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Leejam Sports Company Announces Its Annual Financial Results for The Year Ended On 31st December 2022
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,065.8 | 885.3 | 20.39 | ||
| Gross Profit (Loss) | 436.1 | 373 | 16.92 | ||
| Operational Profit (Loss) | 316.9 | 259.5 | 22.12 | ||
| Net Profit (Loss) after Zakat and Tax | 257.3 | 206 | 24.9 | ||
| Total Comprehensive Income | 260.3 | 204.5 | 27.29 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 938.5 | 804.6 | 16.64 | ||
| Profit (Loss) per Share | 4.91 | 3.93 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Leejam Sports Company (Fitness Time or the company) is pleased to announce its annual financial results for the year ended 31st December 2022. In 2022, the company has achieved its highest annual revenues and net profit at SAR 1.1 billion and SAR 257 million, respectively. The increase in 2022 net profit by 25% compared to 2021 is mainly due to: Increase in revenues due to the increase in number of operating centers as a result of the opening of 11 new centers during the year, various promotional campaigns, in addition to the increase in number of operating days, compared to last year. The Increase in revenues came as the following: - Increase in subscriptions & membership revenue by SAR 157.4 million. - Increase in personal training (PT) revenue by SAR 12.7 million. - Increase in rental income and other income by SAR 10.4 million. This came despite of the following: - An increase of 22.9% in overall Cost of revenue compared to the last year due to an increase in employees’ costs, utilities and depreciation. This mainly came as result of an additional 11 Fitness centers during the year, in addition to increase in number of operating days. - An increase in Finance cost due to the expansion of Buy Now Pay Later services in addition to the increase in interest rate compared to last year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | Certain comparative figures in the financial statements have been reclassified, wherever necessary, for better presentation. |
| Additional Information | • Leejam closed 2022 with 327 thousand members – its highest year-end member count ever – up by 13% compared to the end of 2021. • In 2022, Leejam achieved its highest revenues and net profit at SAR 1.1 billion and SAR 257 million, respectively. • The Company added 11 Centers in 2022 and ended the year with 156 operating centers. • Despite inflation, the Company maintained average Sales, general and administrative expenses per center for FY 2022 compared to FY 2021. • For FY 2022, the Company registered a gross margin, EBITDA margin, and net profit margin of 41% , 52%, and 24%, respectively. |
| 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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