Leejam Sports net profit declines 84% to SAR 6.3 mln in Q1 2020

17/05/2020 Argaam Exclusive

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Leejam Sports (Fitness Time) reported net profit after Zakat and tax of SAR 6.3 million in the first quarter of 2020, a decline of 84% year-on-year (YoY) compared to SAR 39.6 million in Q1 2019, the company said in a bourse statement on Sunday.

The decline in profit was attributed to lower revenue by SAR 21.21 million, higher cost of revenue by SAR 3.45 million, and higher other costs (including finance cost and Zakat) by SAR 8.69 million.

The decline in revenue was due to SAR 20.79 million lower revenues from membership and personal training due to suspension of sports activity in the Kingdom following the COVID-19 preventive measures.

On the other hand, cost of revenue increased due to higher number of operating centers, higher expenses and increase in depreciation for new centers.

However, this was offset by lower utilities due to suspension of centers and less sales commission paid.

In addition, advertising and marketing expenses rose by SAR 5.04 million, while general & administrative (G&A) expenses rose by SAR 0.77 million. This was however partly offset by lower utilities, maintenance and professional fee.

Other income also declined by SAR 0.82 million due to lower rental income.

On the other hand, finance cost rose by SAR 2.75 million due to higher interest expense on long term loan and higher interest expense on lease liabilities as per IFRS 16.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2019	Q1 2020	Change‬
Revenues	217.32	197.67	(9.0 %)
Gross Income	75.09	52.00	(30.8 %)
Operating Income	51.18	20.89	(59.2 %)
Net Income	39.60	6.25	(84.2 %)
Average Shares	52.38	52.38	-
EPS (Riyals)	0.76	0.12	(84.2 %)

Item	Q4 2019	Q1 2020	Change‬
Revenues	270.21	197.67	(26.8 %)
Gross Income	118.56	52.00	(56.1 %)
Operating Income	90.64	20.89	(77.0 %)
Net Income	67.92	6.25	(90.8 %)
Average Shares	52.38	52.38	-
EPS (Riyals)	1.30	0.12	(90.8 %)

On a sequential basis, net profit declined by 90.7%, due to lower revenue. Other costs (including finance cost and Zakat) were lower by SAR 5.56 million.

Revenue declined by SAR 71.24 million due to suspension of sports activity from March 15, 2020 as part of COVID-19 preventive measures.

Advertising and marketing expenses declined by SAR 0.43 million, G&A declined by SAR 5.47 million while other income decreased by SAR 0.66 million.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	-	-	-	-	-	-	-
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	-	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-	-
2013	-	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	450.30	-	202.68	-	137.76	-	2.63
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	594.84	32.1 %	262.24	29.4 %	180.98	31.4 %	3.46
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	700.89	17.8 %	305.32	16.4 %	203.13	12.2 %	3.88
Q1 2017	177.31	-	70.89	-	42.06	-	0.80
Q2 2017	176.30	-	66.21	-	40.47	-	0.77
Q3 2017	184.83	-	70.63	-	43.18	-	0.82
Q4 2017	194.44	-	70.67	-	48.49	-	0.93
2017	732.88	4.6 %	278.40	(8.8 %)	174.20	(14.2 %)	3.33
Q1 2018	177.53	0.1 %	58.24	(17.8 %)	32.71	(22.2 %)	0.62
Q2 2018	186.99	6.1 %	67.20	1.5 %	39.76	(1.8 %)	0.76
Q3 2018	210.29	13.8 %	85.78	21.5 %	53.76	24.5 %	1.03
Q4 2018	225.14	15.8 %	94.11	33.2 %	53.86	11.1 %	1.03
2018	799.95	9.2 %	305.33	9.7 %	180.09	3.4 %	3.44
Q1 2019	217.32	22.4 %	75.09	28.9 %	39.60	21.1 %	0.76
Q2 2019	219.03	17.1 %	81.52	21.3 %	49.59	24.7 %	0.95
Q3 2019	238.37	13.4 %	85.03	(0.9 %)	48.81	(9.2 %)	0.93
Q4 2019	270.21	20.0 %	118.56	26.0 %	67.92	26.1 %	1.30
2019	944.93	18.1 %	360.19	18.0 %	205.92	14.3 %	3.93
Q1 2020	197.67	(9.0 %)	52.00	(30.8 %)	6.25	(84.2 %)	0.12

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2010	-	-	-	-	-	-	-
2011	-	-	-	-	-	-	-
2012	-	-	-	-	-	-	-
2013	-	-	-	-	-	-	-
2014	450.30	-	202.68	-	137.76	-	2.63
2015	594.84	32.1 %	262.24	29.4 %	180.98	31.4 %	3.46
2016	700.89	17.8 %	305.32	16.4 %	203.13	12.2 %	3.88
2017	732.88	4.6 %	278.40	(8.8 %)	174.20	(14.2 %)	3.33
2018	799.95	9.2 %	305.33	9.7 %	180.09	3.4 %	3.44
2019	944.93	18.1 %	360.19	18.0 %	205.92	14.3 %	3.93

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	45.01 %	43.93 %	30.59 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	44.09 %	43.79 %	30.43 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	43.56 %	42.91 %	28.98 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	37.99 %	32.31 %	23.77 %
2017	37.99 %	38.45 %	23.77 %
Q1 2018	36.25 %	34.21 %	22.49 %
Q2 2018	35.86 %	37.31 %	22.07 %
Q3 2018	36.65 %	37.99 %	22.71 %
Q4 2018	38.17 %	37.73 %	22.51 %
2018	38.17 %	37.73 %	22.51 %
Q1 2019	38.37 %	40.22 %	22.27 %
Q2 2019	38.60 %	43.42 %	22.58 %
Q3 2019	37.31 %	45.58 %	21.33 %
Q4 2019	38.12 %	49.41 %	22.76 %
2019	38.12 %	49.41 %	22.76 %
Q1 2020	36.43 %	47.64 %	19.64 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	45.01 %	43.93 %	30.59 %
2015	44.09 %	43.79 %	30.43 %
2016	43.56 %	42.91 %	28.98 %
2017	37.99 %	38.45 %	23.77 %
2018	38.17 %	37.73 %	22.51 %
2019	38.12 %	49.41 %	22.76 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	39.98 %	-	23.72 %
Q2 2017	37.56 %	-	22.96 %
Q3 2017	38.21 %	38.67 %	23.36 %
Q4 2017	36.35 %	38.44 %	24.94 %
Q1 2018	32.81 %	34.37 %	18.43 %
Q2 2018	35.94 %	37.60 %	21.26 %
Q3 2018	40.79 %	40.98 %	25.57 %
Q4 2018	41.80 %	37.44 %	23.92 %
Q1 2019	34.56 %	44.60 %	18.22 %
Q2 2019	37.22 %	50.71 %	22.64 %
Q3 2019	35.67 %	49.44 %	20.52 %
Q4 2019	43.88 %	52.21 %	28.49 %
Q1 2020	26.31 %	35.82 %	3.16 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	52.38	-	-	-
Q2 2017	52.38	-	-	-
Q3 2017	52.38	-	-	-
Q4 2017	52.38	3.33	3.33	12.01
Q1 2018	52.38	3.15	3.15	12.14
Q2 2018	52.38	3.13	3.13	12.56
Q3 2018	52.38	3.34	3.34	13.58
Q4 2018	52.38	3.44	3.44	13.62
Q1 2019	52.38	3.57	3.57	12.03
Q2 2019	52.38	3.76	3.76	12.56
Q3 2019	52.38	3.66	3.66	12.98
Q4 2019	52.38	3.93	4.11	13.78
Q1 2020	52.38	3.29	3.47	13.89

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2010	-	-	-	-
2011	-	-	-	-
2012	-	-	-	-
2013	-	-	-	-
2014	52.38	2.63	2.63	8.51
2015	52.38	3.46	3.46	8.46
2016	52.38	3.88	3.88	10.00
2017	52.38	3.33	3.33	12.01
2018	52.38	3.44	3.44	13.62
2019	52.38	3.93	4.11	13.78

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	16.04	16.04	3.94
Q4 2018	17.10	17.10	4.32
Q1 2019	19.33	19.33	5.74
Q2 2019	19.96	19.96	5.97
Q3 2019	22.28	22.27	6.29
Q4 2019	20.63	19.75	5.89
Q1 2020	15.85	15.04	3.76

Period	P/E	Adjusted P/E	Price/book
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	17.10	17.10	4.32
2019	20.63	19.75	5.89

Business Segments (Million)

Compared With The

Period	Male fitness center	Female fitness center
Q3 2017	181.04	3.79
Q1 2018	159.48	18.04
Q2 2018	163.58	23.41
Q3 2018	174.66	35.63
Q4 2018	178.16	46.98
Q1 2019	166.43	50.89
Q2 2019	169.38	49.65
Q3 2019	182.93	55.44
Q4 2019	199.51	70.70
Q1 2020	145.52	52.15

Period	Male fitness center	Female fitness center
2018	675.89	124.06
2019	718.24	226.69

Analysts Estimates (Million)

Item	Q1 2020 (e)	Q1 2020 (a)	Change‬
Average	25.10	6.25	(75.1 %)

Estimates vs Actual (Million)

Item	Q1 2020 (e)	Q1 2020 (a)	Change
OSOOL AND BAKHEET	6.30	6.25	(0.8) %
SNB Capital	34.00	6.25	(81.6) %
Al Rajhi Capital	35.00	6.25	(82.2) %

Financial Ratios

	Current
Market Cap (M Riyal)	11,388.06
Enterprise Value (EV) (M)	11,571.53
Shares Outstanding ((M))	52.38
EPS ( Riyal) (TTM)	7.40
Book Value (BV) ( Riyal)	21.26
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	29.54
P/E (TTM)	29.37
Price/book	10.22
Return on Average Assets (%) (TTM)	12.4
Return on Average Equity (%) (TTM)	38.1

Leejam Sports Co. (FITNESS TIME)

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Leejam Sports net profit declines 84% to SAR 6.3 mln in Q1 2020

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Current Quarter Comparison (M)

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Leejam Sports net profit declines 84% to SAR 6.3 mln in Q1 2020

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2020

Revenue by Business Segment (Latest) 2020 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Leejam Sports Co. (FITNESS TIME)

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