Leejam turns to SAR 84.8 mln losses in H1 2020

24/08/2020 Argaam Exclusive

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Leejam Sports Co. reported a net loss after Zakat and tax of SAR 84.8 million for the first half of 2020, compared to a net profit of SAR 89.2 million in the same period last year.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	436.35	222.03	(49.1 %)
Gross Income	156.61	(10.66)	(106.8 %)
Operating Income	114.08	(56.92)	(149.9 %)
Net Income	89.19	(84.78)	(195.1 %)
Average Shares	52.38	52.38	-
EPS (Riyals)	1.70	(1.62)	(195.1 %)

The loss is attributed to lower revenue from membership and personal training (PT) as well as lower rental income.

Advertising and marketing expenses increased due to a higher focus on social media in addition to lower general and administrative expenses on decrease in salaries expenses in the lockdown period.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	219.03	24.36	(88.9 %)
Gross Income	81.52	(62.66)	(176.9 %)
Operating Income	62.90	(77.81)	(223.7 %)
Net Income	49.59	(91.02)	(283.5 %)
Average Shares	52.38	52.38	-
EPS (Riyals)	0.95	(1.74)	(283.5 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	197.67	24.36	(87.7 %)
Gross Income	52.00	(62.66)	(220.5 %)
Operating Income	20.89	(77.81)	(472.5 %)
Net Income	6.25	(91.02)	(1557.1 %)
Average Shares	52.38	52.38	-
EPS (Riyals)	0.12	(1.74)	(1557.1 %)

The company turned to losses of SAR 91 million in Q2 2020 from a profit of SAR 49.5 million a year earlier on lower revenue.

On a quarterly basis, the company reported losses due to lower cost of revenue.

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