Riyadh – Mubasher: Leejam Sports Company (Fitness Time) logged net profits valued at SAR 94 million in the first quarter (Q1) of 2024, an annual rise of 49.20% from SAR 63 million.

The listed firm posted 24.18% higher revenues at SAR 344 million in Q1-24, compared to SAR 277 million in Q1-23, according to the interim financial results.

Earnings per share (EPS) hit SAR 1.80 in the first three months (3M) of 2024, up year-on-year (YoY) from SAR 1.20.

On a quarterly basis, the Q1-24 net profits plunged by 27.13% from SAR 129 million in Q4-23, while the revenues shrank by 13.56% from SAR 398 million.

Cash Dividends

The board members of Fitness Time proposed cash dividends valued at SAR 50.81 million for Q1-24, representing 9.70% of the capital.

A total of 52.38 million eligible shareholders will be granted a dividend of SAR 0.97 per share.

Adnan Al Khalaf, CEO of Leejam Sports, commented: “The group also succeeded in narrowing the traditional Q1 seasonality effect, with an increase in the number of members and renewals for Q1-24.”

“The group continued to diversify its business during the quarter by acquiring a new player in the concept studios and academies in the UAE which will also support a growing geographical footprint across the region,” Al Khalaf continued. 

As of 31 December 2023, the net profits of Fitness Time reached SAR 356 million, up 39.60% from SAR 255 million in 2022.