Leejam 9M 2023 profit up 51% to SAR 227.3 mln; Q3 at SAR 92.2 mln

Leejam Sports Co. (Fitness Time) reported a net profit of SAR 227.3 million for the first nine months of 2023, an increase of 51% compared to SAR 150.1 million in the year-earlier period. 

The higher profit was driven by a 27% year-on-year (YoY) revenue leap due to an increase in the number of operating centers. As many as 11 new branches were opened since the end of Q3 2022.  

Membership revenue increased by 27% YoY in nine months of 2023, while revenue from personal training and other paid programs, including swimming, rose 41% YoY.   

However, the overall cost of revenue increased by 17% YoY due to the addition of 11 Fitness centers since the end of Q3 2022, in addition to the increase in maintenance, repair, and cleaning costs driven by the rise in the number of members and the continuation of club refurbishment program, Your Club has Changed. 

Net profit jumped 36% YoY to SAR 92.2 million in Q3 2023 on higher revenue and a SAR 3 million profit from short-term Murabaha.  

The company’s net profit rose 27.2% in Q3 2023 from SAR 72.47 million in Q2 2023.  

Total shareholders’ equity, no minority interest, reached SAR 1.03 billion as of Sept. 30, 2023, compared to SAR 867.1 million a year ago.   

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