Leejam’s net profit up 40% to SAR 356M in 2023, Q4 at SAR 129M

Leejam Sports Co. (Fitness Time) reported a net profit of SAR 356 million for 2023, an increase of 40% from SAR 255 million a year earlier.

Revenue for 2023 rose 24% year-on-year (YoY) to SAR 1.32 billion, driven by an increase in the number of members and operating centers. The company also recorded SAR 14 million profit from short-term Murabaha.

Meanwhile, the overall cost of revenue rose 17% YoY due to the increase in the operating centers since the end of Q4 2022, in addition to the increase in maintenance, repair, and cleaning costs driven by higher number of members.

Earnings were also weighed down by assets write-off related to the two centers that were closed in 2023 for expropriated areas in favor of the Diriyah Gate Project.

Finance costs rose due to higher interest rates compared to 2022.

Q4 2023 net profit rose 23% YoY to SAR 129 million, driven by an increase in the number of members and operating centers.

On a quarterly basis, net profit grew 39.9%, from SAR 92.18 million.

Total shareholders’ equity, no minority interest, stood at SAR 1.09 billion by Dec. 31, 2023, compared to SAR 915 million a year earlier.

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