Jahez Shares Drop 9% in Debut on Saudi Main Market
Jahez Stock Dips After Debut on Saudi’s Main Market
Riyadh, Saudi Arabia – Shares of Jahez International Information Systems technology, a leading Saudi food delivery platform, fell 9% in its first trading session on the Saudi Stock Exchange’s main market (Tadawul), closing at 34.2 riyals. This follows a strong initial public offering (IPO) that saw the company move from the parallel market,Nomu.
The dip comes despite Jahez reporting notable financial results last month.The company announced a near tripling of its net profit, reaching 80.2 million riyals in the third quarter of this year, compared to 29.4 million riyals in the same period last year.
Jahez’s Chief Investment Officer, Abdul Aziz Al-Houthi, expressed optimism earlier this year, stating the company was “ready” for the move to the main market.He highlighted Jahez’s ambition to expand its services beyond food delivery, venturing into logistics, cloud kitchens, and shipping and storage.
“We are ambitious to achieve greater growth this year in food delivery platforms as well as other activities associated wiht delivery platforms,” Al-Houthi told Al-Sharq Business earlier this year.
He emphasized Jahez’s goal of providing complete logistics and delivery services to all market participants, from regulatory bodies to stores and e-commerce companies. Al-Houthi noted the company’s rapid transition from loss to profit, demonstrating the effectiveness of its logistics services.Regarding future acquisitions,Al-Houthi stated that Jahez is actively exploring opportunities both domestically and internationally. The company prioritizes acquisitions that align with its core activities, add value, improve performance, and optimize costs.
Meanwhile, Banan Real Estate Company, which also transitioned to the main market yesterday, experienced a 3.66% decline in its share price during early trading, settling at 7.9 riyals per share in its second trading session.
Saudi Food Delivery Giant Jahez Sees Stock Drop Despite Strong Financials
Riyadh, Saudi Arabia – Jahez International Details Systems technology, a leading saudi food delivery platform, experienced a 9% slide in its stock price during its debut on the Saudi Stock Exchange’s (Tadawul) main market. The stock closed at 34.2 riyals, a notable dip after a accomplished initial public offering (IPO) that saw the company graduate from the Nomu parallel market.
This downturn comes in the wake of Jahez announcing impressive financial results last month. The company’s net profit nearly tripled in the third quarter, reaching 80.2 million riyals compared to 29.4 million riyals in the same period last year.
Despite the market reaction,Jahez’s Chief Investment officer,Abdul Aziz Al-Houthi,remained optimistic earlier this year,asserting the company’s readiness for the move to the main market. He highlighted Jahez’s ambitious expansion plans, aiming to move beyond food delivery into logistics, cloud kitchens, and shipping and storage.
“We are ambitious to achieve greater growth this year in food delivery platforms as well as other activities associated with delivery platforms,” Al-Houthi stated earlier this year.
Al-Houthi emphasized Jahez’s goal of offering comprehensive logistics and delivery services to all market stakeholders, from regulators to stores and e-commerce companies. He pointed to the company’s swift transformation from loss to profit as evidence of its effective logistics services. In terms of future acquisitions,Al-Houthi revealed Jahez is actively exploring opportunities both domestically and internationally.The company prioritizes acquisitions that align with its core activities, add value, improve performance, and optimize costs.
Simultaneously occurring, Banan Real Estate Company, which also transitioned to the main market yesterday, saw its share price decline by 3.66% during early trading, closing at 7.9 riyals per share in its second trading session.