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.
| 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 | 747.9 % |
| 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.
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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