Leejam Sports Co. (Fitness Time) reported a net profit of SAR 62.7 million in the first quarter of 2023, compared to SAR 46 million in the year-earlier period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 231.62 | 276.97 | 19.6 % |
| Gross Income | 85.72 | 108.70 | 26.8 % |
| Operating Income | 59.06 | 77.63 | 31.4 % |
| Net Income | 46.01 | 63.00 | 36.9 % |
| Average Shares | 52.38 | 52.38 | - |
| EPS (Riyals) | 0.88 | 1.20 | 36.9 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 336.72 | 276.97 | (17.7 %) |
| Gross Income | 162.68 | 108.70 | (33.2 %) |
| Operating Income | 117.88 | 77.63 | (34.1 %) |
| Net Income | 104.66 | 63.00 | (39.8 %) |
| Average Shares | 52.38 | 52.38 | - |
| EPS (Riyals) | 2.00 | 1.20 | (39.8 %) |
The profit growth was driven by higher revenue due to the increase in the number of operating centers, as 10 new centers were opened since the end of Q1 2022.
This was despite a 15% increase in the overall cost of revenue compared to Q1 2022 due to a rise in the costs of employees, utilities and depreciation.
The financing cost also increased due to the interest rate hike compared to Q1 2022.
Compared to the previous quarter, Q1 2023 profit fell 41.5% from SAR 107.16 million.
Shareholders’ equity, no minority interest, reached SAR 943.1 million in Q1 2023, compared to SAR 805 million in the year-ago period.
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