Armah profit surges to SAR 37.8M in 2024; H2 at SAR 28.7M

02/03/2025 Argaam Exclusive

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Armah Sports Co. reported a net profit of SAR 37.8 million in 2024, from SAR 762,000 a year earlier.

Financials (M)

Item	2023	2024	Change‬
Revenues	80.11	177.50	121.6 %
Gross Income	28.50	84.00	194.7 %
Operating Income	12.20	54.30	345.1 %
Net Income	0.76	37.80	4859.3 %
Average Shares	32.86	32.86	-
Earnings Per Share before unusual items (Riyals)	0.02	1.01	4268.9 %
EPS (Riyals)	0.02	1.15	4859.3 %

Revenues soared 122% year-on-year (YoY) to SAR 177.5 million in 2024, due to a 116% jump in subscription & membership revenue and a 155% growth in personal training revenue.

On the other hand, operating costs grew by 82% due to the opening of new clubs, while financing costs grew 93% driven by the rise in the SAIBOR profit margin and the reduction in capitalized financing costs for projects that were under construction.

Additionally, non-recurring gains were recorded in 2024 following an amendment to loan agreements, which resulted in a 22% reduction in the profit margin rate, generating a SAR 4.5 million gain. This has been detailed in the notes to the financial statements as of December 31, 2024.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2023	H2 2024	Change‬
Revenues	54.04	103.86	92.2 %
Gross Income	22.75	50.32	121.2 %
Operating Income	14.61	35.89	145.7 %
Net Income	6.90	28.65	314.9 %
Average Shares	32.86	32.86	-
Earnings Per Share before unusual items (Riyals)	0.21	0.73	249.8 %
EPS (Riyals)	0.21	0.87	314.9 %

Item	H1 2024	H2 2024	Change‬
Revenues	73.64	103.86	41.0 %
Gross Income	33.69	50.32	49.4 %
Operating Income	18.41	35.89	94.9 %
Net Income	9.15	28.65	213.1 %
Average Shares	32.86	32.86	-
Earnings Per Share before unusual items (Riyals)	0.28	0.73	164.0 %
EPS (Riyals)	0.28	0.87	213.1 %

In H2 2024, net profit surged 314% to SAR 28.7 million from SAR 6.9 million a year earlier.

H2 2024 profit skyrocketed 213% from SAR 9.15 million in H1 2024.

Total shareholders’ equity, no minority interest, rose to SAR 478 million as of Dec. 31, 2024, compared to SAR 378 million a year ago.

Accumulated losses reached SAR 16.6 million by Dec. 31, 2024, accounting for 5.1% of the company’s capital.

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