SAR '000	2023 (Audited consolidated)	2022 (Audited consolidated)	2021 (Audited consolidated)	2020 (Audited consolidated)
Statement of Financial Position
Total current assets	1,334,943	1,208,571	435,435	214,792
Total non-current assets	315,853	202,314	58,581	17,175
Total assets	1,650,796	1,410,885	494,016	231,967
Total current liabilities	425,059	299,196	278,662	178,037
Total non-current liabilities	80,257	107,723	27,037	8,473
Total liabilities	505,317	406,919	305,700	186,510
Total equity	1,145,479	1,003,966	188,316	45,457
Total equity and liabilities	1,650,796	1,410,885	494,016	231,967
Statement of Income
Revenues	1,784,755	1,602,477	1,159,568	459,306
Cost of revenue	(1,378,878)	(1,243,297)	(914,043)	(350,779)
Gross profit	405,878	359,180	245,525	108,527
General and administrative expenses	(106,195)	(136,450)	(26,176)	(11,408)
Advertising expenses	(149,968)	(131,378)	(86,568)	(49,425)
Research and development expenses	(41,867)	(33,784)	(10,986)	(4,924)
Profit/(Loss) of change in trade receivable	(5,031)	3,756	(2,501)	(464)
Loss of impairment of receivable from related parties	0	0	0	(1,855)
Other Income	(922)	2,696	484	486
Operating profit/(loss)	101,895	64,020	119,777	40,937
Financing costs	(5,457)	(3,156)	(547)	(305)
Unrealized gains on investments at FVTPL	3,327	1,767	8,212	–
Interest revenue	46,068	22,197	–	–
Net profit/(loss) for the year before Zakat	145,833	84,828	121,198	40,632
Zakat	(27,066)	(28,304)	(4,488)	(1,135)
Net Profit/(loss) for the year/period	118,768	56,523	116,710	39,496
Statement of Cash Flows
Net cash flow from operating activities	256,868	7,198	206,178	174,800
Net cash flow used in investing activities	(16,069)	(219,056)	(16,920)	(5,432)
Net cash flows from (used in)/financing activities	(34,425)	722,856	(3,294)	(2,636)
Cash and cash equivalent at the end of the year/period	1,109,060	902,686	391,688	205,724

 

Financial performance indicators for 2023

	2023 (Audited consolidated)	2022 (Audited consolidated)	2021 (Audited consolidated)	2020 (Audited consolidated)
Gross Order Value (GOV)* (SAR ’000)	7,024,335	6,071,081	4,524,826	1,887,706
Gross Merchandize Value (GMV) (SAR ’000)	5,092,828	4,291,296	3,342,531	1,418,096
Number of orders (in millions)	84.8	69.0	51.6	19.5
Average total GMV per order (SAR)	60.1	62.2	64.8	72.6
Average monthly orders per customer	4.5	4.8	4.7	4.5
Average number of merchants	12,952	8,967	5,550	2,336
Average number of branches	32,311	20,730	13,608	7,181
Average delivery fee per order (SAR)	12.4	14.3	14.4	14.6
Average commission per order (SAR)	8.1	7.7	7.5	7.7
Average commission percentage	13.55%	12.45%	11.6%	10.60%
Gross profit margin	22.7%	22.41%	21.17%	23.60%
Adjusted earnings/(loss) margin before interest, tax, depreciation, and amortization	10.2%	10.3%	10.8%	9.6%
Net profit/(loss) margin for the year	6.7%	3.5%	10.1%	8.6%
Return on equity	11.0%	5.63%	62.5%	86.9%
Return on total assets	7.7%	4.01%	23.7%	17.0%

 

Gross Merchandize and Order Value (GMV)

SAR ’000	2023	2022	2021	2020
GMV (Gross Merchandise Value)	5,092,828	4,291,296	3,342,531	1,418,096
Value Added tax on the value of the order	736,557	643,199	486,816	161,957
Delivery value paid by customers	1,041,610	730,045	604,764	276,345
Value Added tax on delivery value paid by customers	153,340	109,621	90,715	31,308
GOV (Gross Order Value) (Thousands of Saudi Riyals)	7,024,335	5,774,161	4,524,826	1,887,706

 

Revenue by type

SAR ’000	2023 (Audited consolidated)	2022 (Audited consolidated)	2021 (Audited consolidated)	2020 (Audited consolidated)
Revenue from delivery fees	1,043,998	989,576	744,622	285,457
Revenue from commissions	689,408	534,226	389,097	150,201
Revenue from e-payment fees	84,816	72,522	56,542	11,159
Advertising and marketing revenues	74,851	70,027	53,816	8,193
Other revenue	26,692	5,319	3,599	4,296
Gross Revenue	1,919,765	1,671,670	1,247,676	459,306
Customers’ compensations	(72,442)	(1,926)	(26,799)	0
Promotional compensations	(33,186)	(41,775)	(34,819)	(13,036)
Cash back	(29,382)	(25,493)	(26,490)	(4,909)
Net revenue	1,784,755	1,602,477	1,159,568	441,361

 

Year-on-year comparison of key metrics

SAR ‘000	2023	2022	Change	Change %
Sales/Revenues	1,784,755	1,602,477	182,278	+11.4%
Cost of sales	(1,378,878)	(1,243,297)	(135,581)	+10.9%
Total profit	405,878	359,180	46,698	+13.0%
Other operational revenues	0	6,451	(6,451)	-100.0%
Other operational expenses	303,983	(301,611)	(2,371)	+0.8%
Operational profit (loss)	101,895	64,020	37,875	+59.2%

 

Segment information

31 December 2023

	Delivery Platforms Segment		Logistics activity	Other activities		Exclusions / amendments	Total
	Inside the Kingdom SR	Outside the Kingdom SR	Inside the Kingdom SR	Inside the Kingdom SR	Outside the Kingdom SR	SR	SR
External Revenue	1,828,171,093	72,366,596	9,460,284	9,766,757	–	–	1,919,764,730
Inter-segment revenue	–		394,666,108	4,861,631	–	(399,527,739)	–
Customer promotions and cash back	(111,107,556)	(11,072,032)	–	(8,041)	–	–	(122,187,629)
Other deductions	–	(12,821,818)	–	–	–	–	(12,821,818)
Net revenue	1,717,063,537	48,472,746	404,126,392	14,620,347	–	(399,527,739)	1,784,755,283
Direct costs	(1,254,239,577)	(108,729,284)	(363,535,370)	(22,710,285)	–	399,527,739	(1,349,686,777)
Impairment loss on trade receivables	(1,022,887)	–	(4,077,784)	–	–	–	(5,100,671)
Expenses	(205,558,815)	(35,749,375)	(16,831,219)	(19,591,960)	–	–	(277,731,369)
Depreciation and amortization	(17,615,492)	(1,251,652)	(21,383,189)	(9,239,086)	–	–	(49,489,419)
Other income/(expenses)	47,384,339	87,608	(17,404)	1,018,592	–	–	48,473,135
Finance costs	(400,582)	(17,799)	(4,271,781)	(766,782)	–	–	(5,456,944)
Zakat	(27,065,630)	–	–	–	–	–	(27,065,630)
Net segment profit	258,544,893	(97,187,756)	(5,920,355)	(36,669,174)	–	–	118,697,608
Total assets	1,521,212,523	33,520,937	115,069,750	181,859,060	–	(200,866,430)	1,650,795,840
Total liabilities	400,674,431	143,411,289	248,012,393	198,951,366	–	(485,732,583)	505,316,896

 

31 December 2022

31 December 2022	Delivery Platforms Segment		Logistics activity	Other activities	Exclusions amendments SR	Total SR
	Inside the Kingdom SR	Outside the Kingdom SR	Inside the Kingdom SR	Inside the Kingdom SR
External Revenue	1,662,716,676	4,129,136	–	5,166,573	–	1,672,012,385
Inter-segment revenue	–	–	310,371,872	–	(310,371,872)	–
Customer promotions and cash back	(69,194,656)	(340,890)	–	–	–	(69,535,546)
Other deductions	–	–	–	–	–	–
Net Revenue	1,593,522,020	3,788,246	310,371,872	5,166,573	(310,371,872)	1,602,476,839
Direct costs	(1,196,633,074)	(12,545,315)	(336,602,367)	(5,467,980)	313,608,484	(1,237,640,252)
Impairment loss on trade receivables	3,757,461	–	–	–	–	3,757,461
Expenses	(195,255,027)	(4,869,508)	(3,008,776)	(1,077,266)	–	(204,210,577)
Other cost	–	–	(79,528,187)	–	–	(79,528,187)
Depreciation and amortization	(6,818,670)	(118,083)	(13,348,221)	(3,244,209)	–	(23,529,183)
Other income/(expenses)	24,253,198	–	635,217	1,769,173	–	26,657,588
Finance costs	(376,589)	–	(2,391,059)	(388,312)	–	(3,155,960)
Zakat	(28,304,442)	–	–	–	–	(28,304,442)
Net segment profit	194,144,877	(13,744,660)	(123,871,521)	(3,242,021)	3,236,612	56,523,287
Total assets	1,296,681,041	7,114,300	136,544,144	66,842,974	(96,297,299)	1,410,885,160
Total liabilities	309,367,019	20,421,730	264,028,273	59,276,198	(246,173,735)	406,919,485

The Group recorded 84.8m orders which is 21.8% increase vs. the previous year results and achieved a solid positive Adj. EBITDA at 10.2% of Net Revenue while expanding within the GCC and across verticals.

The Group successfully turned around its logistic segment to a positive Adj. EBITDA with cost optimization & scaled operations.

2023 Key Figures

• SAR 1.9 billion: Gross Revenue showing a 14.8% increase compared to the previous year.
• SAR 405.9 million: Gross Profit representing 22.7% of Net Revenue.
• SAR 181.3 million: Adj. EBITDA (10.2% of Net Revenue) at group level
• SAR 23.8 million: Positive Adj. EBITDA for the Logistics Segment vs. a negative Adj. EBITDA of SAR -29.2 million last year.
• SAR 258.5 million: KSA Platforms net profit reaching 15.0% of Net Revenue vs. SAR 194.1 million in 2022 (12.2% of Net Revenue), showing a 33.2% growth compared to the previous year.
• SAR 125.3 million: Net Profit attributable to the shareholders of the parent company, growing by 112.5%compared to the previous year on the Group level despite the impact of the investment in the GCC and other verticals expansion.
• SAR 1,109.1 million: Strong cash position providing pathway to Jahez Group expansion plans in the region and in its verticals & adjacent businesses.

Group Financials Highlights

• SAR 1,784.8 million Net Revenue driven by additional order volume (84.8m orders vs 69.6 million last year) despite the slight reduction in the average order value (SAR 60 vs SAR 62 last year). The volume growth was mainly driven by consistent grow in the active users from 2.8 million to 3.5 million while maintaining a high frequency of 4.5 orders per month:
• SAR 689.4 million Commission Revenue exceeded 29% growth compared to the previous year mainly due to increasing the average commission from 12.5% to 13.6% as well as GMV growth of 18%.
• SAR 1,044 million Delivery Revenue growth by 5.5% compared to the previous year was mainly driven by orders growth in KSA and a discounted revenue per order in line with the market trends and expansion strategy in GCC.
• SAR 186.4 million Other Revenues exceeded 26% growth compared to last year driven by the increase of Advertising Revenue and Revenues related to the new verticals.
• The Group continues to focus on cost initiatives & business scaling opportunities, reducing operation costs which drove consistent group gross profit at 22.7% (22.4% in 2022).
• SAR 181.3 million positive Adj. EBITDA (10.2% of Net Revenue) was achieved with 8.5% growth compared to the previous year driven by a double-digit growth of 21.8% in the KSA Platforms Segment exceeding SAR 257.3 million (15% of Net Revenue) while recording the ramp up & customer acquisition costs from non KSA operations.

Adjusted EBITDA (SAR million)	Delivery platforms KSA	Delivery platforms Non KSA	Logistic Segment	Others	Group
2023	257.3	-72	23.8	-27.7	181.3
2022	209.0	-14.5	-29.2	-1.9	167.1

 

Delivery platform – KSA segment*

• KSA Platforms net profit SAR 258.5 million vs. previous year SAR 194.1m, a 33.2% growth compared to the previous year linked to the improvement of the margin contribution per order due to efficiency and economy of scale.
• KSA orders grew by 15.4% compared to the previous year due to the group focus on newly entered cities within the region & maintaining a solid position in its current market.

 

Delivery platform – Non KSA segment**

• The Non KSA platforms segment has reached SAR 242 million GMV with a total number of orders amounting 5.4m orders.
• The segment recorded SAR -97.2 million net losses mainly driven by the expansion strategy and the costs market share gain in the newly penetrated markets (Bahrain in mid 2022 and Kuwait in 2023).

 

Logistic segment***

• The Logistic Segment successfully recorded a positive Adj.EBITDA exceeding SAR 23.8 million benefiting from cost efficiencies initiatives & economies of scale after a first year of ramp up and idle capacity cost
• Overall net losses were reduced by 95.2% compared to the previous year, reaching SAR -5.9 million only.
• The fleet improved utilization and was directly linked to the scaling of the business along with the in-house technological tools to improve delivery partners’ productivity.
• The Group logistic arm fulfilled around 30% of the Group’s total orders as a backbone for the group operations. The business operational alignment has increased the level of productivity.
• A combination of technology development & cost efficiencies comes in line with the Group vision to make the segment activities one of the top players in the last-mile delivery sector in the region.

 

Others

• The Group investment in other vertical businesses has resulted in
  SAR -27.7 million EBITDA and net losses of SAR -36.7 million mainly due to the additional costs associated with growing of cloud kitchens footprint within KSA and expanding into the cloud shelfing business as well as expanding market share in the point of sales business.

*The segment represents food delivery and other products through the Group’s platforms in KSA.
**The segment represents food delivery and other products through the Group’s platforms outside of KSA.
***Includes logistic operations.

 

Net income

Net Income (SAR million)	Delivery platforms KSA	Delivery platforms Non KSA	Logistic Segment	Others	Group
2023	258.5	-97.2	-5.9	-36.7	118.8
2022	194.1	-13.7	-123.9	-3.2	56.5