Riyadh – Sharikat Mubasher: The food delivery industry across the Middle East and North Africa (MENA) is showing signs of maturing stability, according to a new report from research platform Teaser. In 2024, 17 food delivery companies operating in the region recorded a combined net profit of $620 million, representing a 9% decline from the $680 million profit reported by 19 companies in 2023.
Despite the dip in profits, the report indicates a healthier overall market. Twenty companies posted losses totaling only $79 million in 2024, a significant drop from $121 million in total losses across 26 companies the previous year. This suggests that while competition remains fierce, fewer companies are bleeding cash.
The UAE led the region, with four companies there posting a combined net profit of $290 million. In Kuwait, three companies earned $137 million, while another three in Saudi Arabia posted $108 million. Qatar’s two major players generated $48 million in net profit, and in Bahrain and Oman, smaller clusters of companies delivered profits of $23 million and $12 million respectively.
Among the top performers, Delivery Hero dominated the UAE market, earning $290 million in net profit, while Talabat was the highest earner in Kuwait with $134 million. In Saudi Arabia, the leading players HungerStation and Jahez posted $57 million and $49 million, respectively. Talabat also led in Qatar, Bahrain, and Oman, with an aggregate net profit of $77 million across the three markets.
Teaser’s data spans performance from 58 companies across the region, offering a detailed look into how the sector has evolved from 2022 to 2024.
This trend suggests the MENA food delivery landscape is becoming less about rapid expansion and more about sustainable growth, especially in the GCC, where market leaders are solidifying their dominance.
Teaser Platform is a state-of-the-art web-based investor intelligence platform that aims to empower MENA investment professionals with the necessary insights, information, and data needed to conduct informed investment decisions.