At the moment, there are no entries available for display
Dear valued shareholder,
At the end of another successful year that showcased our boundless capacity to overcome challenges and our ability to scale up through timely growth-oriented investments, it is my privilege to present to you Jahez Annual Report for the financial year ending 2023.
From a quiet inception in 2016 to a remarkable initial public offering (IPO) just five years later and, now, on the cusp of a historic transformation, Jahez has reached unprecedented heights in record time. I’m delighted to announce that the Group has already made considerable headway in its promised evolution to an ecosystem of on-demand services that enhances customer lifestyle and empowers businesses.
Looking back on the year 2023, Jahez recorded robust financial performance and consistent profitability and growth across multiple verticals, in the face of numerous challenges. This was particularly true for our logistics business, which is poised to become the region’s largest last-mile-service provider over the next few months. Order volumes across Jahez, PIK and Blu apps surged during 2023 to 85 million orders , growing by 21.8%. Gross revenue grew by 14.8% this year, reaching SAR 1.9 billion.
With the year ends, the Group’s various platforms have cultivated partnerships with 13.9K merchants, including some of the most popular global and local brands operating in the region. The Group delivered orders in over 100 cities, three countries , serving over 95% of the total population of the Kingdom, illustrating the widespread impact and penetration of our services.
The continuous influx of new users registering on Group's platforms is indicative of our sustained growth trajectory. At the end of the year, the active user base of the Group’s suite of apps surpassed 3.5 million, attesting to the enduring appeal and effectiveness of our platforms in meeting the evolving needs of a diverse user demographic.
A number of new acquisitions and investments made during the year helped steer us towards rapid growth, enabling our planned group-wide transformation. These include Marn, a point-of-sales solutions provider which has helped strengthen the Group’s standing among our restaurant partners, and a series of venture capital investments that are geared to make the coming transition possible.
This resounding success is a testament to the viability of our business model, our team, and our vision and mission. With sheer determination, resilience, and persistence, we have emerged as one of the most trusted business operations across the region, and today, we’re excited to see where we can take the business in the coming years. As ever, we are truly grateful for the trust and loyalty our customers and merchants and delivery partners have placed in us over the years and continue to place as we embark on this bold new journey.
Jahez’s growth is directly attributable to our dedicated employees who continue to do a remarkable job of serving our customers with continued commitment and hard work as a team. I express my heartfelt gratitude to each and every member of our team for their unwavering support and motivation regardless of challenges.
As we have grown and as our operations have expanded, so has our focus on sustainable growth and social responsibility. In 2023, we published our first ever sustainability report, which outlined our roadmap from 2023 to 2026 designed to cover all aspects of environmental, social and governance (ESG) considerations.
The new financial year brings with it fresh prospects, opportunities and challenges, and we are optimistic that the strategies we have drawn up to facilitate the transition to the region’s leading solutions provider for 21st-century digital living will bear fruit sooner than anticipated.
In conclusion, I would like to extend my sincere thanks and appreciation to our wise Government under the leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, may Allah Almighty protect him, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, may Allah protect him, for the tireless efforts and support to improve business and investment environments that satisfy the ambition for quality aspired at all levels in the Kingdom. I would also like to thank the Board of Directors, the Chief Executive Officer and the Executive Management, and all the shareholders and partners for their continued confidence and support to Jahez at all times and under all circumstances.
HRH Prince Mishal Bin Sultan Bin Abdulaziz Al Saud
Chairman of the Board