Leejam H1 2023 profit leaps 65% to SAR 135.1 mln; Q2 at SAR 72.5 mln

31/07/2023 Argaam Exclusive

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Leejam Sports Co. (Fitness Time) reported a 65% jump in H1 2023 net profit to SAR 135.1 million, compared to SAR 82 million in the year-earlier period. The strong profit was spurred by a 26% rise year-on-year (YoY) in membership revenues. Personal training (PT) revenues also increased by 31% YoY. The first-half earnings implied SAR 6.9 million profit from short-term Muranaha.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	464.62	578.74	24.6 %
Gross Income	163.77	233.14	42.4 %
Operating Income	111.09	169.11	52.2 %
Net Income	82.04	135.38	65.0 %
Average Shares	52.38	52.38	-
EPS (Riyals)	1.57	2.58	65.0 %

On the other hand, the cost of revenues increased 15% YoY, as the company has added 12 centers since Q2 2022. Higher cleaning and maintenance costs also went up. Leejam reported higher financing costs.

In Q2 2023, the gym operator’s net profit more than doubled to SAR 72.5 million from SAR 36 million in Q2 2022, as revenues jumped 30% YoY. Membership and PT revenues rose by 32% and 33% YoY, respectively.

Compared to the previous quarter, Leejam’s net profit increased by 15.7% from SAR 62.6 million, thanks to a 9% rise in revenues.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	232.99	301.77	29.5 %
Gross Income	78.05	124.47	59.5 %
Operating Income	52.04	91.52	75.9 %
Net Income	36.02	72.75	101.9 %
Average Shares	52.38	52.38	-
EPS (Riyals)	0.69	1.39	101.9 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	276.97	301.77	9.0 %
Gross Income	108.67	124.47	14.5 %
Operating Income	78.02	91.52	17.3 %
Net Income	62.63	72.75	16.2 %
Average Shares	52.38	52.38	-
EPS (Riyals)	1.20	1.39	16.2 %

Total shareholders’ equity, no minority interest, rose to SAR 983.5 million as of June 30, 2023, from SAR 817.4 million in the earlier-year period.

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