Net profits among MENA food delivery companies grew by 36% year-on-year in 2022, a newly-published report by market intelligence firm, Teaser Platform has revealed.
The report, which analysed the financial performance of food delivery companies in the Middle East and North African region for the past 3 years 2021, 2022, 2023), found that last year, 13 food delivery companies generated a combined profit of $310 million, up from $227 million by 15 food delivery companies in 2021. However, the report added that 37 companies generated aggregated losses of $355 million in 2022.
In 2022, The Kingdom of Bahrain had three profitable companies generating $94 million in net profit. Kuwait, Saudi Arabia and Qatar had two profitable companies each, reporting total net profits of $83 million, $72 million, and $40 Million, respectively.
United Arab Emirates had three profitable companies recording $19 Million in net profit while Egypt had one profitable company generating ten thousand dollars in net profit.
Among the top players in the region, Talabat group led the food delivery segment in Kuwait, Bahrain and Qatar collectively reporting $194m in net profit.
Hunger Station and Jahez were the leading operators in KSA, recording $57 million and $15 million in net profit, respectively. Meanwhile, Carriage also had a sizable share of $24 million in net profit generated across the UAE, Bahrain, and Qatar.