RIYADH: Shares in Saudi online food platform Jahez closed 5 percent lower in Monday's trading session even as profit almost tripled during 2021.
Earlier in the day, the Riyadh-based firm announced that profits surged 194 percent to SR117 million ($31 million) in its first post-listing results.
The profit surge was mainly driven by an increase in revenue of 166 percent to SR1.22 billion on the back of higher revenue from delivery fees and commissions, Jahez said.
This came as the value of orders made through Jahez increased by 164 percent to SR51.6 million, compared to SR19.5 million in the previous year.
“Jahez activities have grown through the increase in the number of customers, the number of orders, and the average number of stores registered in Jahez platform,” said CEO, Ghassab bin Salman bin Mandeel, commenting on the results.
“The group is also looking to advance its market share in food delivery services, in addition to expanding into the logistics, quick commerce and cloud kitchens sectors by utilizing its expertise and food delivery infrastructure,” he added.
Valued at $3.25 billion as of Mar. 20, Jahez joined Saudi exchange’s parallel market earlier this year as its first-ever listing of a local startup.