Leejam Sports Co. (Fitness Time) turned to a net profit after Zakat and tax of SAR 46 million in the first quarter of 2022, versus a net loss of SAR 7 million in the year-earlier period.
The company attributed the positive results to SAR 83.07 million growth in revenue year-on-year (YoY). Membership, personal training (PT) revenue, as well as rental and other income increased by SAR 83.07 million primarily due to the opening of new centers and an increase in the number of working days in Q1 2022 compared to Q1 2021. Last year, gyms and fitness centers in Saudi Arabia were closed from Feb. 5 to March 6 to contain the spread of the coronavirus.
Net profit after Zakat and tax fell 46.4% from SAR 85.91 million in Q4 2021, due to the seasonality of the company’s business. The company also noted favorable factors in Q4 2021, such as offers and discounts on Saudi National Day. The related revenue was recognized in Q4 2021.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 148.54 | 231.62 | 55.9 % |
| Gross Income | 30.47 | 85.72 | 181.3 % |
| Operating Income | 4.58 | 59.06 | 1190.8 % |
| Net Income | (6.97) | 46.01 | 759.8 % |
| Average Shares | 52.38 | 52.38 | - |
| EPS (Riyals) | (0.13) | 0.88 | 759.8 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 261.03 | 231.62 | (11.3 %) |
| Gross Income | 125.38 | 85.72 | (31.6 %) |
| Operating Income | 101.15 | 59.06 | (41.6 %) |
| Net Income | 85.91 | 46.01 | (46.4 %) |
| Average Shares | 52.38 | 52.38 | - |
| EPS (Riyals) | 1.64 | 0.88 | (46.4 %) |
Shareholders’ equity, after minority interest, jumped 22.4% to SAR 805 million in Q1 2022, from SAR 657.5 million in the year-ago period.
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