Jahez Closes 2025 with Resilient Growth Amid Fierce Saudi Delivery Market

Mohammed Fathy

Last updated 30-03-2026

5 min

Jahez lifted GMV 10,8% to SAR 7,2bn, processing 111,6 million orders.

Revenue rose 4,7%, as commission income offset falling delivery fees.

Operating costs jumped 26,1%, yet net income still reached SAR 73m.

International revenue leapt 118%, with Snoonu delivering positive EBITDA.

Management calls it a “disciplined expansion” in a fiercely competitive market.

Jahez has wrapped up 2025 with growth on the top line and profits still intact, even as competition in Saudi Arabia’s delivery market turns into a bit of a dogfight. The Riyadh-listed group (6017 on TASI) reported gross merchandise value (GMV) of SAR 7.2 billion for the year, up 10.8% compared to 2024, after processing more than 111.6 million orders.

Revenue climbed 4.7% year on year to SAR 2.32 billion. The growth was largely driven by stronger performance outside Saudi Arabia and a steady shift towards diversified income streams. Commission revenue rose 16.3% to SAR 1.11 billion, helping to offset a 13.1% drop in delivery fee revenue as the company adjusted pricing in response to intense local competition.

Gross profit held firm at SAR 530.1 million, with a margin of 22.8%, down just 1.6 percentage points despite the pressure on pricing. Operating expenses increased 26.1% to SAR 469.1 million, reflecting heavier marketing spend and the consolidation of Snoonu’s costs in the final quarter. Adjusted EBITDA stood at SAR 193 million, with a margin of 8.3%, while net income attributable to shareholders reached SAR 73 million.

Eng. Ghassab Bin Salman Bin Mandeel, CEO of Jahez Group, said the company’s performance demonstrated the resilience of its multi-vertical model in a “dynamic, competitive market”. He noted that revenue from sales of goods and subscriptions doubled year on year and highlighted strategic partnerships, including with noon and Doos, as strengthening Jahez’s position in quick commerce.

He also pointed to the group’s international strategy, announced in February 2026, which places Snoonu at the centre of its expansion beyond Saudi Arabia. Snoonu’s operations were consolidated from the fourth quarter of 2025, contributing to what the company described as a strong close to the year. Non-KSA platforms more than doubled their net revenue over the full year.

That said, profitability did take a hit. Management acknowledged that higher promotional activity across the sector weighed on margins, but described the approach as deliberate — investing to defend core customers while keeping an eye on long-term shareholder value. I reckon that’s a sensible balancing act; in this market, sitting still can cost you more than moving fast.

In Saudi Arabia, the core delivery platform remained profitable, generating SAR 214.8 million in net income, with an adjusted EBITDA margin of 11.9%. Segment revenue fell 8.6% year on year as Jahez aligned delivery fees more competitively and leaned further into commission-based monetisation.

Logi, the group’s logistics arm in the Kingdom, saw revenue edge up 1.4% to SAR 428.8 million. Adjusted EBITDA came in at SAR 24.3 million, slightly lower than the previous year as the company expanded its sponsored fleet. By the fourth quarter, Logi accounted for 40% of Jahez deliveries, with more than 4,000 drivers under sponsorship, up from 1,800 a year earlier. The segment recorded a net loss of SAR 25.5 million, mainly due to higher depreciation as the fleet scaled. On the flip side, the growing in-house capacity is helping reduce per-delivery costs — small efficiencies that matter when margins are tight.

Internationally, the numbers were striking. Net revenue from the International Delivery Platforms segment jumped 118.3% to SAR 462.4 million. Adjusted EBITDA losses narrowed sharply to SAR 14.4 million, improving the margin from negative 26.5% to negative 3.1%. A big driver was Snoonu, which posted 66% GMV growth to SAR 2.36 billion and a 72% rise in gross revenue to SAR 904.8 million.

Snoonu’s active customer base grew 32%, while total orders surged 64% to 27.1 million. Order frequency increased from 6.4 times per year to 7.6, and the average order value remained high at SAR 87. Importantly, the platform delivered positive EBITDA of SAR 53.7 million, suggesting that scale and discipline can go hand in hand — when executed well.

Under the newly announced international strategy, Snoonu will serve as Jahez’s core operating platform abroad, with planned launches in Kuwait and Bahrain. The idea is straightforward: deploy a proven multi-vertical tech stack across neighbouring markets and deepen customer engagement rather than rely purely on price wars. It sounds spot on, though execution will be everything.

The “Other Activities” segment — including Co, Marn, Sol and Red Color — grew revenue by 48.4% to SAR 108 million. However, adjusted EBITDA losses widened to SAR 25.7 million, while net loss attributable to shareholders increased to SAR 82.5 million. This was mainly due to higher expected credit losses, which jumped to SAR 29.4 million, alongside a SAR 11.8 million goodwill impairment related to Marn and fair value declines in the Red Color portfolio.

The group describes these units as strategic building blocks within its broader ecosystem. And well… I mean, building an ecosystem is rarely cheap in the early years. Across MENA, we’ve seen that platforms willing to stomach short-term pain often gain long-term leverage — though it’s never guarranteed.

For readers at Arageek, where we keep a close eye on how regional champions evolve, Jahez’s year feels like a case study in disciplined expansion. Growth, yes. Pressure, definately. But also a clear attempt to stay profitable while planting flags beyond home turf. In today’s climate, that’s no small feat.

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