Leejam swings to SAR 58.2 mln loss in 9M 2020

01/11/2020 Argaam Exclusive

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Leejam Sports Company (Fitness Time) reported net loss after Zakat and tax of SAR 58.2 million for the first nine months of 2020, versus net profit of SAR 138 million in year-earlier period, driven by SAR 245.30 million lower revenue, higher costs, decreased memberships revenue and higher marketing expenses.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	674.72	433.51	(35.7 %)
Gross Income	241.63	58.05	(76.0 %)
Operating Income	176.07	(11.36)	(106.5 %)
Net Income	138.00	(58.21)	(142.2 %)
Average Shares	52.38	52.38	-
EPS (Riyals)	2.63	(1.11)	(142.2 %)

The third-quarter net profit after Zakat and tax dropped 45% YoY to SAR 26.6 million, backed by a SAR 28.8 million decline in revenue.

On a sequential basis, Leejam turned to profit in Q3 2020, versus net loss of SAR 91.02 million in Q2 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	238.37	211.48	(11.3 %)
Gross Income	85.03	68.71	(19.2 %)
Operating Income	62.00	45.56	(26.5 %)
Net Income	48.81	26.57	(45.6 %)
Average Shares	52.38	52.38	-
EPS (Riyals)	0.93	0.51	(45.6 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	24.36	211.48	768.3 %
Gross Income	(62.66)	68.71	209.7 %
Operating Income	(77.81)	45.56	158.6 %
Net Income	(91.02)	26.57	129.2 %
Average Shares	52.38	52.38	-
EPS (Riyals)	(1.74)	0.51	129.2 %

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