Armah swings to SAR 9.2M profit in H1 2024

06/08/2024 Argaam Exclusive

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Armah Sports Co. reported a net profit of SAR 9.2 million in H1 2024, versus a net loss of SAR 6.1 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	26.07	73.64	182.5 %
Gross Income	5.75	33.69	485.7 %
Operating Income	(3.17)	20.56	747.8 %
Net Income	(6.14)	9.15	248.9 %
Average Shares	28.75	32.86	14.3 %
EPS (Riyals)	(0.21)	0.28	230.3 %

The profit increase was driven by a 182% increase in revenue to SAR 73.6 million.

Membership revenue jumped 179% year-on-year (YoY) on the opening of four new fitness clubs.Revenue from personal training surged 200% YoY.

Meanwhile, operating cost of revenues climbed 97% YoY and financing costs increased due to higher interest rates YoY.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	26.07	73.64	182.5 %
Gross Income	5.75	33.69	485.7 %
Operating Income	(3.17)	20.56	747.8 %
Net Income	(6.14)	9.15	248.9 %
Average Shares	28.75	32.86	14.3 %
EPS (Riyals)	(0.21)	0.28	230.3 %

Item	H2 2023	H1 2024	Change‬
Revenues	54.04	73.64	36.3 %
Gross Income	24.90	33.69	35.3 %
Operating Income	13.64	20.56	50.7 %
Net Income	6.90	9.15	32.5 %
Average Shares	32.86	32.86	-
EPS (Riyals)	0.21	0.28	32.5 %

Total shareholders’ equity, no minority interest, rose to SAR 387.1 million as of June 30, 2024, compared to SAR 249 million a year ago.

Accumulated losses reached SAR 45.3 million by the end of H1 2024, accounting for 13.8% of the company’s capital.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2022	4.25	(3.10)	(0.11)
H2 2022	8.94	(22.14)	(0.77)
H1 2023	26.07	(6.14)	(0.21)
H2 2023	54.04	6.9	0.21
H1 2024	73.6	9.2	0.28

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