JAHEZ REPORTS FY2025 RESULTS WITH 10.8% GMV GROWTH WHILE MAINTAINING PROFITABILITY IN A HIGHLY COMPETITIVE MARKET

(MENAFN- ipexcellera) Riyadh, Saudi Arabia, 30 March 2026 - Jahez International Company for Information System Technology (“Jahez”, or the “Group”, 6017 on the Saudi Exchange’s TASI – Main Market), announces its financial results for the full year of 2025.
Key Highlights
•Sustained Group profitability in FY2025 amid intensifying competition in Saudi Arabia
oGroup Gross Merchandise Value (GMV) reached  7.2 billion in FY2025, an increase of 10.8% YoY, leading to Net Revenue of  2.3 billion, an increase of 4.7% YoY.
oGroup Adjusted EBITDA exceeded  193 million, reflecting a deliberate and measured decision to invest in customer retention and market share defence during a period of elevated industry-wide promotional activity. Despite the heightened competition in KSA, Jahez maintained double-digit EBITDA margins in KSA Platforms of 11.9% ( 208.8 million) and remained profitable at the Group level, a key differentiator versus regional peers who prioritized volume over profitability.
oMaintained profitability with  73.0 million in net profit attributable to shareholders.
oIncreased Commission Revenue 16.3% and increased Advertising Revenue by 17.5% YoY to partly offset the decrease in delivery revenues.
oThe Group’s new verticals continued to ramp up, supporting a more than 2x YoY increase in revenue from Sales of Goods and Subscriptions1.
•Expanded internationally into Qatar and restructured our non-KSA operations
oClosed Snoonu acquisition in October 2025, a leading delivery platform in Qatar. Snoonu contributed  626.8 million to Jahez Group’s GMV in 2025.
oPositioned Snoonu to launch in Kuwait and Bahrain, as part of a broader strategy to position Snoonu as the Group’s primary platform for international market operations and expansion following its majority acquisition.
•Doubled down on Jahez Group’s multi-vertical offerings
oLaunched improved Jahez app with simplified interface and integrated features to boost engagement and offering discovery.
oIntegrated grocery and retail by unifying services under Jahez app with dedicated ‘Grocery’ and ‘Shop’ tiles (previously ‘Pik’ standalone app), further positioning Jahez app as a multi-vertical lifestyle app.
oDemonstrated high growth in the non-food segment as GMV grew 4x in 2025 compared to the prior year. In total, non-food contribution to GMV increased to 7% in 2025, compared to 2% in the prior year.
oEntered a landmark partnership in KSA with noon in October 2025 that features noon Minutes service on Jahez app, giving users groceries, beauty, and other essentials through Jahez fulfilled by noon. In parallel, Jahez is featured on noon’s KSA app, with food-delivery orders directed to Jahez for fulfilment.
1: Refers to non-commission revenue derived from sales of goods, inventory, and subscriptions from Marn, SOL, Co, Blu, and Snoomart. (Refer to definition in glossary of terms)
oInvested in Doos, adding Saudi dark-store quick-commerce exposure and complementing Jahez marketplace model and noon Minutes partnership.
Eng. Ghassab Bin Salman Bin Mandeel, CEO of Jahez Group, commented:
“In 2025, Jahez Group demonstrated the resilience and adaptability of its business model in what proved to be an increasingly dynamic, competitive market. Despite that, we grew GMV by 10.8% to  7.2 billion and processed over 111.6 million orders, while maintaining a robust gross profit base of over half a billion riyals. Our profitability is a testament to the structural strength of our customer base and the multi-vertical platform we have built across Jahez ecosystem. That diversification continues to bear fruit, with revenue from Sales of Goods and Subscriptions doubling year-on-year, reflecting monetizable opportunities of the platform, while strategic partnerships and investments such as noon and Doos have further strengthened our positioning in quick commerce.
Our international strategy took a decisive step forward. Following the Snoonu acquisition, we announced a clear vision for our international expansion and positioned Snoonu as the Group's core operating platform outside Saudi Arabia. Snoonu's multi-vertical technology stack and execution capabilities complement the strong user base we have built across the GCC, and the consolidation of Snoonu's operations in Q4 contributed meaningfully to a strong close to the year, with Non-KSA platforms generating net revenue more than doubling for the full year. Looking ahead, this structure is designed to deliver faster multi-vertical rollout, greater platform scalability, and ultimately, deeper customer engagement across regional markets.
We recognize that heightened competition weighed on profitability this year, but our response was deliberate and disciplined. While we participated in promotional activity, we remained measured in our approach and focused on delivering value beyond price alone. We chose to invest in growth and defend our core customer base, while maintaining a careful balance between competitiveness and profitability. At Jahez, we remain firmly committed to creating long-term shareholder value through disciplined, sustainable profitability, while staying agile and opportunistic in the near term and as needed.”


Group Financial Summary

( millions) *FY 2025FY 2024YoY %
GOV9,259.68,723.7+6.1%
GMV7,245.26,541.9+10.8%
Number of Orders
(millions)111.6106.0+5.3%
Average Order Value (AOV) ()64.961.7+5.2%
Net Revenue2,323.62,218.7+4.7%
Gross Profit530.1541.2(2.0%)
Gross Profit % of Net Revenue22.8%24.4%(1.6) pp
Adj. EBITDA193.0250.0(22.8%)
Adj. EBITDA % of Net Revenue8.3%11.3%(3.0) pp
Net Profit173.0188.0(61.2%)
Net Profit % of Net Revenue3.1%8.5%(5.3) pp
1: Attributable to shareholders of parent company | * Numbers presented may not add up precisely to the totals provided due to rounding

In FY2025, GMV increased 10.8% YoY to  7.2 billion, driven by a 5.3% and 5.2% increase in number of orders and average order values (AOV) respectfully.
Group net revenue grew 4.7% YoY to  2,323.6million, driven primarily by strong growth in Non-KSA delivery platforms and the continued diversification of revenue streams. Commission revenue grew 16.3% to  1,113.8 million, offsetting a 13.1% decline in delivery fee revenue, primarily as a result of the competitive intensity in the Saudi market.
Gross profit remained resilient at  530.1 million in FY2025 representing a gross margin of 22.8%, down only 1.6 percentage points despite heightened pricing competition. This underscores the benefits of the Group’s diversified revenue model and ongoing improvements in delivery cost efficiency, which helped mitigate the impact of lower delivery fees across the broader markets.
Operating expenses increased to  469.1 million (+26.1% YoY), reflecting higher marketing investment to defend the Group’s share in the existing markets and the consolidation of Snoonu's cost base from Q4 2025. Adjusted EBITDA came in at  193.0 million with an 8.3% margin, while net income attributable to shareholders was  73.0 million. The profitability decline YoY was the result of a deliberate and measured trade-off to invest in retaining customers during a period of elevated promotional activity across the industry.

 
KSA Platform Financial Summary
KSA Delivery Platforms ( millions)*FY 2025FY 2024YoY %
Net Revenue1,761.01,927.5(8.6%)
Adj. EBITDA208.8291.5(28.4%)
Adj. EBITDA % of Net Revenue11.9%15.1%(3.3) pp
Net Profit1214.8 288.1 (25.4%)
Net Profit % of Net Revenue12.2%14.9%(2.7) pp
1: Attributable to shareholders of parent company | * Numbers presented may not add up precisely to the totals provided due to rounding
The KSA delivery platform segment remained profitable in FY2025, generating net income of  214.8 million, an Adjusted EBITDA margin of 11.9%, and a net profit margin of 12.2%. Revenue declined 8.6% YoY as Jahez responded to evolving market conditions by aligning delivery fees more competitively and increasing its focus on commission-based monetization.
Against a backdrop of heightened competitive activity in Saudi Arabia during 2025, the Group increased its marketing and promotional efforts with a focus on retaining higher-value customers and defending its market position, while continuing to optimize its revenue mix toward commissions and other higher-margin monetization streams. The segment’s sustained profitability underscores the resilience of the platform and the strength of its underlying strong customer base.
Logi, the Group's logistics operations in Saudi Arabia, generated net revenue of  428.8 million, a 1.4% increase YoY. Adjusted EBITDA was  24.3 million with a 5.7% margin, compared to  29.0 million (6.9% margin) in FY 2024, as the segment scales its sponsored fleet. Importantly, Logi’s growing in-house delivery capacity has been a meaningful contributor to reducing overall per-delivery unit economics for the Group, helping to partially offset the impact of lower delivery fees in the competitive KSA market. During the year, Logi expanded its fleet to over +4,000 drivers under sponsorship compared to +1,800 drivers in the prior year. As a result, Logi now accounts for 40% of Jahez deliveries by Q4 2025 with improving unit cost of delivery. The segment recorded a net loss of  -25.5 million (vs.  -7.8 million in FY 2024), driven primarily by higher depreciation charges as the fleet expands.




 
Non-KSA Financial Summary
Jahez International Delivery Platforms ( millions)*FY 2025FY 2024YoY %
Net Revenue462.4211.8+118.3%
Adj. EBITDA(14.4)(56.1)(74.4%)
Adj. EBITDA % of Net Revenue(3.1%)(26.5%)+23.4 pp
Net Profit1(33.9)(59.4)(42.9%)
Net Profit % of Net Revenue(7.3%)(28.0%)+20.7 pp
1: Attributable to shareholders of parent company | * Numbers presented may not add up precisely to the totals provided due to rounding
The Jahez International Delivery Platforms Segment saw its net revenue rising 118.3% YoY to  462.4 million, while Adjusted EBITDA losses narrowed significantly to  14.4 million, with margin improving to negative 3.1% from negative 26.5% in FY2024. The performance was supported by the impact of the Snoonu acquisition, which was consolidated from Q4 2025 and increased the scale of the international portfolio.
In February 2026, Jahez announced its International Strategy, under which Snoonu was designated as the Group’s primary international operating platform. Snoonu is expected to take on a progressively larger operational role across Jahez’s international markets, starting with planned launches in Kuwait and Bahrain, leveraging its advanced technology stack and strong multi-vertical operating model. This strategy reflects the Group’s view that long-term success in international markets is best achieved through differentiated multi-vertical execution, higher customer engagement, and stronger retention.
Snoonu delivered a strong FY2025, with GMV growing 66% YoY to  2.36 billion and gross revenue expanding 72% to  904.8 million, underpinned by rapid user and engagement growth. Active customers grew 32% YoY, while total orders surged 64% to 27.1 million, reflecting not only a larger user base, but meaningfully higher engagement per user, with order frequency rising to 7.6x from 6.4x in FY2024. Average order value remains among the highest in the region at  87.0, demonstrating the platform’s ability to sustain ticket size while scaling volume through the multi-vertical offering. Snoonu generated profitable EBITDA  53.7 million, reflecting disciplined cost management as the business scales.


 
Other Activities Financial Summary
Other Activities ( millions)*FY 2025FY 2024YoY %
Net Revenue108.072.8+48.4%
Adj. EBITDA(25.7)(14.5)(78.1%)
Adj. EBITDA % of Net Revenue(23.8%)(19.9%)(4.0) pp
Net Profit1(82.5)(33.0)(150%)
Net Profit % of Net Revenue(76.4%)(45.3%)(31.0) pp
1: Attributable to shareholders of parent company | * Numbers presented may not add up precisely to the totals provided due to rounding
The Other Activities segment, which includes Co, Marn, Sol, Red Color investments and other subsidiaries, grew net revenue 48.4% to  108.0 million, driven by the expansion of adjacent service lines and subsidiary contributions. Adjusted EBITDA losses widened to  25.7 million, while net loss attributable to shareholders of parent company increased to  82.5 million from  33.0 million in FY 2024. The YoY decline was primarily driven by a significant increase in expected credit losses (ECL), which rose to  29.4 million in FY 2025 from  0.5 million in the prior year. Additionally, the Group recognized a goodwill impairment on Marn of  11.8m and higher loss in its Red Color portfolio due to fair value declines recorded during the period.
While this segment remains in an investment phase, the Group views these activities as critical building blocks of its broader ecosystem strategy, enabling a wider service offering for merchants and end-users alike.

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