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Armah Sports Co. announces its Annual Financial results for the period ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 177.5 | 80.1 | 121.6 | ||
| Gross Profit (Loss) | 84 | 28.5 | 194.74 | ||
| Operational Profit (Loss) | 54.3 | 12.2 | 345.08 | ||
| Net profit (Loss) | 37.8 | 0.8 | 4,625 | ||
| Total Comprehensive Income | 100 | 21.5 | 365.12 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 478 | 378 | 26.45 | ||
| Profit (Loss) per Share | 1.15 | 0.03 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -16.6 | 5.1 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Armah Sports Company (the “Company” “Armah”) delivered exceptional financial performance in fiscal year 2024, achieving record revenue growth, reaching SAR 177.5 million. This represents a remarkable growth of 122% compared to fiscal year 2023. The key drivers of revenue growth are as follows: • Subscription and Membership Revenue: Grew by 116%, driven by an increase in the number of members and the opening of new clubs. • Personal Training Revenue: Increased by 155%, reflecting the rising demand for high-quality personal training services. This outstanding performance highlights the success of Armah expansion strategy. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Armah achieved a net profit of SAR 37.8 million for the year 2024, marking a transformational leap from the breakeven point in 2023. The increase in profit is primarily driven by revenue growth and effective cost management. This profit growth was achieved despite: • An 82% increase in operating costs due to the opening of new clubs. • A 93% increase in financing costs, driven by the rise in the SAIBOR profit margin and the reduction in capitalized financing costs for projects that were under construction. Additionally, non-recurring gains were recorded in 2024 following an amendment to loan agreements, which resulted in a 22% reduction in the profit margin rate, generating a SAR 4.5 million gain. This has been detailed in the notes to the financial statements as of December 31, 2024. These results reflect the company's strategic financial management, ensuring sustainable expansion while maintaining profitability. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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 comparative financial statements have been amended and reclassified to conform with the accounting policies applied for this year, which have been prepared in accordance with (IFRS), and the endorsements, interpretations, and other standards approved by the Saudi Organization for Certified Public Accountants (SOCPA). This has been explained in the notes to the financial statements as of December 31, 2024. |
| Additional Information | Armah continues to enhance shareholder value through strategic asset investments with total Comprehensive Income SAR 100.0 million in fiscal year 2024. This is primarily driven by additional gains from land revaluation amounting to SAR 62.1 million, further strengthening the company’s asset base and financial position. The investment in land has added significant value to the company, with prices increasing at a 15% compound annual growth rate (CAGR) over the past two years, ensuring long-term capital gains. These investments strengthen the Company’s financial foundation, positioning it for sustained growth. The results achieved by Armah Sports in 2024 underscore its leadership in the fitness sector, operational efficiency, and commitment to its strategic plans. The company is currently in an ideal position to seize new market opportunities and create sustainable shareholder value, thanks to its strong financial position and strategic growth initiatives. Basic and diluted earnings per share is calculated by dividing the net profit attributable to the equity holders of the company for the year ended 31 December 2024 with the weighted average number of shares outstanding during the year, which consisted of 32,859,166 weighted average number of shares for 2024 (2023: 29,112,536 shares) |
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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