Leejam Sports reports 9% profit rise in 9M 2019
10/11/2019
Argaam Exclusive
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Leejam Sports Co. (Fitness Time) reported net profit after zakat and tax of SAR 138 million for the first nine months of 2019, a jump of 9.3 percent year-on-year (YoY), driven by higher revenue.
Financials (M)
| Item | 9m 2018 | 9m 2019 | Change |
|---|---|---|---|
| Revenues | 574.81 | 674.72 | 17.4 % |
| Gross Income | 211.22 | 241.63 | 14.4 % |
| Operating Income | 136.69 | 176.07 | 28.8 % |
| Net Income | 126.24 | 138.00 | 9.3 % |
| Average Shares | 52.38 | 52.38 | - |
| Earnings Per Share before unusual items (Riyals) | 2.41 | 2.64 | 9.4 % |
| EPS (Riyal) | 2.41 | 2.63 | 9.3 % |
Leejam's net profit after zakat and tax for Q3 2019 dropped 9.2 percent YoY to SAR 48.81 million, due to higher cost of revenue and increased cost of finance.
On a sequential basis, Q3 2019 net profit decreased 1.57 percent.
Compared With The
Current Quarter Comparison (M)
| Item | Q3 2018 | Q3 2019 | Change |
|---|---|---|---|
| Revenues | 210.29 | 238.37 | 13.4 % |
| Gross Income | 85.78 | 85.03 | (0.9 %) |
| Operating Income | 58.87 | 62.00 | 5.3 % |
| Net Income | 53.76 | 48.81 | (9.2 %) |
| Average Shares | 52.38 | 52.38 | - |
| Earnings Per Share before unusual items (Riyal) | 1.03 | 0.93 | (9.0 %) |
| EPS (Riyal) | 1.03 | 0.93 | (9.2 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2019 | 217.32 | 22.4 % | 75.09 | 28.9 % | 51.18 | 48.0 % |
| Q2 2019 | 219.03 | 17.1 % | 81.52 | 21.3 % | 62.90 | 45.5 % |
| Q3 2019 | 238.37 | 13.4 % | 85.03 | (0.9 %) | 62.00 | 5.3 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2019 | 39.60 | 21.1 % | 0.76 | - | 39.60 | 0.76 |
| Q2 2019 | 49.59 | 24.7 % | 0.95 | - | 49.59 | 0.95 |
| Q3 2019 | 48.81 | (9.2 %) | 0.93 | (0.11) | 48.92 | 0.93 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2018 | 36.25 % | - | 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 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2019 | 19.33 | 19.33 | 5.74 |
| Q2 2019 | 19.96 | 19.96 | 5.97 |
| Q3 2019 | 22.28 | 22.27 | 6.29 |
Business Segments (Million)
Q3 2019
| Period | Male fitness center | Female fitness center |
|---|---|---|
| Q1 2019 | 166.43 | 50.89 |
| Q2 2019 | 169.38 | 49.65 |
| Q3 2019 | 182.93 | 55.44 |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| Average | 63.33 | 48.81 | 48.92 |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| Al Rajhi Capital | 59.00 | 48.81 | 48.92 | ||
| SNB Capital | 64.00 | 48.81 | 48.92 | ||
| OSOOL AND BAKHEET | 67.00 | 48.81 | 48.92 |
| Current | |
| Market Cap (M Riyal) | 6,993.14 |
| Enterprise Value (EV) (M Riyal) | 7,177.40 |
| Shares Outstanding ((M)) | 52.38 |
| EPS ( Riyal) (TTM) | 6.23 |
| Book Value (BV) ( Riyal) | 24.89 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 22.05 |
| P/E (TTM) | 21.43 |
| Price/book | 5.36 |
| Return on Average Assets (%) (TTM) | 8.2 |
| Return on Average Equity (%) (TTM) | 25.5 |
| EV/adj EBITDA | - |
| EV/Revenues | 4.51 |
Share Price
Leejam Sports Co. (LEEJAM SPORTS)
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