Leejam turns to SAR 206 mln net profit in 2021; Q4 at SAR 85.9 mln

06/02/2022 Argaam Exclusive

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Leejam Sports Company (Fitness Time) swung to a net profit after Zakat and tax of SAR 206 million for 2021, versus a net loss of SAR 58.7 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	662.60	885.28	33.6 %
Gross Income	139.89	373.04	166.7 %
Operating Income	44.16	259.53	487.7 %
Net Income	(58.72)	206.02	450.8 %
Average Shares	52.38	52.38	-
EPS (Riyals)	(1.12)	3.93	450.8 %

The company attributed the strong performance mainly to SAR 222.68 million growth in revenue, a decrease of by SAR 9.75 million in the cost of revenue and a net decrease of SAR 32.31 million in all other costs, including finance costs and Zakat.

The company recorded higher revenue from subscriptions and membership income; personal training income; as well as the rental and other income.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	229.09	261.03	13.9 %
Gross Income	81.84	125.38	53.2 %
Operating Income	55.53	101.15	82.2 %
Net Income	(0.51)	85.91	16813.0 %
Average Shares	52.38	52.38	-
EPS (Riyals)	(0.01)	1.64	16813.0 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	253.84	261.03	2.8 %
Gross Income	128.46	125.38	(2.4 %)
Operating Income	89.70	101.15	12.8 %
Net Income	76.20	85.91	12.7 %
Average Shares	52.38	52.38	-
EPS (Riyals)	1.45	1.64	12.7 %

In Q4 2021, the gym operator turned to a net profit after Zakat and tax of SAR 85.9 million, against a net loss of SAR 0.52 million in the year-ago period.

Shareholders’ equity, after minority interest, grew by 21% to SAR 804.6 million in 2021, from SAR 664.5 million in 2020.

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