Leejam Sports Company Announces Its Annual Consolidated Financial Results for the Period Ended On 31st December 2023 (Twelve Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 398 | 337 | 18.1 | 348 | 14.367 |
| Gross Profit (Loss) | 192 | 163 | 17.791 | 160 | 20 |
| Operational Profit (Loss) | 154 | 131 | 17.557 | 126 | 22.222 |
| Net profit (Loss) | 129 | 105 | 22.857 | 92 | 40.217 |
| Total Comprehensive Income | 125 | 106 | 17.924 | 93 | 34.408 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,325 | 1,066 | 24.296 |
| Gross Profit (Loss) | 585 | 434 | 34.792 |
| Operational Profit (Loss) | 450 | 327 | 37.614 |
| Net profit (Loss) | 356 | 255 | 39.607 |
| Total Comprehensive Income | 355 | 258 | 37.596 |
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,092 | 915 | 19.344 |
| Profit (Loss) per Share | 6.8 | 4.86 | |
| 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 annual Consolidated Financial for the year ended on 31st December 2023, where the Q4 2023 revenue amounted to SAR 398 million, achieving a growth of 18% vs. Q4 2022 which was driven by the increase in number of members and operating centers. The Increase in revenues came as the following:
- Increase in subscriptions & membership revenue by 16% as compared to Q4 2022. - Increase in paid – including programs personal training (PT) & swimming - revenue by 49% as compared to Q4 2022. |
| 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 129 million in Q4 2023, a growth of 23% vs. Q4 2022 which was mainly driven by the increase in revenue. This came despite the following:
- An increase of 19% in overall cost of revenue compared to Q4 2022 due to the increase of operating centers since the end of Q4 2022, in addition to this, there is an increase in maintenance, repair, and cleaning costs due to the increase of the 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 in Finance costs due to the increase in interest rates compared to Q4 2022.
Q4 2023 also included recording of SAR 3.6 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 increase in Q4 2023 revenue by 14% compared to previous quarter is driven by high number of members during the quarter as a result of the focused efforts on all sectors of the company and the institutional approach to managing the company's promotional activities. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The increase in Q4 2023 net profit by 39% compared to previous quarter is mainly due to the increase in revenues. This came despite the following:
- Increase in the cost of financing as well as the increase in the total cost of revenue due to the increase in the 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 |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The FY 2023 revenue amounted to SAR 1,325 million, achieving a growth of 24% vs. FY 2022 which was driven by the increase in number of members and operating centers. The Increase in revenues came as the following:
- Increase in subscriptions & membership revenue by 24% as compared to FY 2022. - Increase in paid – including programs personal training (PT) & swimming - revenue by 43% as compared to FY 2022. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The FY 2023 net profit amounted to SAR 356 million, achieving a growth of 40% vs. FY 2022 which was mainly driven by the increase in revenue. This came despite the following:
- An increase of 17% in overall Cost of revenue compared to FY 2022 due to the increase of operating centers since the end of Q4 2022, in addition to the increase in maintenance, repair, and cleaning costs driven by the increase of the 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. - Assets write-off related to the two centers that were closed during the year due to being within the expropriated areas in favor of the Diriyah Gate Project. - An increase in Finance cost due to the increase in interest rates compared to FY 2022.
FY 2023 also included recording of around SAR 14 million profit from short-term Murabaha. |
| 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 notes 37 in the consolidated annual financial statements year ended on 31 December 2023. |
| Additional Information | - |
| Attached Documents |  |
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