Leejam 9M 2022 net profit up 25% to SAR 150.1 mln; Q3 at SAR 68.1 mln

30/10/2022 Argaam Exclusive

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Leejam Sports Co. (Fitness Time) reported a net profit after Zakat and tax of SAR 150.1 million, for the first nine months of 2022, an increase of 25%, compared to SAR 120.1 million in the year earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	624.25	729.07	16.8 %
Gross Income	247.66	270.95	9.4 %
Operating Income	158.38	196.55	24.1 %
Net Income	120.12	150.10	25.0 %
Average Shares	52.38	52.38	-
EPS (Riyals)	2.29	2.87	25.0 %

Revenue rose by SAR 104.81 million, on adding 15 new fitness centers, offset by higher cost of revenue and increased general and administrative expenses.

Q3 net profit after Zakat and tax dropped 11% year-on-year (YoY) to SAR 68.1 million, from SAR 76.20 million, due to an increase of 25% YoY in overall cost of revenue on adding 15 new centers since Q3 2021. Cost of finance also increased by 7.5% YoY in the three-month period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	253.84	264.45	4.2 %
Gross Income	128.46	107.18	(16.6 %)
Operating Income	89.70	85.46	(4.7 %)
Net Income	76.20	68.06	(10.7 %)
Average Shares	52.38	52.38	-
EPS (Riyals)	1.45	1.30	(10.7 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	232.99	264.45	13.5 %
Gross Income	78.05	107.18	37.3 %
Operating Income	52.04	85.46	64.2 %
Net Income	36.02	68.06	88.9 %
Average Shares	52.38	52.38	-
EPS (Riyals)	0.69	1.30	88.9 %

On a sequential basis, Q3 net profit surged 88.9% from SAR 36.02 million.

Total shareholders’ equity, no minority interest, reached SAR 867.14 million as of Sept. 30, 2022, compared to SAR 761.03 million in prior-year period.

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