As I reflect on the end of 2022, Jahez’s strong financial performance and consistent profitable growth gives me great cause for optimism.
Dear valued shareholders,
On behalf of the Board of Directors, I am pleased to present to you the Jahez Annual Report for the financial year 2022. This year has been a remarkable one for all of us here at Jahez – in fact, it has been a remarkable half-decade since its inception.
In September 2016, Jahez was just beginning its journey as a Saudi food delivery platform. Just five years later, we have made history by becoming the first homegrown startup in the Kingdom to be listed on Nomu, the Saudi parallel equity market in January 2022.
As I reflect on the end of 2022, Jahez’s strong financial performance and consistent profitable growth gives me great cause for optimism. The volume of orders and value as well as our revenues, all saw a robust growth. The orders processed on our platforms since inception exceeded 150 million and 2022 gross revenues grew by 34% and reached SAR1.7 Bn. It is also noteworthy that despite the market disruption and other challenges like regulatory headwinds and inflation, our business model remained resilient with strong profitability. Our three key valued pillars: merchants, delivery partners, and customers, continued to fuel our growth.
As of today, the Group platforms partner with around 11,000 merchants, including some of the most popular global and local brands operating in the region. Remarkably, the Group delivered during 2022 more than 69 million orders covering over 90 cities, serving over 90% of the total population of the Kingdom. It is also important to note that even after the pandemic, the number of active users registering to the Group platforms kept on increasing, with over 2.8 million active users registered by the end of 2022.
This transformative journey is a testament to the viability of our business model, our team, and our vision. With sheer determination, resilience, and persistence, we have emerged as one of the most trusted business operations across the Kingdom. Today, with our market penetration in Bahrain and Kuwait, we are very much excited to further expand our operational footprint in the Gulf Cooperation Council (GCC) countries and the wider MENA region in the coming years.
But in the midst of the rapid transformations our Company is going through, it is just as important to recognize what has remained steadfast: our vision, our mission, our values, and our identity. Our vision of becoming the most loved lifestyle platform in the Middle East is being realized – and this vision has become much more exhilarating and meaningful as we witness the continuous trust and loyalty our stakeholders place in us, day after day.
Therefore, we will always continue to thrive and work on enhancing the lives of our customers, by providing the best service at market leading value, whilst ensuring that customer satisfaction is at the heart of everything.
That we are staying true to our identity is a tribute to all our employees, who continue to do a remarkable job of serving our customers with dedication, continued commitment, and hard work as a team. I want to express my heartfelt gratitude to every single one of our employees for their unflagging support and continued motivation regardless of challenges.
When it comes to the new growth cycle for Jahez and its expansion strategy, we remain optimistic and committed. This coming year, we will be focusing on three primary strategic themes around which our future growth ambitions are outlined. The first is to strengthen the Group’s operations in existing geographies by winning market share and attracting new customers and partners; the second is expanding the business into supporting verticals and preparing our entrance in new geographies for future growth; and finally, differentiating the Group’s services and offerings through continuous innovation. We aim to strengthen brand presence; launch every available service in new cities both in the Kingdom and the Region; drive operational excellence and customer experience through continuous investment in training, processes, and technology; and through this collective effort, spearhead a Kingdom-wide transformation to a digital lifestyle through innovative, high-tech food delivery, online shopping, cloud kitchen, and last-mile delivery solutions.
As we have grown, so has our focus on sustainable growth and social responsibility. In 2022, we continued to expand our ESG engagements with several new initiatives and steady progress on our existing programs. Likewise, to stay aligned with our objectives, the Group’s core values and dedication to transparency serve as the foundation for this strategic decision. As a result, an ESG roadmap for 2023 is already in the works to be implemented within the next few months, which will focus on key areas such as sustainability in the environment, social impact, integrity in governance, and much more.
As difficult as challenges can be, there are many reasons to look to the future with confidence.
To conclude, 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 Executive Management, and all the shareholders and partners for their continued confidence and support to Jahez in all circumstances and times.
HRH Prince Mishal Bin Sultan Bin Abdulaziz Al Saud
Chairman of the Board