Leejam Sports (Fitness Time) turned to a net loss after Zakat and tax of SAR 58.7 million in 2020, compared to a net profit of SAR 205.9 million in 2019.
The company attributed the loss to a significant decrease in revenue by SAR 285.3 million due to the suspension of sports activity in Saudi Arabia to overcome the pandemic outbreak from March 15, 2020 till June 20, 2020, and the subsequent precautionary measures.
Revenues also decreased on the back of lower subscriptions and income from memberships, personal training and rental income.
Cost of revenue decreased by SAR 53.9 million due to lower salaries and related benefits. Advertising and marketing expenses declined by SAR 2.8 million. Leejam also recorded to an impairment loss on property and equipment of SAR 6.6 million.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 944.93 | 662.60 | (29.9 %) |
| Gross Income | 360.19 | 139.89 | (61.2 %) |
| Operating Income | 266.71 | 44.16 | (83.4 %) |
| Net Income | 205.92 | (58.72) | (128.5 %) |
| Average Shares | 52.38 | 52.38 | - |
| EPS (Riyals) | 3.93 | (1.12) | (128.5 %) |
In Q4 2020, the company turned to a net loss after Zakat and tax of SAR 511,000 compared to a net profit of SAR 67.9 million in the same period.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 270.21 | 229.09 | (15.2 %) |
| Gross Income | 118.56 | 81.84 | (31.0 %) |
| Operating Income | 90.64 | 55.53 | (38.7 %) |
| Net Income | 67.92 | (0.51) | (100.8 %) |
| Average Shares | 52.38 | 52.38 | - |
| EPS (Riyals) | 1.30 | (0.01) | (100.8 %) |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 211.48 | 229.09 | 8.3 % |
| Gross Income | 68.71 | 81.84 | 19.1 % |
| Operating Income | 45.56 | 55.53 | 21.9 % |
| Net Income | 26.57 | (0.51) | (101.9 %) |
| Average Shares | 52.38 | 52.38 | - |
| EPS (Riyals) | 0.51 | (0.01) | (101.9 %) |
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