Leejam Sports Co. (Leejam) reported a net profit of SAR 355 million for the first nine months of 2024, a jump of 56.2% from SAR 227 million in the year-earlier period.
Item | 9m 2023 | 9m 2024 | Change |
---|---|---|---|
Revenues | 926.96 | 1,092.96 | 17.9 % |
Gross Income | 392.84 | 449.04 | 14.3 % |
Operating Income | 296.24 | 328.20 | 10.8 % |
Net Income | 227.32 | 354.56 | 56.0 % |
Average Shares | 52.38 | 52.38 | - |
EPS (Riyals) | 4.34 | 6.77 | 56.0 % |
The nine-month topline grew 18% year-on-year (YoY) as subscriptions and membership revenue rose 14% YoY, and paid programs revenue climbed 45% YoY.
The company also posted 21% increase YoY in overall cost of revenue, increased number of operating centers, in addition to higher maintenance, repair, and cleaning costs.
Leejam further cited higher general and administrative expenses (G&As), selling and marketing expenses (S&M), losses related to associates and higher finance costs.
The first nine months of 2024 further included a one-off income amounting to SAR 18 million from rent negotiations on a previously impaired centers in Ras Al Khaimah, a net impact of SAR -4.1 million due to closure of two centers in Jeddah, a one-off other income of SAR 92 million on selling three land plots in Riyadh and around SAR 7 million profit from short-term Murabaha.
Item | Q3 2023 | Q3 2024 | Change |
---|---|---|---|
Revenues | 348.21 | 405.74 | 16.5 % |
Gross Income | 159.94 | 173.34 | 8.4 % |
Operating Income | 126.48 | 129.18 | 2.1 % |
Net Income | 92.18 | 187.13 | 103.0 % |
Average Shares | 52.38 | 52.38 | - |
EPS (Riyals) | 1.76 | 3.57 | 103.0 % |
Item | Q2 2024 | Q3 2024 | Change |
---|---|---|---|
Revenues | 343.68 | 405.74 | 18.1 % |
Gross Income | 135.45 | 173.34 | 28.0 % |
Operating Income | 100.35 | 129.18 | 28.7 % |
Net Income | 73.20 | 187.13 | 155.6 % |
Average Shares | 52.38 | 52.38 | - |
EPS (Riyals) | 1.40 | 3.57 | 155.6 % |
Q3 2024 net profit almost doubled to SAR 187 million from SAR 92 million in the prior year period, thanks to an increase in number of members and operating centers, as 30 fitness time centers were added since the end of Q3 2023.
Subscriptions & membership revenue also rose by 12% YoY. The company cited an increase in paid programs by 43% YoY.
This came despite an increase of 23% in overall cost of revenue, higher G&As and S&M expenses, and an increase in finance costs due to high interest rates.
Q3 also included a one-off other income of SAR 92 million from selling three land plots in Riyadh and around SAR 1 million profit from short-term Murabaha.
On a sequential basis, net earnings increased by more than two-fold, from SAR 73 million.
Total shareholders’ equity (after deducting minority equity) stood at SAR 1.25 billion by Sept. 30, 2024, compared to SAR 1.01 billion a year earlier.
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