Financial Results : Armah swings to SAR 762,000 profit in 2023

Armah swings to SAR 762,000 profit in 2023

26/03/2024 Argaam Exclusive

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Armah Sports Co. reported a net profit of SAR 762,000 in 2023, versus a net loss of SAR 25.2 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 13.19 80.11 507.2 %
Gross Income (1.87) 30.65 1742.8 %
Operating Income (24.92) 10.46 142.0 %
Net Income (25.24) 0.76 103.0 %
Average Shares 28.75 32.86 14.3 %
Earnings Per Share before unusual items (0.75) 0.02 103.1 %
EPS (Riyals) (0.88) 0.02 102.6 %


Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Revenues 8.94 54.04 504.3 %
Gross Income (0.64) 24.90 4015.6 %
Operating Income (17.09) 13.64 179.8 %
Net Income (22.14) 6.90 131.2 %
Average Shares 28.75 32.86 14.3 %
Earnings Per Share before unusual items (0.64) 0.21 132.9 %
EPS (Riyals) (0.77) 0.21 127.3 %

The turnaround was buoyed by higher revenue from personal training and membership, despite the higher revenue cost and increased cost of finance.

 

Total shareholders’ equity, no minority interest, rose to SAR 378 million as of Dec. 31, 2023, compared to SAR 246.6 million a year ago.

 

Accumulated losses reached SAR 54.4 million by Dec. 31, 2023, accounting for 16.6% of the company’s capital.

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