Jahez swings to 28.5 million riyal loss despite 37.5% revenue growth

Summary

• Jahez posted a 28.5 million riyal nine-month loss, against 121.5 million riyal profit a year earlier.
• Group revenue rose 37.5% to 2.24 billion riyals, lifted mainly by consolidating acquired delivery platform Snoonu.
• Saudi delivery, the group's profit engine, shrank as competitive pressure on delivery fees eroded unit economics.

The latest

Saudi delivery group Jahez swung to a net loss of 28.5 million riyals in the first nine months of 2026, reversing a 121.5 million riyal profit a year earlier, according to its filing with the Saudi Exchange. Revenue still climbed 37.5% to 2.24 billion riyals. The company attributed the reversal to promotional spending at home, the competitive environment, and launch costs for Snoonu's expansion beyond Qatar.

Details

• The headline numbers: Nine-month revenue reached 2,236.62 million riyals against 1,626.3 million a year earlier, while the operating line turned to a 44.4 million riyal loss from a 91.6 million riyal profit. Loss per share came in at 0.14 riyals, against earnings of 0.6 riyals in the same period of 2025.
• The quarter: Third-quarter revenue rose 40.4% year on year to 748.5 million riyals but slipped 1.9% from the second quarter's 763 million. The quarterly net loss narrowed to 1.9 million riyals from 17.4 million, which Jahez credited to lower marketing spending and better delivery cost efficiency inside the kingdom.
• Saudi delivery squeezed: Revenue from delivery platforms inside Saudi Arabia fell 4.7% year on year in the quarter to 422.8 million riyals, with the company pointing to weaker delivery-fee economics under competitive pressure even as gross merchandise value edged up 1%. Over nine months the segment's revenue dropped 10.0% to 1,232.5 million riyals.
• Profit engine cooling: Segment profit from Saudi delivery fell to 47.7 million riyals in the third quarter from 84.3 million a year earlier. Jahez said the decline reflects lower per-unit delivery economics alongside a zakat expense booked this quarter, against a credit balance in the third quarter of 2025.
• The Snoonu factor: International delivery platforms generated 308.6 million riyals in the quarter, up from 62.4 million a year earlier, after Jahez consolidated Snoonu following the acquisition completed in the fourth quarter of 2025. Segment gross merchandise value reached 956.2 million riyals against 218.0 million.
• Expansion costs: The international segment's net loss widened to 32.6 million riyals in the quarter from 12.8 million a year earlier. Jahez tied that to launch-phase losses in Kuwait and Oman and a regulatory transition in Kuwait, while quarterly international revenue fell 6.1% sequentially on seasonality and weaker Kuwait and Bahrain performance.
• Other units: Revenue from other activities, which includes Co, Marn, Sole and Red Color investments, fell 39.7% year on year to 17.3 million riyals in the quarter, and 24.0% over nine months to 59.2 million. The segment's net loss widened to 12.8 million riyals from 2.5 million, with the company citing Marn's restructuring.
• Balance sheet and audit: Total equity attributable to shareholders stood at 1,322.11 million riyals, down 3.375% from 1,368.3 million. The auditor issued an unmodified opinion. Jahez also flagged a presentation change: comprehensive income is now disclosed on a shareholder-attributable basis, unlike the prior-year quarter.
• Logistics narrowing: Logistics was the one segment moving the right way, with the net loss attributable to shareholders shrinking to 4.2 million riyals in the third quarter from 6.4 million in the same quarter of 2025.

Background

Jahez acquired Qatari delivery platform Snoonu and completed the deal in the fourth quarter of 2025. The consolidation is the single largest driver of the group's reported revenue growth in 2026, and of the costs now attached to its expansion into new Gulf markets.

Between the lines

The group is buying growth and paying for it twice. Consolidating Snoonu adds revenue scale, but the same expansion carries launch-phase losses in Kuwait and Oman that tripled the international segment's quarterly deficit. Meanwhile the domestic business that funded the strategy is being compressed by fee competition, with Saudi segment profit down and revenue falling even as order value held roughly flat.

What's next

Jahez holds its earnings call on Thursday, 12 November 2026 at 3:00 p.m. Saudi time. Watch for guidance on when Kuwait and Oman turn profitable, and whether Saudi delivery fee economics stabilize in the fourth quarter.

Source: Saudi Exchange (Tadawul) — Jahez International filing