Jahez International Company for Information Systems Technology (6017) Q4 2024 earnings summary

Executive summary

• Achieved 28% year-over-year GMV growth and maintained strong profitability with an 11% adjusted EBITDA margin for FY 2024.

• Expanded market share outside Riyadh, with 47% of Q4 orders from non-central regions.

• Non-KSA platforms reached positive EBITDA in Q4 2024, reflecting improved efficiency and market share.

• Logistics arm grew its fleet to over 3,800 drivers, reducing internal delivery costs below third-party logistics providers.

• Transitioned from the Parallel Market (Nomu) to the Main Market (TASI) of the Saudi Exchange, enhancing visibility and capital market access.

Financial highlights

• FY 2024 GMV reached SAR 8.7 billion, net revenue SAR 6.5 billion, and adjusted EBITDA SAR 250 million, all exceeding updated guidance.

• Net income for FY 2024 was SAR 184.2 million, up 55% year-over-year, with a net income margin of 8.3%.

• Gross profit margin improved to 24.4% for FY 2024, up from 22.7% in FY 2023.

• Non-KSA operations contributed 11% of total GMV, driven by strong order growth and higher average order value.

• Strong cash position at year-end, with SAR 1,054 million in net cash.

Outlook and guidance

• FY 2025 guidance targets GMV of SAR 9.8–10.8 billion, net revenue of SAR 7.4–8.0 billion, and adjusted EBITDA of SAR 280–330 million.

• Double-digit growth expected in 2025, with continued focus on profitability and market expansion.