Leejam 2022 profit jumps 25% to SAR 257.3 mln; Q4 at SAR 107.2 mln

05/03/2023 Argaam Exclusive

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Leejam Sports Co. (Fitness Time) reported a rise of 25% in its annual net profit to SAR 257.3 million, compared to SAR 206 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	885.28	1,065.79	20.4 %
Gross Income	373.04	433.62	16.2 %
Operating Income	259.53	314.43	21.2 %
Net Income	206.02	254.76	23.7 %
Average Shares	52.38	52.38	-
EPS (Riyals)	3.93	4.86	23.7 %

The gym operator reported higher revenue, thanks to an increase in the number of operating centers after opening 11 new centers during the year, various promotional campaigns, in addition to the increase in number of operating days, compared to 2021.

The better revenue was driven by a rise in subscriptions and membership revenue by SAR 157.4 million. Personal training (PT) revenue also increased by SAR 12.7 million, with rental income and other income growing by SAR 10.4 million in the same period.

The fourth-quarter net profit also climbed 25% to SAR 107.2 million, from SAR 85.91 million in Q4 2021.

Leejam’s net profit rose 57.5% in Q4 2022 from SAR 68.06 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	261.03	336.72	29.0 %
Gross Income	125.38	162.68	29.7 %
Operating Income	101.15	117.88	16.5 %
Net Income	85.91	104.66	21.8 %
Average Shares	52.38	52.38	-
EPS (Riyals)	1.64	2.00	21.8 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	264.45	336.72	27.3 %
Gross Income	107.18	162.68	51.8 %
Operating Income	85.46	117.88	37.9 %
Net Income	68.06	104.66	53.8 %
Average Shares	52.38	52.38	-
EPS (Riyals)	1.30	2.00	53.8 %

Total shareholders’ equity, no minority interest, increased to SAR 938.5 million as of Dec. 31, 2022, compared to SAR 804.6 million a year earlier.

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