Leejam H1 2024 net profit up 24% to SAR 167M; Q2 at SAR 73M

30/07/2024 Argaam Exclusive

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Leejam Sports Co. reported a net profit rise of 24% in H1 2024 to SAR 167 million, from SAR 135 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	578.74	687.22	18.7 %
Gross Income	233.14	274.84	17.9 %
Operating Income	169.11	199.03	17.7 %
Net Income	135.38	167.42	23.7 %
Average Shares	52.38	52.38	-
EPS (Riyals)	2.58	3.20	23.7 %

The first-half earnings were backed by membership revenue that grew by 15% year-on-year (YoY).

Revenue from paid programs – including personal training and swimming – climbed 45% YoY.

Leejam reported a non-recurring income of SAR 18 million from favorable rent negotiations of previously impaired centers in Ras Al Khaimah, UAE. It also recorded SAR 6 million profits from a short-term Murabaha.

On the other hand, the cost of revenues rose 19% on an annual basis, due to the increase in number of members and operating centers.

General, administrative, and marketing expenses also increased 9% YoY on higher investments in information technology and personnel.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	301.77	343.68	13.9 %
Gross Income	124.47	135.45	8.8 %
Operating Income	91.52	100.35	9.7 %
Net Income	72.75	73.20	0.6 %
Average Shares	52.38	52.38	-
EPS (Riyals)	1.39	1.40	0.6 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	343.54	343.68	0.0 %
Gross Income	139.39	135.45	(2.8 %)
Operating Income	98.68	100.35	1.7 %
Net Income	94.22	73.20	(22.3 %)
Average Shares	52.38	52.38	-
EPS (Riyals)	1.80	1.40	(22.3 %)

On a quarterly basis, net earnings dropped 22.5% from SAR 94.2 million in Q1 2024. The previous quarter included a non-recurring income of SAR 18 million from rent negotiations of previously impaired centers in Ras Al Khaimah.

The cost of revenues rose on opening several centers in the second quarter.

Leejam also incurred net non-recurring costs of -SAR 2.9 million in Q2 2024, on the closure of two centers in Jeddah.

Shareholders’ equity, no minority interest, reached SAR 1.13 billion as of June 30, 2024, compared to SAR 960 million in the prior-year period.

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