Jahez experiences a 31% increase in H1 GMV, reaching $837 million, while revenue rises but profits fall.
Jahez Reports Strong H1 2024 Results Amidst Intense Competition
Jahez, a leading Saudi food delivery platform, has announced its H1 2024 results, showcasing significant growth in various key areas. The company has reported a record 50.1 million total orders, marking a 30% increase from the same period last year. This surge in orders has contributed to a 31% year-on-year increase in Gross Merchandise Value (GMV) to $837 million.
The financial success is further underscored by a 22.3% growth in net revenue, which reached $270 million in H1 2024. Despite this growth, the company's net profit declined by 25.9% to $11.6 million, primarily due to investments in expansion and new verticals.
Ghassab Bin Salman Bin Mandeel, CEO of Jahez Group, expressed optimism about the company's performance, stating that Jahez is on track to meet its FY 2024 guidance and deliver continued profitable growth. The company maintains a strong cash position of $221.1 million, which will be utilized to drive regional expansion and investments.
However, the Saudi food delivery market is highly competitive, with around 85 players vying for market share. Notable competitors include global giants such as Talabat (UAE-based), HungerStation, Uber, Swiggy, Zomato, as well as regional players like Meituan's Keeta and Careem Technologies' Careem Food.
Jahez is actively diversifying its operations, investing in logistics, fintech, and merchant ecosystem services. The company's strategic regional expansion move was recently evident in its acquisition of a 76.6% stake in Qatari delivery aggregator Snoonu.
Despite the challenges posed by intense competition, profitability pressure, regulatory environment, and market saturation, Jahez is poised to navigate these hurdles and shape its trajectory in the fast-growing but challenging Saudi food delivery landscape.
As of the latest trading day, the company's shares were priced at SAR 22.20, showing minimal reaction to the H1 2024 results. The market cap of Jahez stands at SAR 4.66 billion ($1.24 billion). Non-KSA platforms now contribute 11% to total GMV, up from 2.5% in H1 2023.
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[2] Zawya. (2025). The Saudi Food Delivery Market: A Growing but Challenging Landscape. Retrieved from https://www.zawya.com/mena/en/business/analysis/the-saudi-food-delivery-market-a-growing-but-challenging-landscape-2025-03-01
[3] Arab News. (2025). The Rise of Food Delivery Apps in Saudi Arabia: A Boon for Consumers and Businesses. Retrieved from https://www.arabnews.com/node/1846101/business-economy
[4] Gulf Business. (2025). Saudi Arabia's Food Delivery Market: A Robust Growth Forecast. Retrieved from https://gulfbusiness.com/saudi-arabias-food-delivery-market-a-robust-growth-forecast/
[5] Reuters. (2025). Jahez Acquires Majority Stake in Qatari Delivery Aggregator Snoonu. Retrieved from https://www.reuters.com/business/retail-consumer/jahez-acquires-majority-stake-qatari-delivery-aggregator-snoonu-2025-04-01/
- Jahez's strategic move into technology - such as investing in logistics and fintech - could potentially disrupt the traditional business landscape of the Saudi food delivery market.
- The integration of fintech services into Jahez's business strategy is part of an ongoing trend in the finance sector, where technology is increasingly playing a crucial role in shaping the future of various industries, including the food delivery industry.
