Fitness Time (Leejam) reported a higher than expected set of Q4 2018 results. Net income increased 11.1 percent year-on-year (YoY) to SAR 53.9 million. However, adjusting for one-offs, adjusted net income increased +40.5 percent YoY to SAR 68.2 million. This compares to the NCB Capital's estimates of SAR 61 million, the brokerage said in an earnings review on Wednesday.
Revenues increased by 15.8 percent YoY in Q4 2018 to SAR 225 million. This exceeds the 9M 2018 top-line growth of 6.8 percent YoY.
“We believe the growth in top-line came primarily as a result of the expansion in ladies’ fitness centers. The company increases the female center count from 8 in 2017 to 24 centers by 2018. Total gyms count increased from 112 branches in 2017 to 123 branches in 2018. This reflects a like-for-like (LFL) of 6 percent,” the brokerage report added.
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