %)
Average Shares 209.84 209.84 -
EPS (Halala) 29.88 20.35 (31.9 %)

This was mainly driven by the geographic expansion and strategic investments in new verticals. The delivery platforms – Saudi Arabia segment recorded a net profit of SAR 124.3 million compared to SAR 115.5 million in H1 2023, due to the growth in revenues and constant control of costs.

 

In addition, the delivery platforms – non-Saudi segmentrecorded net losses of SAR 47.7 million, mainly due to higher volumes from the full-scale operations in Kuwait in 2024 compared to partial operations in 2023. This was coupled with a material enhancement in unit economics, including enhanced revenue per order and cost optimization initiatives

 

Further, the logistics segment's net losses increased to SAR 14.4 million from SAR 10.6 million in H1 2023, due to the increase of order volume, operational cost, and expected credit loss

 

Meanwhile, the group’s other segment reported net losses of SAR 19.1 million, mainly due to changes in the fair value of the Red Color minority investment and the ramp-up of operations in new verticals, including Marn, Sol, and Co.

 

In Q2 2024, net earnings fell 39.9% to SAR 30.2 million from SAR 50.3 million in Q2 2023.
Compared to Q1 2024, Jahez net profit surged 143% from SAR 12.4 million.


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 835.62 1,021.89 22.3 %
Gross Income 184.71 216.92 17.4 %
Operating Income 42.25 32.30 (23.6 %)
Net Income 62.70 42.69 (31.9 %)
Average Shares 209.84 209.84 -
EPS (Halala) 29.88 20.35 (31.9 %)

Total shareholders’ equity, excluding minority interest, rose to SAR 1.13 billion as of June 30, 2024, from SAR 1.07 billion a year earlier.

 

Interim Data

Period

Revenues

(SAR mln)

Net Earnings

(SAR mln)

EPS

(SAR)

H1 2020

158.68

21.43

15.31

H2 2020

300.63

20.58

14.7

H1 2021

486.46

28.72

14.96

H2 2021

673.11

88.35

46.01

H1 2022

739.82

53.22

26.17

H2 2022

862.66

5.76

2.74

H1 2023

835.62

62.70

29.88

H2 2023

949.14

62.64

29.85

H1 2024

1021.89

42.69

20.35

 

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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
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
H1 2024 1,021.89 22.3 % 216.92 17.4 % 32.30 (23.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
H1 2024 42.69 (31.9 %) 20.35 - 42.69 0.20

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
H1 2024 22.23 % 7.17 % 5.34 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Adjusted EPS (Halala) Book Value (BV)
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
H1 2024 209.84 50.20 50.20 5.41

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
H1 2024 55.48 55.48 5.14

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)
Q2 2024 990.08 189.83 26.96 (184.98)

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