Leejam turns to SAR 120.1 mln net profit in 9M 2021

28/10/2021 Argaam Exclusive

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Leejam Sports Company (Fitness Time) turned to a net profit after Zakat and tax of SAR 120.1 million for the first nine months of 2021, versus a net loss of SAR 58.2 million in year-earlier period.

The company attributed the profit to higher revenue by SAR 190.74 million, driven by increase in membership and personal training revenue and rise in rental and other income.

This was partly offset by higher cost of revenue and rise in all other costs, including finance and Zakat.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	433.51	624.25	44.0 %
Gross Income	58.05	247.66	326.7 %
Operating Income	(11.36)	158.38	1493.7 %
Net Income	(58.21)	120.12	306.4 %
Average Shares	52.38	52.38	-
EPS (Riyals)	(1.11)	2.29	306.4 %

The third-quarter net profit after Zakat and tax surged more than twofold year-on-year (YoY) to SAR 76.2 million, backed by a SAR 50.03 million increase in revenue and lower cost of revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	211.48	253.84	20.0 %
Gross Income	68.71	128.46	87.0 %
Operating Income	45.56	89.70	96.9 %
Net Income	26.57	76.20	186.8 %
Average Shares	52.38	52.38	-
EPS (Riyals)	0.51	1.45	186.8 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	221.87	253.84	14.4 %
Gross Income	88.73	128.46	44.8 %
Operating Income	64.11	89.70	39.9 %
Net Income	50.89	76.20	49.7 %
Average Shares	52.38	52.38	-
EPS (Riyals)	0.97	1.45	49.7 %

On a sequential basis, the company’s Q3 2021 net profit jumped 49.7% on higher revenue.

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