Financial Results : Leejam’s net profit up 40% to SAR 356M in 2023, Q4 at SAR 129M

Leejam’s net profit up 40% to SAR 356M in 2023, Q4 at SAR 129M

19/03/2024 Argaam Exclusive

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Leejam Sports Co. (Fitness Time) reported a net profit of SAR 356 million for 2023, an increase of 40% from SAR 255 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,065.79 1,325.41 24.4 %
Gross Income 433.62 584.55 34.8 %
Operating Income 314.43 448.35 42.6 %
Net Income 254.76 356.24 39.8 %
Average Shares 52.38 52.38 -
EPS (Riyals) 4.86 6.80 39.8 %

Revenue for 2023 rose 24% year-on-year (YoY) to SAR 1.32 billion, driven by an increase in the number of members and operating centers. The company also recorded SAR 14 million profit from short-term Murabaha.

 

Meanwhile, the overall cost of revenue rose 17% YoY due to the increase in the operating centers since the end of Q4 2022, in addition to the increase in maintenance, repair, and cleaning costs driven by higher number of members.

 

Earnings were also weighed down by assets write-off related to the two centers that were closed in 2023 for expropriated areas in favor of the Diriyah Gate Project.

 

Finance costs rose due to higher interest rates compared to 2022.

 

Q4 2023 net profit rose 23% YoY to SAR 129 million, driven by an increase in the number of members and operating centers.

 

On a quarterly basis, net profit grew 39.9%, from SAR 92.18 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 336.72 398.45 18.3 %
Gross Income 162.68 191.71 17.8 %
Operating Income 117.88 152.11 29.0 %
Net Income 104.66 128.93 23.2 %
Average Shares 52.38 52.38 -
EPS (Riyals) 2.00 2.46 23.2 %

Total shareholders’ equity, no minority interest, stood at SAR 1.09 billion by Dec. 31, 2023, compared to SAR 915 million a year earlier.

 

Attached Document:

 

 

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