Increase in Nice One's Profit by 10% in Q1 of 2025, Sales Spike 30% to $87 Million Due to Ramadan Uptick
In the dynamic world of Saudi Arabia's beauty and personal care market, the e-commerce platform Nice One continues to make waves. As of Q1 2025, the platform, recognized as a leading dropshipping beauty and cosmetics store in the kingdom, attracts over 8 million monthly visits.
Despite a lack of publicly available data on the exact market capitalization and detailed recent financial performance, the growth of the Saudi Arabia beauty and personal care market paints a favourable picture for e-commerce beauty platforms. The market, valued at around USD 0.87 billion in 2025, is expected to grow at a compound annual growth rate (CAGR) of about 7.09% to reach USD 1.23 billion by 2030. The online retail segment, which includes platforms like Nice One, is forecasted to expand even faster at an 8.25% CAGR through 2030.
Nice One's strong online traffic and niche focus suggest a robust market positioning. However, specific financial metrics such as revenue, profit, or market cap remain undisclosed. As a Shopify-powered dropshipping store operating primarily in the regional market, it may be privately held or not publicly listing detailed financials.
Nonetheless, recent financial disclosures reveal encouraging signs. In Q1 2025, Nice One reported a 10.2% year-on-year increase in net profit, reaching $6.4 million (SAR 24.1 million). This growth was partially offset by a shift in product mix, higher operating expenses due to business expansion, and increased Zakat charges. On a sequential basis, the net profit surged from $1.56 million (SAR 5.87 million) in Q4 2024.
The revenue for Q1 2025 increased by 30% compared to the same period last year, reaching $86.7 million (SAR 324.97 million). The surge in customer orders and the seasonal boost from Ramadan contributed to this increase. The gross income for Q1 2025 climbed 14.3% to $21.7 million (SAR 81.27 million), and the operating income rose 12.7% to $7.2 million (SAR 26.91 million).
Despite these positive financial results, Nice One's share price declined by 2.82% to SAR 37.9 on the Tadawul stock exchange following the earnings announcement. Over the past three months, the stock has experienced a 30.36% decrease. However, it's worth noting that the stock is still up by over 8% from its IPO price.
The Saudi beauty e-commerce sector continues to thrive, with fintech adoption surging in the kingdom. Other notable developments include Foodics reporting $6 billion GMV and 29% revenue growth in H1 2025, and Saudi foodtech Calo raising $39 million in Series B extension. Furthermore, Saudi's Sawt raised $1 million in pre-seed funding, reflecting the broader investment interest in the Saudi market.
As Nice One moves forward, it remains a significant player in Saudi Arabia’s beauty e-commerce space, with a current market cap of $1.17 billion. The platform's continued growth and resilience underscore the potential of the Saudi Arabia beauty and personal care market and the e-commerce sector within it.
- The increasing net profit, revenue, and gross income of Nice One, a leading e-commerce platform in Saudi Arabia's beauty and personal care market, indicate positive financial performance and growth, despite a decline in its share price.
- The growth of the Saudi Arabia beauty and personal care market and the e-commerce sector within it, as shown by the financial results of platforms like Nice One, have attracted significant investment, with companies such as Foodics and Calo raising substantial funds.
