Leejam’s net profit leaps 28% to SAR 456M in 2024; Q4 at SAR 102M

Leejam Sports Co. reported a net profit of SAR 456 million for 2024, an increase of 28% from SAR 356 million a year earlier.

The profit growth was driven by an increase in subscriptions and membership revenue by 10% compared to 2023. Revenues of paid programs – including personal training and swimming – also rose by 31% year-on-year (YoY).

Shift to offering four and nine-month subscriptions, combined with pre-opening campaigns, boosted longer-term subscription yields.

Meanwhile, the company posted a 19% increase in overall cost of revenue compared to 2023 due to higher numbers of operating centers, which led to an increase in salaries as well as costs of repair and maintenance.

General, administrative, selling, and marketing expenses leapt by 31%, while Leejam also incurred a SAR 7.6 million loss related to entities and investments associated with the group.

Further, the company noted a one-off other income of SAR 92 million on sale of three  land plots in Riyadh in 2024, and a one-off earning of SAR 18 million from a favorable rent negotiation of previously impaired centers in Ras Al Khaimah, UAE.

Q4 2024 net profit fell 21% to SAR 102 million, compared with SAR 128.93 million a year before, mainly due to a 48% leap in general, administrative, selling, and marketing expenses.

On a quarterly basis, net profit dropped 45.5% from SAR 187.13 million in Q3 2024.



Total shareholders’ equity, no minority interest, stood at SAR 1.23 billion by Dec. 31, 2024, compared to SAR 1.09 billion a year earlier.

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