Riyadh – Jahez International Company for Information System Technology signed a share purchase agreement with Marn Business Information Technology Company to acquire the latter’s entire shares for SAR 60 million.

The transaction, which is self-funded, comes in line with Jahez’s objectives and expansion plans to reinforce its business base through acquisitions, according to a bourse disclosure.

Meanwhile, the acquisition of Marn Business is still subject to a number of procedures, including obtaining regulatory approvals. The Saudi listed firm predicted that the deal will reflect on its income statements in the second half (H2) of 2022.

Marn Business’ goal is to build an ecosystem through various digital solutions to develop systems for its target business owners.

In the first six months (6M) of 2022, Jahez’s net profits after Zakat and tax surged by 85.31% to SAR 53.22 million from SAR 28.72 million during the same period a year earlier.

Additionally, the revenues amounted to SAR 777.61 million in H1-22, an annual hike of 59.85% from SAR 486.46 million.

The earnings per share (EPS) stood at SAR 5.17 in H1-22, higher than SAR 4 in the year-ago period.

Last year, Jahez posted a 194.96% leap in net profit after Zakat and tax to SAR117.07 million, compared to SAR 39.69 million in 2020.

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