Jahez profit soars to SAR 125.3M in 2023
View other reports
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)
| 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 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 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 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)
| Period | Shares Outstanding (M) | EPS (Halala) | Adjusted EPS (Halala) | Book Value (BV) |
|---|---|---|---|---|
| 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)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | 96.56 | 44.67 | 6.14 |
| H2 2023 | 44.28 | 44.28 | 4.82 |
Business Segments (Million)
Q4 2023
| Period | Delivery Platforms Segment | Logistics Activity | Other Activities | Exclusions |
|---|---|---|---|---|
| Q2 2023 | 826.21 | 188.21 | 5.15 | (183.95) |
| Q4 2023 | 939.33 | 215.92 | 9.47 | (215.57) |
| 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 |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}