Armah earns SAR 62M in 2025, SAR 34.5M in H2

19/02/2026 Argaam Exclusive

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Armah Sports Co. reported a net profit of SAR 62 million in 2025, compared with SAR 38.3 million a year earlier.



Financials (M)

Item 2024 2025 Change‬
Revenues 177.46 224.90 26.7 %
Gross Income 83.87 110.95 32.3 %
Operating Income 60.88 77.28 26.9 %
Net Income 38.25 62.01 62.1 %
Average Shares 32.86 32.86 -
Earnings Per Share before unusual items (Riyals) 1.03 1.62 57.6 %
EPS (Riyal) 1.16 1.89 62.1 %

The profit growth was attributed to higher revenues, driven by a 24% year-on-year (YoY) increase in subscription and membership income reflecting continued expansion of the member base and club maturity.

 

Personal training revenues also rose by 51% YoY on strong demand for premium training services, alongside growth in other fitness center-related income.

 

In addition, deferred revenues increased to SAR 62.6 million, indicating strong renewals and sustained demand, which improves future revenue visibility.

 

Operating profit climbed 48% YoY to SAR 81.1 million, supported by operational efficiency as revenue growth outpaced cost increases.

 

On the other hand, cost of revenues rose by 22% YoY and operating expenses increased by 46% YoY, driven by strategic investments in automation, executive hires, and lease-related financing costs associated with expansion.

 

In H2 2025, net profit rose 18.5% to SAR 34.54 million from SAR 29.15 million a year earlier.

 

Sequentially, H2 2025 profit increased 25.8% from SAR 27.46 million in H1 2025.



Current Half Annual Comparison (M)

Compared With The
Item H2 2024 H2 2025 Change‬
Revenues 103.82 122.53 18.0 %
Gross Income 51.57 63.30 22.7 %
Operating Income 40.32 45.39 12.6 %
Net Income 29.10 34.55 18.7 %
Average Shares 32.86 32.86 -
Earnings Per Share before unusual items (Riyal) 0.75 1.07 43.2 %
EPS (Riyal) 0.89 1.05 18.7 %

Total shareholders’ equity, with no minority interest, rose to SAR 552.6 million as of Dec. 31, 2025, compared to SAR 470.7 million a year ago.

 

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Share Price

Armah Sports Co.
68.00
(0.60) (0.87 %)

Armah Sports Co. (ARMAH)

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Financial Ratios
Current
Market Cap (M Riyal) 2,234.48
Enterprise Value (EV) (M Riyal) 2,368.84
Shares Outstanding ((M)) 32.86
Book Value (BV) ( Riyal) 16.82
Par Value ( Riyal) 10.00
Recurring P/E 42.02
Price/book 4.04
EV/adj EBITDA 20.16
EV/Revenues 10.53
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