Armah Sports Co. reported a net profit of SAR 762,000 in 2023, versus a net loss of SAR 25.2 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 13.19 | 80.11 | 507.2 % |
| Gross Income | (1.87) | 30.65 | 1742.8 % |
| Operating Income | (24.92) | 10.46 | 142.0 % |
| Net Income | (25.24) | 0.76 | 103.0 % |
| Average Shares | 28.75 | 32.86 | 14.3 % |
| EPS (Riyals) | (0.88) | 0.02 | 102.6 % |
The turnaround was buoyed by higher revenue from personal training and membership, despite the higher revenue cost and increased cost of finance.
Total shareholders’ equity, no minority interest, rose to SAR 378 million as of Dec. 31, 2023, compared to SAR 246.6 million a year ago.
Accumulated losses reached SAR 54.4 million by Dec. 31, 2023, accounting for 16.6% of the company’s capital.
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