Mena food delivery companies recorded $310 million in net profits in 2022, reflecting a year-on-year increase of 36 per cent, according to market intelligence provider Teaser Platform’s new report.
In 2020, an aggregated lump sum of $140 million in net profit has been reported by 14 food delivery companies, while 27 companies generated aggregated losses of $109 million.
In 2021, the reported net profits shot up by 62 per cent, with 15 food delivery companies hitting $227 million in profit, while 34 companies generated aggregated losses of $401 million.
In 2022, the reported net profits increased by 36 per cent, recording $310 million by 13 food delivery companies, while 37 companies generated aggregated losses of $355 million.
Saudi Arabia, Bahrain and Kuwait accounted for 80 per cent of the total net profits generated in the Mena region.
In 2022, 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. The UAE was home to three profitable companies recording $19 million in net profit. Lastly, Egypt had one profitable company generating $10,000 in net profit.
