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.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 464.62 | 578.74 | 24.6 % |
| Gross Income | 163.77 | 232.90 | 42.2 % |
| Operating Income | 111.09 | 168.87 | 52.0 % |
| Net Income | 82.04 | 135.13 | 64.7 % |
| Average Shares | 52.38 | 52.38 | - |
| EPS (Riyals) | 1.57 | 2.58 | 64.7 % |
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.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 232.99 | 301.77 | 29.5 % |
| Gross Income | 78.05 | 124.19 | 59.1 % |
| Operating Income | 52.04 | 91.24 | 75.3 % |
| Net Income | 36.02 | 72.47 | 101.2 % |
| Average Shares | 52.38 | 52.38 | - |
| EPS (Riyals) | 0.69 | 1.38 | 101.2 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 276.97 | 301.77 | 9.0 % |
| Gross Income | 108.70 | 124.19 | 14.2 % |
| Operating Income | 77.63 | 91.24 | 17.5 % |
| Net Income | 63.00 | 72.47 | 15.0 % |
| Average Shares | 52.38 | 52.38 | - |
| EPS (Riyals) | 1.20 | 1.38 | 15.0 % |
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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