Saudi Beauty E-tailer Nice One Posts 30% Revenue Jump in First Post-IPO Quarter
A Ramadan sales surge lifts the newly listed beauty platform's revenue and profit, though its shares slipped after the results.
Nice One, the Saudi beauty and personal-care e-commerce platform, reported a sharp rise in revenue and profit for the first quarter of 2025, its first full quarter as a listed company, driven by a surge in orders during Ramadan.
Revenue climbed about 30 percent year on year to SAR 324.97 million ($86.7 million), while net profit rose 10.2 percent to SAR 24.1 million ($6.4 million). Gross income increased 14.3 percent and operating income rose 12.7 percent. The company said profit growth was partially offset by a shift in product mix, higher operating expenses tied to business expansion and increased Zakat charges. Net profit rebounded strongly from the SAR 5.87 million recorded in the fourth quarter of 2024.
Despite the earnings strength, Nice One's shares fell 2.82 percent to SAR 37.9 on the Tadawul following the announcement. The stock had declined over the prior three months but remained above its January initial public offering price of SAR 35, giving the company a market capitalisation of roughly $1.17 billion.
The results offered an early read on how the beauty retailer is performing under public-market scrutiny, in a Saudi consumer-technology sector where a string of companies have tapped the Tadawul and investors are closely watching post-listing execution.