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ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

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Jahez posts profit of US$14.2m

The increase in orders led to higher delivery and operational costs for the company.
By TRENDS Desk
September 5, 2022 12:18 pm
  • Jahez said the profit surge was mainly driven by a revenue jump of 60 percent to $207 million, from $129.60 million in the corresponding period last year
  • Orders made through the app surged by 46 percent to 31.5 million during the six months, as the average number of users soared by 48 percent

Riyadh, Saudi Arabia— Jahez, Saudi food delivery platform, has posted an 85 percent surge in profit to US$14.2 million for the first half of 2022, shored up by a boost in demand for food on its app.

The company made a profit of $14.2 million as against $7.65 million in the year-ago period, according to a stock exchange filing.

The profit surge was mainly driven by a revenue jump of 60 percent to $207 million, from $129.60 million in the corresponding period last year, Jahez said.

Orders made through the app surged by 46 percent to 31.5 million during the six months, as the average number of users soared by 48 percent.

The increase in orders led to higher delivery and operational costs for the company, but it managed to almost double its restaurants to 7,879, from 4,742 in June last year.

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