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

11/08/2024 Argaam Exclusive

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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 %)

Item	H2 2023	H1 2024	Change‬
Revenues	949.14	1,021.89	7.7 %
Gross Income	221.16	216.92	(1.9 %)
Operating Income	60.57	32.30	(46.7 %)
Net Income	62.64	42.69	(31.8 %)
Average Shares	209.84	209.84	-
EPS (Halala)	29.85	20.35	(31.8 %)

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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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	158.53	-	25.49	-	(4.04)	-
H1 2020	158.68	-	39.67	-	20.33	-
H2 2020	300.63	-	68.86	-	20.12	-
2020	459.31	189.7 %	108.53	325.7 %	40.45	1102.4 %
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 %
2021	1,159.57	152.5 %	245.53	126.2 %	119.29	194.9 %
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 %)
2022	1,602.48	38.2 %	359.18	46.3 %	140.85	18.1 %
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 %)
H1 2024	1,021.89	22.3 %	216.92	17.4 %	32.30	(23.6 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	158.53	-	25.49	-	(4.04)	-
2020	459.31	189.7 %	108.53	325.7 %	40.45	1102.4 %
2021	1,159.57	152.5 %	245.53	126.2 %	119.29	194.9 %
2022	1,602.48	38.2 %	359.18	46.3 %	140.85	18.1 %
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 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	(6.42)	-	(22.94)	-	(6.42)	(0.23)
H1 2020	20.05	-	14.32	-	20.05	0.14
H2 2020	19.64	-	14.03	-	19.64	0.14
2020	39.69	717.8 %	28.35	-	39.69	0.28
H1 2021	28.72	43.3 %	14.96	-	28.72	0.15
H2 2021	88.35	349.8 %	46.01	-	88.35	0.46
2021	117.07	195.0 %	60.97	-	117.07	0.61
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
2022	58.98	(49.6 %)	28.11	(79.53)	138.51	0.66
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
H1 2024	42.69	(31.9 %)	20.35	-	42.69	0.20

Period	Net Income	Change	EPS(Halala)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	(6.42)	-	(22.94)	-	(6.42)	(0.23)
2020	39.69	717.8 %	28.35	-	39.69	0.28
2021	117.07	195.0 %	60.97	-	117.07	0.61
2022	58.98	(49.6 %)	28.11	(79.53)	138.51	0.66
2023	125.34	112.5 %	59.73	-	125.34	0.60

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	16.08 %	(1.11 %)	(4.05 %)
H1 2020	-	-	-
H2 2020	23.63 %	-	8.64 %
2020	23.63 %	9.50 %	8.64 %
H1 2021	20.72 %	6.89 %	6.14 %
H2 2021	21.17 %	10.81 %	10.10 %
2021	21.17 %	10.81 %	10.10 %
H1 2022	22.65 %	11.13 %	10.02 %
H2 2022	22.41 %	10.26 %	8.64 %
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 %
H1 2024	22.23 %	7.17 %	5.34 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	16.08 %	(1.11 %)	(4.05 %)
2020	23.63 %	9.50 %	8.64 %
2021	21.17 %	10.81 %	10.10 %
2022	22.41 %	10.26 %	8.64 %
2023	22.74 %	8.67 %	7.02 %

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	25.00 %	-	12.63 %
H2 2020	22.90 %	-	6.53 %
H1 2021	19.38 %	7.01 %	5.90 %
H2 2021	22.47 %	13.56 %	13.13 %
H1 2022	22.82 %	8.93 %	7.19 %
H2 2022	22.07 %	11.40 %	9.89 %
H1 2023	22.11 %	8.35 %	7.50 %
H2 2023	23.30 %	8.96 %	6.60 %
H1 2024	21.23 %	5.51 %	4.18 %

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

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	28.00	(22.94)	(22.94)	0.00
2020	140.00	28.35	28.35	0.31
2021	192.00	60.97	60.97	0.98
2022	209.84	28.11	66.01	4.79
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 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

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	More than 100	52.95	7.30
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)
Q2 2024	990.08	189.83	26.96	(184.98)

Period	Delivery Platforms Segment	Logistics Activity	Other Activities	Exclusions
2021	1,158.08	110.68	1.49	(110.68)
2022	1,597.31	310.37	5.17	(310.37)
2023	1,765.54	404.13	14.62	(399.53)

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

Jahez International Company for Information Systems Technology (JAHEZ)

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

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Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Jahez International Company for Information Systems Technology (JAHEZ)

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

View other reports

Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Jahez International Company for Information Systems Technology (JAHEZ)

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Business Segments (Million)