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Leejam Sports Company Announces Its Interim Condensed Consolidated Financial Results for the Period Ended On 31st March 2024 (Three Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 344 | 277 | 24.187 | 398 | -13.567 |
| Gross Profit (Loss) | 139 | 109 | 27.522 | 192 | -27.604 |
| Operational Profit (Loss) | 99 | 78 | 26.923 | 154 | -35.714 |
| Net profit (Loss) | 94 | 63 | 49.206 | 129 | -27.131 |
| Total Comprehensive Income | 94 | 63 | 49.206 | 125 | -24.8 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,114 | 919 | 21.218 |
| Profit (Loss) per Share | 1.8 | 1.2 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Leejam Sports Company (Fitness Time or the company) is pleased to announce its interim condensed consolidated financial results for the three months period ended on 31st March 2024, where the revenue amounted to SAR 344 million, achieving a growth of 24% vs. Q1 2023 which was driven by the increase in number of members and operating centers, as 35 new centers were added since the end of Q1 2023. The Increase in revenues came as the following (compared to Q1 2023): - Increase in subscriptions & membership revenue by 19%. - Increase in paid – including programs personal training (PT) & swimming - revenue by 49%. - Increase rent and other revenue by 92%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The company achieved a net profit of SAR 94 million in Q1 2024, a growth of 50% vs. Q1 2023 which was mainly driven by the increase in revenue. This came despite the following: - An increase of 21% in overall cost of revenue compared to Q1 2023 due to an additional 18 Fitness Time centers since the end of Q1 2023, in addition to this, there is an increase in maintenance, repair, and cleaning costs due to the increase of number of members and the continuation of club refurbishment program “Your Club has Changed” as well as the increase in number of centers operating 24 hours. - An increase of 30% in General and Administrative (G&A) and Sales & Marketing (S&M) expenses, driven by increased spending on Marketing and investments in digital solutions and human capital development to support the company's strategic plan. - An increase in Finance costs due to the increase in interest rates compared to Q1 2023. Q1 2024 also included a one-off income amounting to SAR 18 arising from a favorable rent negotiation of a previously impaired center in Ras Al Khaimah, UAE, in addition to recording of SAR 3.4 million profit from short-term Murabaha. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The decrease in Q1 2024 revenue compared to the previous quarter was due to the decline in the monthly average members during Q1 2024 driven by the seasonal nature of the business. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The decrease in Q1 2024 net profit compared to the previous quarter is mainly due to the decline in revenue. As well as the increase of the cost of due to the increase in the number of operating centers and the ongoing club refurbishment program “Your Club has Changed”. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | The comparatives Annual Financial Statements have been restated to meet with the applied accounting policies for the current period which have been prepared according to accordance with International Financial Reporting Standards approved in the Kingdom of Saudi Arabia and other issuances, interpretations and standards approved by the Saudi Organization for Chartered and Professional Accountants (SOCPA). For more information, please see the note 24 to the Interim Condensed Consolidated Financial Statements for the three months period ended on 31 March 2024. |
| Additional Information | - |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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