Leejam posts net profit of SAR 43.9 mln in H1 2021

08/08/2021 Argaam Exclusive

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Leejam Sports (Fitness Time) turned to a net profit after Zakat and tax of SAR 43.9 million in the first half of 2021, against a net loss of SAR 84.8 million in the year-ago period.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	222.03	370.42	66.8 %
Gross Income	(10.66)	119.21	1217.9 %
Operating Income	(56.92)	68.69	220.7 %
Net Income	(84.78)	43.92	151.8 %
Average Shares	52.38	52.38	-
EPS (Riyals)	(1.62)	0.84	151.8 %

The company attributed the positive performance to an increase of SAR 148.4 million year-on-year (YoY) in revenue, amid higher membership and personal training revenue. Leejam also cited a decline of SAR 4.57 million YoY in finance cost, due to a lower number of loans and decreased interest rates.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	24.36	221.87	810.9 %
Gross Income	(62.66)	88.73	241.6 %
Operating Income	(77.81)	64.11	182.4 %
Net Income	(91.02)	50.89	155.9 %
Average Shares	52.38	52.38	-
EPS (Riyals)	(1.74)	0.97	155.9 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	148.54	221.87	49.4 %
Gross Income	30.47	88.73	191.2 %
Operating Income	4.58	64.11	1301.3 %
Net Income	(6.97)	50.89	829.8 %
Average Shares	52.38	52.38	-
EPS (Riyals)	(0.13)	0.97	829.8 %

In Q2 2021, the company reported a net profit after Zakat and tax of 50.9 million against a net loss of SAR 91 million a year earlier, backed by higher revenue.

On a sequential basis, the company turned profitable from a net loss of SAR 7 million.

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