Financial Results : Leejam’s profit at SAR 305M in 2025; Q4 at SAR 79M

Leejam’s profit at SAR 305M in 2025; Q4 at SAR 79M

18/02/2026 Argaam Exclusive

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Leejam Sports Co. reported a net profit of SAR 305 million for 2025, a decline from SAR 457 million a year earlier.



Financials (M)

Item 2024 2025 Change‬
Revenues 1,501.37 1,614.33 7.5 %
Gross Income 623.39 615.18 (1.3 %)
Operating Income 447.21 422.94 (5.4 %)
Net Income 456.98 304.87 (33.3 %)
Average Shares 52.38 52.38 -
Earnings Per Share before unusual items (Riyals) 6.71 5.72 (14.7 %)
EPS (Riyal) 8.72 5.82 (33.3 %)

The profit decline in 2025 was driven by the recognition of a non-recurring gain of SAR 92 million in 2024 from the sale of three land plots.

 

The company realized a 14% increase in the Total cost of revenues rose 14% year-on-year (YoY) in 2025 on higher number of centers. Finance costs grew 20% YoY on costs related to lease liabilities.

 

General, administrative, selling and marketing expenses increased 10% YoY on increased investment in talent acquisition, digital transformation projects, organizational development initiatives, and higher marketing investments.

 

The firm recognized a non-recurring item representing impairment of an investment in an associate amounting to SAR 9.6 million, losses from its share in the results of an associate amounting to SAR 7 million and a non-recurring item representing impairment of an investment in a subsidiary amounting to SAR 3.2 million.

 

Meanwhile, Leejam recorded lower income from short-term Murabaha, with SAR 0.9 million in 2025 compared to SAR 8.2 million in 2024.

 

This came despite the recognition of a non-recurring gain of SAR 11 million resulting from reversal of previously recognized impairment, major portion of which pertains to an under-construction club on which construction resumed during the year.

 

The company also recognized a non-recurring gain of SAR 3.7 million resulting from the reversal of a Zakat provision related to prior periods and a non-recurring gain of SAR 2.6 million resulting from the sale of a land plot in Qatif Governorate.



Current Quarter Comparison (M)

Compared With The
Item Q4 2024 Q4 2025 Change‬
Revenues 420.36 431.14 2.6 %
Gross Income 179.89 181.32 0.8 %
Operating Income 120.99 122.70 1.4 %
Net Income 102.42 78.79 (23.1 %)
Average Shares 52.38 52.38 -
Earnings Per Share before unusual items (Riyal) 1.96 1.60 (18.1 %)
EPS (Riyal) 1.96 1.50 (23.1 %)

Q4 2025 net profit fell 23% to SAR 79 million, compared with SAR 102.4 million a year before.

 

On a quarterly basis, net profit dropped 3.8% from SAR 82.09 million in Q3 2025.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.20 billion by Dec. 31, 2025, compared to SAR 1.23 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 177.31 - 70.89 - 47.03 -
Q2 2017 176.30 - 66.21 - 43.58 -
Q3 2017 184.83 - 70.63 - 47.01 -
Q4 2017 194.44 - 70.67 - 49.07 -
Q1 2018 177.53 0.1 % 58.24 (17.8 %) 34.58 (26.5 %)
Q2 2018 186.99 6.1 % 67.20 1.5 % 43.24 (0.8 %)
Q3 2018 210.29 13.8 % 85.78 21.5 % 58.87 25.2 %
Q4 2018 225.14 15.8 % 94.11 33.2 % 55.53 13.2 %
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 %
Q4 2019 270.21 20.0 % 118.56 26.0 % 90.64 63.2 %
Q1 2020 197.67 (9.0 %) 52.00 (30.8 %) 20.89 (59.2 %)
Q2 2020 24.36 (88.9 %) (62.66) (176.9 %) (77.81) (223.7 %)
Q3 2020 211.48 (11.3 %) 68.71 (19.2 %) 45.56 (26.5 %)
Q4 2020 229.09 (15.2 %) 81.84 (31.0 %) 55.53 (38.7 %)
Q1 2021 148.54 (24.9 %) 30.47 (41.4 %) 4.58 (78.1 %)
Q2 2021 221.87 810.9 % 88.73 241.6 % 64.11 182.4 %
Q3 2021 253.84 20.0 % 128.46 87.0 % 89.70 96.9 %
Q4 2021 261.03 13.9 % 125.38 53.2 % 101.15 82.2 %
Q1 2022 231.62 55.9 % 85.72 181.3 % 59.06 1190.8 %
Q2 2022 232.99 5.0 % 78.05 (12.0 %) 52.04 (18.8 %)
Q3 2022 264.45 4.2 % 107.18 (16.6 %) 85.46 (4.7 %)
Q4 2022 336.72 29.0 % 162.68 29.7 % 117.88 16.5 %
Q1 2023 276.97 19.6 % 108.67 26.8 % 78.02 32.1 %
Q2 2023 301.77 29.5 % 124.47 59.5 % 91.52 75.9 %
Q3 2023 348.22 31.7 % 159.94 49.2 % 126.48 48.0 %
Q4 2023 398.45 18.3 % 191.71 17.8 % 152.11 29.0 %
Q1 2024 340.40 22.9 % 138.24 27.2 % 98.15 25.8 %
Q2 2024 339.35 12.5 % 133.14 7.0 % 99.64 8.9 %
Q3 2024 401.26 15.2 % 172.12 7.6 % 128.43 1.5 %
Q4 2024 420.36 5.5 % 179.89 (6.2 %) 120.99 (20.5 %)
Q1 2025 368.89 8.4 % 129.63 (6.2 %) 89.13 (9.2 %)
Q2 2025 375.58 10.7 % 134.56 1.1 % 93.42 (6.2 %)
Q3 2025 438.73 9.3 % 169.66 (1.4 %) 117.69 (8.4 %)
Q4 2025 431.14 2.6 % 181.32 0.8 % 122.70 1.4 %
2025 1,614.33 7.5 % 615.18 (1.3 %) 422.94 (5.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 42.06 - 0.80 - 42.06 0.80
Q2 2017 40.47 - 0.77 - 40.47 0.77
Q3 2017 43.18 - 0.82 - 43.18 0.82
Q4 2017 48.49 - 0.93 - 48.49 0.93
Q1 2018 32.71 (22.2 %) 0.62 - 32.71 0.62
Q2 2018 39.76 (1.8 %) 0.76 - 39.76 0.76
Q3 2018 53.76 24.5 % 1.03 - 53.76 1.03
Q4 2018 53.86 11.1 % 1.03 - 53.86 1.03
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
Q4 2019 67.92 26.1 % 1.30 (9.07) 76.99 1.47
Q1 2020 6.25 (84.2 %) 0.12 - 6.25 0.12
Q2 2020 (91.02) (283.5 %) (1.74) (0.47) (90.55) (1.73)
Q3 2020 26.57 (45.6 %) 0.51 - 26.57 0.51
Q4 2020 (0.51) (100.8 %) (0.01) (43.11) 42.60 0.81
Q1 2021 (6.97) (211.6 %) (0.13) - (6.97) (0.13)
Q2 2021 50.89 155.9 % 0.97 - 50.89 0.97
Q3 2021 76.20 186.8 % 1.45 - 76.20 1.45
Q4 2021 85.91 16813.0 % 1.64 - 85.91 1.64
Q1 2022 46.01 759.8 % 0.88 - 46.01 0.88
Q2 2022 36.02 (29.2 %) 0.69 - 36.02 0.69
Q3 2022 68.06 (10.7 %) 1.30 - 68.06 1.30
Q4 2022 104.66 21.8 % 2.00 6.17 98.49 1.88
Q1 2023 62.63 36.1 % 1.20 - 62.63 1.20
Q2 2023 72.75 101.9 % 1.39 - 72.75 1.39
Q3 2023 92.18 35.4 % 1.76 (11.42) 103.61 1.98
Q4 2023 128.93 23.2 % 2.46 - 128.93 2.46
Q1 2024 94.22 50.4 % 1.80 13.73 80.49 1.54
Q2 2024 73.20 0.6 % 1.40 - 73.20 1.40
Q3 2024 187.13 103.0 % 3.57 91.79 95.34 1.82
Q4 2024 102.42 (20.6 %) 1.96 - 102.42 1.96
Q1 2025 70.89 (24.8 %) 1.35 5.39 65.49 1.25
Q2 2025 73.11 (0.1 %) 1.40 4.86 68.25 1.30
Q3 2025 82.09 (56.1 %) 1.57 - 82.09 1.57
Q4 2025 78.79 (23.1 %) 1.50 (5.10) 83.89 1.60
2025 304.87 (33.3 %) 5.82 5.15 299.72 5.72

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 37.99 % - 23.77 %
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 %
Q1 2019 38.37 % 40.22 % 22.27 %
Q2 2019 38.60 % 43.42 % 22.58 %
Q3 2019 37.31 % 45.58 % 21.33 %
Q4 2019 38.12 % 49.41 % 22.76 %
Q1 2020 36.43 % 47.64 % 19.64 %
Q2 2020 26.41 % 41.65 % 5.70 %
Q3 2020 25.10 % 40.24 % 2.74 %
Q4 2020 21.11 % 37.72 % (2.28 %)
Q1 2021 19.29 % 38.18 % (4.62 %)
Q2 2021 33.26 % 46.24 % 13.94 %
Q3 2021 38.61 % 49.16 % 19.07 %
Q4 2021 42.14 % 52.76 % 23.27 %
Q1 2022 44.23 % 54.42 % 26.75 %
Q2 2022 42.63 % 53.18 % 24.93 %
Q3 2022 40.03 % 52.70 % 23.84 %
Q4 2022 40.69 % 51.31 % 23.32 %
Q1 2023 41.09 % 51.24 % 23.87 %
Q2 2023 42.63 % 51.99 % 25.59 %
Q3 2023 43.98 % 52.30 % 26.71 %
Q4 2023 44.12 % 52.85 % 27.76 %
Q1 2024 44.24 % 52.61 % 27.78 %
Q2 2024 43.68 % 52.67 % 27.08 %
Q3 2024 42.94 % 51.59 % 25.55 %
Q4 2024 41.52 % 49.40 % 23.41 %
2024 41.52 % 49.40 % 23.41 %
Q1 2025 40.19 % 48.75 % 21.99 %
Q2 2025 39.35 % 47.80 % 21.17 %
Q3 2025 38.27 % 46.74 % 19.85 %
Q4 2025 38.11 % 46.91 % 18.57 %
2025 38.11 % 46.91 % 18.57 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 52.38 - - -
Q2 2017 52.38 - - -
Q3 2017 52.38 - - -
Q4 2017 52.38 3.33 3.33 12.01
Q1 2018 52.38 3.15 3.15 12.14
Q2 2018 52.38 3.13 3.13 12.56
Q3 2018 52.38 3.34 3.34 13.58
Q4 2018 52.38 3.44 3.44 13.62
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
Q4 2019 52.38 3.93 4.11 13.78
Q1 2020 52.38 3.29 3.47 13.89
Q2 2020 52.38 0.61 0.79 12.14
Q3 2020 52.38 0.19 0.37 12.64
Q4 2020 52.38 (1.12) (0.29) 12.69
Q1 2021 52.38 (1.37) (0.54) 12.55
Q2 2021 52.38 1.34 2.16 13.52
Q3 2021 52.38 2.28 3.11 14.53
Q4 2021 52.38 3.93 3.93 14.95
Q1 2022 52.38 4.94 4.94 15.37
Q2 2022 52.38 4.66 4.66 15.60
Q3 2022 52.38 4.51 4.51 16.55
Q4 2022 52.38 4.86 4.75 17.46
Q1 2023 52.38 5.18 5.06 17.55
Q2 2023 52.38 5.88 5.76 18.33
Q3 2023 52.38 6.34 6.44 19.35
Q4 2023 52.38 6.81 7.02 20.79
Q1 2024 52.38 7.41 7.36 21.26
Q2 2024 52.38 7.42 7.37 21.68
Q3 2024 52.38 9.23 7.22 23.97
Q4 2024 52.38 8.72 6.71 23.54
Q1 2025 52.38 8.28 6.42 23.63
Q2 2025 52.38 8.28 6.33 24.18
Q3 2025 52.38 6.27 6.08 24.89
Q4 2025 52.38 5.82 5.72 22.91

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 16.04 16.04 3.94
Q4 2018 17.10 17.10 4.32
Q1 2019 19.33 19.33 5.74
Q2 2019 19.96 19.96 5.97
Q3 2019 22.28 22.27 6.29
Q4 2019 20.63 19.75 5.89
Q1 2020 15.85 15.04 3.76
Q2 2020 95.89 73.65 4.82
Q3 2020 More than 100 More than 100 5.65
Q4 2020 NEG NEG 6.09
Q1 2021 NEG NEG 5.77
Q2 2021 58.24 36.04 5.75
Q3 2021 45.81 33.68 7.20
Q4 2021 27.71 27.71 7.29
Q1 2022 25.48 25.48 8.20
Q2 2022 19.20 19.20 5.74
Q3 2022 17.16 17.16 4.67
Q4 2022 17.27 17.70 4.81
Q1 2023 20.27 20.74 5.98
Q2 2023 21.93 22.38 7.04
Q3 2023 22.42 22.07 7.35
Q4 2023 29.89 28.96 9.78
Q1 2024 29.45 29.63 10.26
Q2 2024 30.47 30.65 10.42
Q3 2024 22.41 28.66 8.63
Q4 2024 21.25 27.63 7.87
Q1 2025 18.26 23.54 6.40
Q2 2025 15.66 20.48 5.36
Q3 2025 22.80 23.54 5.75
Q4 2025 16.69 16.98 4.34

Business Segments (Million)

Compared With The
Period Male fitness center Female fitness center Other Business
Q3 2017 181.04 3.79 -
Q1 2018 159.48 18.04 -
Q2 2018 163.58 23.41 -
Q3 2018 174.66 35.63 -
Q4 2018 178.16 46.98 -
Q1 2019 166.43 50.89 -
Q2 2019 169.38 49.65 -
Q3 2019 182.93 55.44 -
Q4 2019 199.51 70.70 -
Q1 2020 145.52 52.15 -
Q2 2020 17.13 7.23 -
Q3 2020 159.40 52.08 -
Q4 2020 178.30 54.37 -
Q1 2021 112.07 36.47 -
Q2 2021 167.56 54.31 -
Q3 2021 189.23 64.61 -
Q4 2021 195.94 65.09 -
Q1 2022 175.45 56.17 -
Q2 2022 180.60 52.39 -
Q3 2022 200.12 64.33 -
Q4 2022 251.99 84.73 -
Q1 2023 208.11 68.86 -
Q2 2023 228.78 72.50 0.49
Q3 2023 261.76 84.14 2.31
Q4 2023 288.05 102.80 7.60
Q1 2024 248.23 87.49 4.68
Q2 2024 251.46 85.71 2.18
Q3 2024 295.52 101.56 4.18
Q1 2025 266.74 98.72 3.43
Q2 2025 273.46 95.21 6.90
Q3 2025 325.27 109.71 3.75
Q4 2025 306.17 120.38 4.60

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change Profit Before Unusual Items Change
Average 88.58 78.79 83.89

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
U-Capital 79.30 78.79 83.89
GIB Capital 80.00 78.79 83.89
Sico 85.00 78.79 83.89
AlJazira Capital 96.60 78.79 83.89
SNB Capital 102.00 78.79 83.89

Current
Market Cap (M Riyal) 4,303.27
Enterprise Value (EV) (M Riyal) 4,684.75
Shares Outstanding ((M)) 52.38
EPS ( Riyal) (TTM) 5.82
Book Value (BV) ( Riyal) 22.91
Par Value ( Riyal) 10.00
Recurring P/E 14.36
P/E (TTM) 14.12
Price/book 3.59
Return on Average Assets (%) (TTM) 7.9
Return on Average Equity (%) (TTM) 25.1
EV/adj EBITDA 6.19
EV/Revenues 2.90

Share Price

82.15
(1.50) (1.79 %)

Leejam Sports Co. (LEEJAM SPORTS)


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