A financial analysis of Jahez’s figures comparing SAR 7.2 billion in order value with SAR 2.32 billion in net revenue, illustrating the impact of lower delivery fees and the logistics segment’s loss in the asset-light model.

Modern digital platforms rely on an "asset-light" model to shift the burden of physical assets and operating costs to partners, while the core platform retains ownership of the data, technology, and customer base. This creates a fundamental gap between the actual scale of business activity and recorded accounting revenue. Jahez’s 2025 results provide a practical example of how this mechanism works.

A look at Jahez’s financial data (2025 model):

  • The gap between activity and revenue: Jahez’s total gross order and merchandise value reached SAR 7.2 billion, while the company’s actual net revenue amounted to just SAR 2.32 billion.
  • Commissions and pricing pressure: Jahez recorded SAR 1.11 billion in commission revenue. However, intense competition led to a 13.1% decline in the company’s delivery fees, affecting its pricing power.
  • Logistics costs: Jahez’s logistics segment recorded a net loss of SAR 25.5 million as a result of higher operating and depreciation costs associated with owning a larger asset base.

The trade-off between models and the hybrid solution:

  • Fewer assets = faster expansion: This provides greater flexibility and rapid expansion, but reduces the ability to control quality.
  • More assets = greater control: This enhances operational capabilities and lowers direct delivery costs, but leads to higher depreciation and fixed costs.

Strategic conclusion:

Jahez’s data confirms that abandoning assets does not mean their costs disappear; rather, those costs are redistributed across the ecosystem. To ensure sustainable growth and profitability, companies should adopt a hybrid model that balances flexibility with asset ownership. The strongest company is not necessarily the one with the fewest assets, but the one that understands what it needs to own and what partners can operate more efficiently.